CORPORATE GOVERNANCE FOR GOCCs 2016

QUESTION YES NO LINK SOURCE
1. Does the GOCC disclose a policy that:          

 

a. Stipulates the existence and scope of its effort to address customer’s welfare?  

Yes. SB CORP MISSION:

Grow the MSME sector by:

- developing and implementing financing and capacity building support programs for underserved enterprises and for grassroots MSME organizations; and

-  advocating for measures and policies that will promote a stronger MSME finance industry.

b. Elaborates its efforts to interact with the communities in which they operate?   Yes. See SB Corp Press Release on activities in Marawi SB Corp News
c. Ensure that its value chain is environmentally friendly or is consistent with promoting sustainable development?   Yes, See Page of 2016 Annual Report page 8
2. Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies?   Yes, See Page of 2016 Annual Report page 12
a. Customer health and safety   Yes, See Page of 2016 Annual Report page 9 Quality Standards
b. Interaction with the communities   Yes, See Page of 2016 Annual Report page 12 The ERF
c. Environmentally-friendly value chain   Yes, See Page of 2016 Annual Report page 9 Quality Standards
3. Does the GOCC have a separate Corporate Social Responsibility (CSR) report/section or sustainability report/section?   Yes, See Page of 2016 Annual Report page 8 Capacity Building  and Contribution
4. Where stakeholders interests are protected by law, stakeholders should have the opportunity to obtain effective redress for violation of their rights   Yes. See Website  Whistleblowing Report Form
a. Does the GOCC provide contact details via the company’s website or Annual Report which stakeholders ( e.g. customers, suppliers, general public, etc.) can use to voice their concerns and/or complaints for possible violation of their rights?  

Yes.

  1. See 2016 Annual Report page 48
  2. See Website  Whistleblowing Report Form
  3. See Citizen’s Charter page: Performance Pledge and Feedback and Redress Mechanism
5. Performance-enhancing mechanisms for employee participation should be permitted to develop.    
a. Does the GOCC explicitly mention the health, safety and welfare policy for  its employees?    
b. Does the GOCC publish data relating to health, safety and welfare of its employees?    
c. Does the GOCC have training and development  programmes  for its employees?  

Yes, See Page of 2016 Annual Report page 15 Training and Education

d. Does the GOCC publish data on training and development programs for its employees?  

Yes, See Page of 2016 Annual Report page 15 Training and Education

6. Stakeholders including individual employee and their representative bodies should be able to freely communicate their concerns about illegal or unethical practices to the board and their rights should not be compromised for doing this.   See Website  Whistleblowing Report Form
a. Does the GOCC have procedures for complaints by employees concerning illegal (including corruption) and unethical behavior?   See Website  Whistleblowing Report Form
b. Does the GOCC have procedures to protect an employee/person who reveals illegal/unethical behavior from retaliation?   Whistleblowing Policy
7. Quality of the Annual Report. Does the GOCC’s AR disclose the following items:      
a. Corporate Objectives   Yes, See Page 3 of 2016 Annual Report About the Corporation
b. Financial performance indicators   Yes, See Page 17 of 2016 Annual Report Audited Financial Statements
c. Non-financial performance indicators   Yes, See Page 6 of 2016 Annual Report Presidents Report
d. Details of whistleblowing policy   Yes , See Page 21 of 2015 Annual Report
f. Trainings or continuing education (directors)   Yes, See Pages 38-41 of 2016 Annual Report Board of Directors
8. Are the Annual Reports downloadable from the GOCC’s website?   Yes, See Transparency Seal
9. Corporate Governance Confirmation Statement      
a. Does the AR contain a statement confirming the company’s full compliance with the code of corporate governance and where there is non-compliance, identify and explain reasons for each such issue?    
10. Timely filing/release of annual/financial reports   2017 Audited FS received July 6, 2018 posted July 6, 2018, 4:50 PM
a. Are the audited annual financial report/statement released within 60 days upon receipt from COA?   2017 Audited FS received July 6, 2018 posted July 6, 2018, 4:50 PM

b. Is the Annual Report released within 90 days from the release of the audited financial report?

 

   
11. Corporate Vision/Mission      
a. Has the Board of Directors reviewed the vision and mission/ strategy in the last financial year?    

b. Does the Board of Directors monitor/oversee the implementation of the corporate strategy?

 

   
12. Did the GOCC achieve 90% in the PES?      
13. Code of ethics or conduct     SB Corp Code Of Ethics Please see Transparency  Seal
a. Are the details of the code of ethics or conduct disclosed?   SB Corp Code Of Ethics Please see Transparency  Seal
c. Does the company disclose how it implements  and monitors compliance with the code of ethics or conduct?   SB Corp Code Of Ethics Please see Transparency  Seal
14. Does the Board appoint  a Nomination Compensation/Renumeration Committee?      
15. Did the Nomination Compensation/Remuneration Committee meet at least twice during the year?      
16. If yes, is the report of the Nomination Compensation/Renumeration Committee publicly disclosed?      
17. Does the Board appoint  an Audit Committee?    
18. If yes, is the report of the Audit Committee publicly disclosed?      
19. Does at least one member of the Audit Committee have an audit, accounting or finance background  (qualification  or experience)?    
20. Did the Audit Committee meet at least four times during the year?    
21. Does the Board appoint a Risk Management Committee?    
22. If yes, is the report on Risk Management  Committee publicly disclosed?      
23. Does at least one member of the Risk Management  Committee have a background  in finance and investments?    
24. Board meetings and attendance      
a. Are the Board of Directors meetings scheduled at the beginning of the year? (end of Q1)      
b. Does the Board of Directors meet at least monthly?    
c. Did the Board of Directors meet on at least 75% on their scheduled meetings?      
d. Has each of the directors/commissioners attended at least 90% of all the board meetings held during the year?      
e. Did the Board of Directors meet separately at least once during the year without the President/CEO present?      
25. Access to information      
a. Does the GOCC have a policy that stipulates board papers for Board of Directors/Commissioners meetings be provided to the Board at least three (3) working days in advance of the board meeting?    
b. Is the Board Secretary trained in legal, accountancy or company secretarial practices    
26. Internal Audit      
a. Does the company have a separate internal audit function?    
b. Is the head of internal audit identified or, if outsourced,  is the name of the external firm disclosed?      
c. Does the appointment  and removal of the internal auditor require the approval of the Audit Committee?      
27. Risk Oversight      
a. Does the company disclose the internal control procedures/risk management  systems it has in place?    
b. Does the Annual Report disclose that the board of Directors/Commissioners have conducted a review of the company's material controls (including operational,  financial and compliance controls) and risk management  systems?    
c. Does the company disclose how key risks are managed?    
d. Does the Annual Report contain a statement from the Board of Directors or Audit Committee commenting  on the adequacy of the GOCC's internal controls/risk  management  systems?      
28. Board Chairman      
a. Do different persons assume the roles of Chairman and CEO?    
29. Board of Directors Development      
a. Does the GOCC have orientation programmes  for new Directors?    
b. Does the GOCC have a policy that encourages Directors/Commissioners to attend on-going or continuous professional  education programmes?      
c. Did all Appointive Directors attend at least 1 training for the calendar year?      
30. Board Appraisal      
a. Is an annual performance  assessment  conducted of the Board of Directors assessment?    
b. Does the GOCC disclose the process followed in conducting the Board?    
c. Does the GOCC disclose the criteria used in the Board assessment?   Board Scorecard
31. Committee Appraisal      
a. Is an annual performance  assessment  conducted of the Board of Directors Committees?   Board Scorecard
BONUS      
Stakeholder's Relationship: Does the GOCC practice Global Reporting Index (GRI) on its annual reports?   Yes, See Page 46-47 of 2016 Annual Report
Disclosure and Transparency: Are the audited annual financial report/statement released within 30 days upon the receipt from COA?   Received from COA July 6, 2018 posted on July 6, 2018 , 4:54 PM
PENALTY      
Responsibilities of the Board      

a. Are there members of the Board of Directors who hold more than five (5) positions in GOCCs and PLCs?

  NONE
b. Is there non-compliance with Good Governance Conditions?   NONE