Page 54 - ANNUAL REPORT COMPLETE FS

Regular Board Meeting on 17 September 2020

• The Club advanced financial assistance to the employees in the amount of P4,000.00 subject to
reimbursement when the SSS releases the financial amelioration package to them.

Regular Board Meeting on 15 October 2020

• The Club undertook the following renovations of the Club facilities:

- Installation of industrial fans and safety nets in Squash Courts 1 & 2;
- Installation of ventilation window in the badminton court; and Replacement of shower valve
sets.
- Repair of chillers in the Lanai Kitchen and Club Deli;
- Trimming and Planting of Ornamental Plants; and
- Cleaning of MSCI premises

• The Board approved the following actions as requested by management: 1. Rental of white linen
area for storage; 2. The Club will have normal operations on 01 and 02 November; and 3. The
indoor tennis court will be closed from 15 October to 15 November to give way for the renovation.

• The Board approved the one-time financial support of P4,500.00 for the employees who were unable
to work during the pandemic.

The Board approved the following recommendations:

• Improvement of the internet by renegotiation of connectivity speed and relocation of access points
in the Club;
• Immediate study of the Club’s electrical circuits and plumbing;
• Landscaping; and
• Renovation of the sauna inside the men’s & women’s locker rooms.

The Board approved the termination and closure of the Club’s Investment Management Account
with the Philippine National Bank-Trust Corporation to avail itself of a more profitable investment
vehicle.

Regular Board Meeting on 19 November 2020

• The Board of Directors approved the requirement of HRD Committee’s consent before the
implementation of any termination of employment or imposition of severe penalty.

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