SEC Form 20-IS - iRemit Global Remittance

More documents

Recommendations

Info

Directors, Executive Officers, Promoters and Control Persons The following are the incumbent Directors and Executive Officers of the Company who serve as such for a term of one (1) year from the date of their election or until their successors shall have been duly elected and qualified: Name Age Position Period Served Bansan C. Choa 58 Director; Chairman & Chief Executive Officer Aug 2002 to date Harris Edsel D. Jacildo 50 Director; President & Chief Operating Officer Aug 2002 to date Armin V. Demetillo 43 Director and Chairman, Executive Committee July 2009 to date Gregorio T. Yu 53 Independent Director and Chairman, Audit Committee May 2007 to date Jose Joel Y. Pusta 59 Independent Director Aug 2002 to date Calixto V. Chikiamco 62 Director Aug 2002 to date Gilbert C. Gaw 62 Director Aug 2002 to date A. Bayani K. Tan 56 Director May 2007 to date Ben C. Tiu 60 Director May 2001 to date John Y. Tiu, Jr. 35 Director Aug 2002 to date Ruben C. Tiu, Jr. 55 Director May 2007 to date Maria Cecilia V. Soria 35 Corporate Secretary July 2011 to date Darlene R. Vivas 29 Assistant Corporate Secretary July 2011 to date Ma. Elizabeth G. Yao 42 Senior Vice President Aug 2002 to date Ronald A. Benito 42 Senior Vice President Nov 2010 to date Bernadette Cindy C. Tiu 33 First Vice President & Chief Financial Officer Apr 2005 to date Fitzgerald S. Duba 48 First Vice President & Compliance Officer Nov 2007 to date Glenn L. Igual 50 Vice President Dec 2011 to date The business experience for at least the last five (5) years of the Company’s incumbent Directors and Executive Officers, and those who are also nominated for election as members of the Board of Directors for 2012 – 2013, to serve for a period of one (1) year until successors shall have been qualified, follows: Bansan C. Choa Mr. Choa has served as Chairman and Chief Executive Officer of since 2005 and has been a Director since 2002. He is involved in various businesses in the manufacturing, and construction and property development sectors. He currently holds the following positions: Chairman, Confed Properties, Inc. (1991 to date); Chairman, Surewell Equities, Inc. (2001 to date); Director, Sterling Bank of Asia, Inc. (A Savings Bank) (2007 to date); Board Member, Professional Regulation Commission of Real Estate Service (2010 to date); President, Philippine Retirement, Inc. (2009 to date) Treasurer, Six Alps Corporation (1997 to date); Treasurer, Banwood Contruction Center, Inc. (1976 to date); Chairman, Flexi Woodworks, Inc. (1993 to date), Chairman, Sure Fortune Properties, Inc. (2001 to date), Chairman, OLGC Psychological Services (2001 to date); Chairman, Lucky Star Management, Ltd. (Hong Kong) (2001 to date); Chairman, Surewell Enterprise Ltd. (Hong Kong) (1998 to date); Chairman, Surewell Equities (Singapore) Pte. Ltd. (2001 to date). Mr. Choa is a licensed real estate broker (Professional Regulation Commission License No. 00002), appraiser (Professional Regulation Commission License No. 00002), and real estate consultant (Professional Regulation Commission License No. 00002). He is a certified public accountant (Professional Regulation Commission License No. 030924). He is active in the real property development and property management field and has served and continues to hold board and officer positions in housing and real property development organizations including the Organization of Socialized Housing Developers as Vice President (2001 to 2008), President(2008 to 2009) and Board Member (2010); Subdivision and Housing Developers Association as First Vice President (2008), Chairman (2004), Board Governor (2000 to 2010), and Board Advisor (2011 to date). He is also the Chairman of the Board of Trustees of Kassel Condominium Corporation (2001 to date). He was one of the finalists of the 2006 Entrepreneur of the Year award of the Ernst & Young global accounting firm. He is a nominee for Global Filipino Executive of the Year in the 2011 Asia CEO Awards Philippines. He is also a member of the Board of Trustees and the treasurer of Kabalikat ng Migranteng Pilipino, Inc. (KAMPI), a non-stock non-profit organization serving overseas Filipino workers. Mr. Choa obtained his master in business administration degree from the Ateneo de Manila University Graduate School of Business in 1985 and his bachelor’s degree in commerce from the De La Salle University in 1974. He is a certified public accountant (CPA) and a member of the Philippine Institute of Certified Public Accountants (PICPA). He was connected with the accounting firm of SyCip Gorres Velayo & Co. from 1974 to 1976. 5
Harris Edsel D. Jacildo Mr. Jacildo joined I-Remit, Inc. as Executive Vice President and Chief Operating Officer in February 2002. He has been a Director and the President and Chief Operating Officer of the Company since April 2003. He also currently holds the following positions: Director, Sterling Bank of Asia, Inc. (A Savings Bank) (2006 to date); Director, Lucky Star Management Ltd. (Hong Kong) (2003 to date); Director, Iremit Global Remittance Ltd. (United Kingdom) (2003 to date); Director, I-Remit Australia Pty Ltd (2002 to date). He is also a Trustee of the Kabalikat ng Migranteng Pilipino, Inc. (KAMPI) (2006 to date), a non-stock nonprofit organization serving overseas Filipino workers and likewise serves as a Director of the Association of Philippine Private Remittance Services, Inc. (APPRISE) (2007 to 2010), an organization of registered nonbank money remittance companies in the Philippines. Prior to joining I-Remit, Inc., he spent 20 years in the banking industry where he was initially working in the field of information technology while employed by the Pacific Banking Corporation (1982 – 1985). In 1985, he joined the remittance division of the Rizal Commercial Banking Corporation (RCBC) where he was a Systems Analyst until 1991 and was the head of its TeleMoney Asia-Pacific operations until 2002. Mr. Jacildo obtained his bachelor of science degree in applied economics from the De La Salle University in 1982. He also completed the basic management program of the Asian Institute of Management in 1991. Armin V. Demetillo Mr. Demetillo has served as Director and Chairman of the Executive Committee of I-Remit, Inc. since July 17, 2009. He is the Managing Director of Goldleaf Guard Services, Inc. (2002 to date); Executive Vice President, Rapid Security (2002 to date); and vice president, St. Thomas Security Corporation (2002 to date). Mr. Demetillo is the Founding President/Charter President of the Rotary Club of Pasay EDSA, R.I. District 3810. He also served as a member of the Board of Trustees of the Rotary Street Children Foundation (2005 to 2007). In 2005 to 2006, he assumed the position of Chairman of the Board of Virlanie Foundation, Inc. (a street children foundation supported by Princess Caroline of Monaco, which received an award in Europe for its effort in protecting children’s rights). He became the Faculty Member/Academic Counselor in the College of Business and Economics, De La Salle University (1992 to 2002). Mr. Demetillo obtained his bachelor of arts degree, major in philosophy cum laude from the Saint Joseph Seminary College in 1990. Gregorio T. Yu Mr. Yu was a Director of I-Remit, Inc. from 2001 to 2004 and was re-elected as an Independent Director of the Company on May 18, 2007. He is currently the Chairman of CATS Automobile Corporation (2004 to date), Chairman of CATS Motors, Inc. (2000 to date), Chairman of CATS Asian Cars, Inc. (Mazda Greenhills) (2004 to date), Director, Prople BPO, Inc. (formerly Summersault, Inc.) (2006 to date), Director and Treasurer of CMB Partners, Inc. (2003 to date), and President of the Domestic Satellite Corporation of the Philippines (2001 to date). He is also the Vice Chairman of the Board and the Chairman of the Executive Committee Sterling Bank of Asia, Inc. (A Savings Bank) (2006 to date) and Chairman and President of Lucky Star Network Communications Corporation (1994 to date). He is also concurrently a Director of the following companies: National Reinsurance Corporation, (2011 to date); iRipple, Inc. (2010 to date); Jupiter Systems, Inc. (2001 to date); Wordtext Systems, Inc. (2001 to date); Yehey, Inc. (2001 to date); Philequity Fund, Inc. (1994 to date) Philequity PSE Index Fund, Inc. (1999 to date); Philequity Dollar Income Fund, Inc. (1999 to date); Philippine Airlines (2011 to date); Unistar (2011 to date); Glyph Studios, Inc. (2012); Philequity Peso Bond Fund, Inc.; Philequity Strategic Growth Fund, Inc.; Philequity Foreign Currency Fixed Income Fund, Inc.; Philequity Balanced Fund; and Philequity Resources Fund, Inc. Mr. Yu is also a Trustee of the Government Service Insurance System (2010 to date). He is also a Board Member of Ballet Philippines (2009 to date) and Manila Symphony Orchestra (2009 to date), and a Trustee of the Xavier School, Inc. (1998 to date) and a Trustee and the Chairman, Ways and Means Committee of the Xavier School Educational and Trust Fund, Inc. (1998 to date). Mr. Yu was formerly the President and Chief Executive Officer of Belle Corporation (1989 – 2001). He was also a Director and a Member of the Executive Committee of The International Exchange Bank (1995 – 2006). He was also a Director of the following companies: Nexus Technologies, Inc. (2001 – 2011); R.S. Lim & Co., Inc. (1997- 2008); and Ivantage Corporation (1993 – 2006). He was also the President of the following organizations: Tagaytay Highlands International Golf Club (1991 – 2001); President, The Country Club and Tagaytay Highlands (1995 – 2001). He was also the President and Chief Executive Officer of Sinophil Corporation (1993 – 2001) and Pacific Online Systems Corporation (1994 – 2001). 6
Page 1 and 2: • 1!I~lJllr June 25, 2012 THE PHI
Page 3 and 4: IRE:lftlr I-Remit, Inc. TO: ALL STO
Page 5 and 6: GENERAL INFORMATION Date, time and
Page 7: Note: The PCD Nominee Corporation (
Page 11 and 12: Mr. Tan has also been the Corporate
Page 13 and 14: Ronald A. Benito Mr. Benito joined
Page 15 and 16: Involvement in Certain Legal Procee
Page 17 and 18: The compensation of the key managem
Page 19 and 20: Compensation Plans As described abo
Page 21 and 22: SIGNATURES After reasonable inquiry
Page 23 and 24: I-Remit Australia Pty Ltd, a wholly
Page 25 and 26: Properties I-Remit, Inc. and its su
Page 27 and 28: Company’s shareholders. Any stock
Page 29 and 30: Committees of the Board of Director
Page 31 and 32: Plan of Operation MANAGEMENT’S DI
Page 33 and 34: Full Years 2011 compared to 2010 I-
Page 35 and 36: Total liabilities declined by PHP 1
Page 37 and 38: 2010 compared to 2009 I-Remit reali
Page 39 and 40: IREMIT EUROPE Remittance Consulting
Page 41 and 42: I-Remit New Zealand Limited Perform
Page 43 and 44: Below are the comparative key perfo
Page 45 and 46: Goodwill decreased by PHP 1.5 milli
Page 47: IREMIT Remittance Consulting GmbH M
Page 64 and 65:
I-REMIT, INC. AND SUBSIDIARIES NOTE
Page 66 and 67:
- 3 - Statement of Compliance The a
Page 68 and 69:
- 5 - Changes in Accounting Policie
Page 70 and 71:
- 7 - deferred cumulative amount pr
Page 72 and 73:
- 9 - For all other financial instr
Page 74 and 75:
- 11 - Estimates of changes in futu
Page 76 and 77:
- 13 - Gains or losses arising from
Page 78 and 79:
- 15 - Once a financial asset or a
Page 80 and 81:
- 17 - Income Taxes Current tax Cur
Page 82 and 83:
- 19 - Related party relationships
Page 84 and 85:
- 21 - PFRS 13, Fair Value Measurem
Page 86 and 87:
- 23 - d. Discontinued Operations M
Page 88 and 89:
- 25 - As of December 31, 2011 and
Page 90 and 91:
- 27 - The following methods and as
Page 92 and 93:
- 29 - As at December 31, 2011, the
Page 94 and 95:
- 31 - Change in nominal 2010 Chang
Page 96 and 97:
6. Cash and Cash Equivalents This a
Page 98 and 99:
10. Other Current Assets This accou
Page 100 and 101:
Office and Communication Equipment
Page 102 and 103:
- 39 - value of the additional inte
Page 104 and 105:
16. Interest-Bearing Loans - 41 - T
Page 106 and 107:
- 43 - The Group’s objective is t
Page 108 and 109:
The major categories of plan assets
Page 110 and 111:
- 47 - (f) On July 1, 2011, the Par
Page 112 and 113:
- 49 - In the ordinary course of bu
Page 114 and 115:
- 51 - The table below shows the in
Page 116 and 117:
- 53 - Segment information as of an
Page 118:
- 55 - The results of IRCGmbH’s o
Page 121 and 122:
- 1 - I-REMIT, INC. SCHEDULE OF RET
Page 123 and 124:
- 3 - Schedule II Page 2 of 5 PFRSs
Page 125 and 126:
- 5 - Schedule II Page 4 of 5 Impor
Page 127 and 128:
- 7 - I-REMIT, INC. AND SUBSIDIARIE
Page 129 and 130:
Name of Debtor - 9 - I-Remit, Inc.
Page 131 and 132:
- 11 - I-Remit, Inc. and Subsidiari
Page 133 and 134:
- 13 - I-Remit, Inc. and Subsidiari
Page 135 and 136:
Title of Issue (i) Number of shares
Page 144 and 145:
I-REMIT, INC. NOTES TO PARENT COMPA
Page 146 and 147:
- 3 - The adoption of the following
Page 148 and 149:
- 5 - After initial measurement, ot
Page 150 and 151:
- 7 - If the Parent Company determi
Page 152 and 153:
- 9 - assets or groups of assets, i
Page 154 and 155:
- 11 - actuarial gains and losses a
Page 156 and 157:
- 13 - A change in the ownership in
Page 158 and 159:
- 15 - PFRS 11, Joint Arrangements
Page 160 and 161:
- 17 - d. Contingencies The Parent
Page 162 and 163:
- 19 - As of December 31, 2011 the
Page 164 and 165:
- 21 - The main risks arising from
Page 166 and 167:
- 23 - The following tables set for
Page 168 and 169:
6. Cash and Cash Equivalents This a
Page 170 and 171:
10. Investments in Subsidiaries and
Page 172 and 173:
- 29 - IRCL On October 1, 2004, the
Page 174 and 175:
- 31 - 2009 Balance Sheets Statemen
Page 176 and 177:
13. Beneficiaries and Other Payable
Page 178 and 179:
- 35 - In 2009 and 2008, the Parent
Page 180 and 181:
- 37 - The amounts of retirement ex
Page 182 and 183:
- 39 - (b) A lease agreement with W
Page 184 and 185:
22. Related Party Transactions - 41
Page 186 and 187:
- 43 - The amounts payable to PSAGL
Page 188 and 189:
- 45 - In the opinion of management
Page 190 and 191:
- 47 - Taxes and licenses Other tax
Page 192 and 193:
I-REMIT, INC. 26/F Discovery Centre
Page 194:
I-REMIT, INC. AND SUBSIDIARIES (Com
Page 197 and 198:
I-REMIT, INC. AND SUBSIDIARIES Cons
Page 199 and 200:
I-REMIT, INC. AND SUBSIDIARIES Cons
Page 201 and 202:
Item 1. Financial Statements PART I
Page 203 and 204:
Below are the comparative key perfo
Page 205 and 206:
Worldwide Exchange Pty Ltd Performa
Page 207 and 208:
million as of March 31, 2012, a dec
Page 209 and 210:
Lucky Star Management Limited Perfo
Page 211 and 212:
Power Star Asia Group Limited Perfo
Page 213 and 214:
Summary of Significant Accounting P
Page 215 and 216:
Day 1 difference Where the transact
Page 217 and 218:
Historical loss experience is adjus
Page 219 and 220:
Foreign Currency Risk Foreign curre
Page 222 and 223:
MINUTES OF THE ANNUAL STOCKHOLDERS
Page 224 and 225:
RELEVANT RESOLUTIONS APPROVED BY TH
Page 226:
February 17, 2012 March 23, 2012 Ma
show all

SEC Form 20-IS - iRemit Global Remittance

Create successful ePaper yourself

Delete template?

Save as template?