At the meeting held on May 17, 2018, the Board of Directors of IRC Properties, Inc. accepted the resignation of Kuo Jen Hao, Roberto V. San Jose, Steven G. Virata as directors of the company and Rodrigo B. Supeña resigned as Independent Director of the company. The company also announced the election of Yuan Gang, Antonio L. Tiu, Richard Amurao as directors of the company and Marie Kimberlie S. See as Independent Director of the company. The company accepted the resignations of Mr. Esteban G. Peña Sy as Chief Executive Officer (CEO) and Ms. Georgina A. Monsod as President.

Elected Mar. Antonio L. Tiu as CEO and President, as replacement. Elected Ms. Georgina A. Monsod as Executive Vice-President and Chief Operation Officer (COO).

Reorganized the Committees, such that the composition shall now: executive committee: Ren Jinhua as Chairman of executive committee; Ren Youmin, Antonio L. Tiu, Georgina A. Monsod and Richard Amurao as members of executive committee. Audit & Related Party Transactions Committee: Rodolfo D. Santiago as Chairman (Independent Director), Benjamin B. Magalong as Independent Director Member of Audit & Related Party Transactions Committee, Ren Jinhua as Member of Audit & Related Party Transactions Committee and Gloria Georgia G. Garcia as Non-voting Member of Audit & Related Party Transactions Committee. Corporate Governance Committee: Benjamin B. Magalong as Chairman (Independent Director), Rodolfo D. Santiago as Member (Independent Director), Marie Kimberlie S. See, Ren Jinhua, Antonio L. Tiu, Georgina A. Monsod and Ana Maria A. Katigbak-Lim as members of Corporate Governance Committee.