Manual on Corporate Governance
In 2002, the Company adopted a Manual on Corporate Governance in order to institutionalize the rules and principles of good corporate governance in the entire organization in accordance with the Code of Corporate Governance. The Manual on Corporate Governance is revised pursuant to SEC Memorandum Circular No. 6, Series of 2009 and as amended by SEC Memorandum Circular No. 9, Series of 2014.
Corporate Governance Committee
The Company’s Corporate Governance Committee is tasked to assist the Board in the performance of its corporate governance responsibilities. It shall oversee the implementation and periodic review of the corporate governance framework, oversee periodic performance evaluation of the Board, recommend continuing relevant education/training programs for directors, assignment of tasks/projects to board committees, succession plan for the board members and senior officers, and remuneration packages for corporate and individual performance, determine the nomination and election process for the Corporation’s directors and the general profile of board members, and ensure that the nomination and election policy and procedures are conducted properly. It is composed of at least three (3) members, two of whom are independent directors, including the Chairman.
Its members are:
Alejo L. Villanueva Jr. (Independent Director) - Chairman
Sergio R. Ortiz-Luis, Jr.(Independent Director)
Kevin Andrew L. Tan
Corporate Social Responsibility
These activities are undertaken directly at the subsidiary and associate level. Some of the Company’s directors and officers may render some form of community service or social responsibility activity in connection with the activities of the respective subsidiaries and affiliates that they handle.
Enterprise Risk Management
The Board, thru the Audit Committee, reviews the effectiveness of the Company’s, including its subsidiaries and affiliates, risk management system with emphasis on monitoring of existing and emerging risks as well as risk mitigation measures and on identifying risks before these cause significant trouble for the business. Based on the set guidelines, directors are assigned specific subsidiaries, affiliates or business where they monitor compliance of the risk management system.