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RESPONSIBILITIES OF THE BOARD

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11a. Has the BOA reviewed the vision and mission/strategy in the last financial year?
11b. Does the BOA monitor/oversee the implementation of the corporate strategy?
12. Did the GOCC achieved 90% in the PES?
13a. Are the details of the Code of Ethics or Conduct disclose?
13b. Does the GOCC disclose that all directors, senior management and employees are required to comply with the Code?
13c. Does the company disclose how it implements and monitors compliance with the Code of Ethics or Conduct?

Activities Implemented:

14. Does the Board appoint a Nomination Compensation/Remuneration Committee?
  • YES
15. Did the Nomination Compensation/Remuneration Committee meet at least twice during the year?
  • YES
16. If yes, is the report of the Nomination Compensation Remuneration Committee publicly disclosed?
  • YES
17. Does the Board appoint an Audit Committee?
  • YES
18. If yes, is the report of the Audit Committee publicly disclose?
  • YES
19. Does at least one member of the Audit Committee have an audit, accounting or finance backgroud (qualification or experience}?
20. Did the Audit Committee meet at least 4 times during the year?
  • YES
21. Does the Board appoint a Risk Management Committee?
  • YES
22. If yes, is the report on Risk Management Committee publicly disclose?
  • YES
23. Does at least one member of the Risk Management Committee have a background in finance and investment?
  • YES
24a. Are the BOA meetings scheduled at the beginning of the year? (end of Q1)
  • YES - January 24, 2015
24b. Does the BOA meet at least monthly?
  • YES (12 meeting except for February and October 2015)
24c. Did the BOA meet on at least 75% on their scheduled meetings?
24d. Has each of the directors attended at least 90% of all the board meetings held during the year?
  • YES
24e. Did the BOA meet separately at least once during the year without the CEO present?
  • No
25a Does the GOCC have a policy that stipulates board papers for BOA meetings be provided to the Board at least 3 working days in advance of the board meeting
25b. Is the Board Secretary trained in legal, accountancy or company secretarial practices?
26a. Does the company have a separate internal audit function?
26b. Does the appointment and removal of the internal auditor required the approval of the Audit Committee?
  • Appointment of Internal Auditor is under Civil Service Commission Rules
27a. Does the company disclose the internal control procedures/risk management system it has in place?
27b. Does the Annual Report disclose that the BOA has conducted a review of the Company's material controls (including operational, financial and compliance controls) and risk management systems?
27c. Does the company disclose how they risks are managed?
27d. Does the Annual Report contain a statement from the the BOA or Audit Committee commenting on the adequacy of the GOCC's internal control/risk management systems?
28. Do different persons assume the role of Chairman and CEO?
  • YES (Chairman: Zenaida Y. Monsada, CEO: Sonia B. San Diego)
29a. Does the GOCC have an orientation program for new directors?
29b. Does the GOCC have a policy thet encourages directors to attend on going or continuous professional education programs?
29c. Does all appointed directors attend at least I training for the calendar year?
  • YES
30a. Is an annual performance assessment conducted of the BOA?
  • YES
30b. Does the GOCC disclose the process followed in conducting the Board?
30c. Does the GOCC disclose the criteria use in the Board assessment?
31. Is an annual performance assessment conducted of the BOA Committees?
  • YES