Ayala Corporation at its regular meeting approved the election of Mr. Fernando Zobel de Ayala as Director effective September 28, 2023, to serve the unexpired term of Ms. Mercedita S. Nolledo, who resigned from Board effective September 28, 2023. Ms. Nolledo previously served in the Board from 2004 until September 2010 and rejoined the Board last year, on September 27, 2022, following the resignation of FZA. She resigned in support of FZA's rejoining the Board to resume his leadership of Sustainability initiatives, particularly Net Zero commitment, which he launched in 2021.

Fernando Zobel de Ayala, Filipino, 63, serves as a Special Advisor to the Board of Ayala Land Inc. He previously served as Ayala Corporation's President and Chief Operating Officer for 15 years before assuming the role of Chief Executive Officer until September 27, 2022. He was recently elected as a Director of Bank of the Philippine Islands and Chairman of Ayala Healthcare Holdings Inc. He serves as an Independent Director of Pilipinas Shell Corporation. He also serves as the Chairman of Alabang Commercial Corporation and Accendo Commercial Corp.; Vice Chairman of Fort Bonifacio Development Corporation, Bonifacio Land Corp., Berkshires Holdings Inc., Emerging City Holdings Inc., and Columbus Holdings Inc. In addition, he serves on the Board of Georgetown University and is a member of the Chief Executives Organization.

He is involved in various international and local non-profit organizations. He serves on the Board of the Asia Society and is a member of Asia Philanthropy Circle and Habitat for Humanity International's Asia Pacific Development Council. In the Philippines, he is Chairman of Ayala Foundation and Hero Foundation Inc.; Vice Chairman of Bonifacio Arts Foundation Inc.; and member of the Board of Trustees of Caritas and Pilipinas Shell Foundation.

Mr. Zobel de Ayala holds a liberal arts degree from Harvard College and a CIM from INSEAD, France.