CORPORATE GOVERNANCE FOR GOCCs 2018

No. Question Y/N Link Source
I. Stakeholder Relationships
1 Does the GOCC disclose a policy that:
a. Stipulates the existence and scope of its effort to address customer's welfare? Y • SB Corp Website - Manual of Corporate Governance
page 5, 3.d

page 2 - Relations with stakeholders

• SB Corp 2018 Annual Report , page 20 - Stakeholders' Engagement
b. Elaborates its efforts to interact with the communities in which they operate? Y • SB Corp Website - Mission/Vision

• SB Corp 2018 Annual Report , page 01 - Vision and Mission
c. Ensure that its value chain is environmentally friendly or is consistent with promoting sustainable development? Y SB Corp Website - CSR Statement
2 Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies?
a. Customer health and safety Y SB Corp Website
News
1. SB Corp lends to families of KIA/WIA Soldiers - February 13, 2018
2. SB Corp opens P3 lending for Marawi Enterprises - January 30, 2018
b. Interaction with the communities Y SB Corp Website
News
1. B Corp lends to families of KIA/WIA Soldiers - February 13, 2018
2. SB Corp opens P3 lending for Marawi Enterprises - January 30, 2018
c. Environmentally-friendly value chain Y SB Corp Go Green Program for CY 2018
3 Does the GOCC have a separate Corporate Social Responsibility (CSR) report/section or sustainability report/section? N None
4 Where stakeholder interests are protected by law, stakeholders should have the opportunity to obtain effective redress for violation of their rights. 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? Y • SB Corp Website Whistleblowing Report Form (https://www.sbgfc.org.ph/sb-corp-whistleblowing-report-form)

• SB Corp 2018 Annual Report , page 16 Whistleblowing Policy
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? N No available disclosure
b. Does the GOCC publish data relating to health, safety and welfare of its employees? Y SB Corp 2018 Annual Report , page 10 – Employee, Health, Safety and Welfare CY 2018
c. Does the GOCC have training and development programmes for its employees? Y SB Corp 2018 Annual Report pages 11-13 – Training and Development Programs January 1 to December 31, 2018
d. Does the GOCC publish data on training and development programs for its employees? Y SB Corp 2018 Annual Report , pages 11-13 – Training and Development Programs January 1 to December 31, 2018
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.
a. Does the GOCC have procedures for complaints by employees concerning illegal (including corruption) and unethical behavior? Y SB Corp Website
Whistleblowing Policy > Whistleblowing Portal
b. Does the GOCC have procedures to protect an employee/person who reveals illegal/unethical behavior from retaliation? Y SB Corp Website
Whistleblowing Policy > Confidentiality
II. Disclosure and Transparency
7 Quality of the Annual Report
Does the GOCC disclose the following items:
a. Corporate Objectives Y SB Corp Website - Strategy Map
b. Financial performance indicators Y SB Corp 2018 Annual Report , page 5 (Operational Highlights), pages 20-41 (Financial Statements)
c. Non-financial performance indicators Y SB Corp 2018 Annual Report , page 7 (Capacity Building Programs, ISO Certification, Capacity Building Group Accomplishments for CY 2018)
d. Details of whistle-blowing policy Y SB Corp Website - Whistleblowing Policy
e. Biographical details (at least age, qualifications, date of first appointment, relevant experience, and any other directorships of listed companies) of directors/commissioners Y SB Corp 2018 Annual Report, pages 42-45 (Board of Directors)
f. Training and/or continuing education programme attended by each director/commissioner Y Transparency Seal > Board Orientation and Continuous Training/Education Programs > 2018
8 Are the annual reports downloadable from the GOCC's website? Y Link to SB Corp 2018 Annual Report
9 Does the Annual Report 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? Y SB Corp 2018 Annual Report, page 16 (Corporate Governance Confirmation Statement)
10 Timely filing/release of annual/financial reports
a. Are the audited annual financial report/statement released within 60 days upon receipt from COA? Y

2018 Audited Financial Statement

Date of Receipt from COA: 13 June 2019
Date of Release (posting on the website): 13 June 2019

b. Is the annual report released within 90 days from release of audited financial report? Y

2018 Annual Report

Date of Release (posting on the website): 13 June 2019
Date of Release of SB Corp 2018 Annual Report: 4 September 2019

c. Is the true and fairness/fair representation of the annual financial statement/reports affirmed by the board of directors/commissioners and/or the relevant officers of the company? Y SB Corp 2018 Annual Report, page 21 (Statement of Management’s Responsibility for Financial Statements)
III. Responsibility of the Board
11 Corporate Vision/Mission
a. Has the Board of Directors reviewed the vision and mission/strategy in the last financial year? Y SB Corp Website -
Review and monitoring of the Implementation of the Corporate Vision and Mission/Strategy > 2018
b. Does the Board of Directors monitor/oversee the implementation of the corporate strategy? N No available disclosure
12 Did the GOCC achieve 90% in the PES? N 86.33%, with pending appeal
13 Code of Ethics or Conduct
a. Are the details of the code of ethics or conduct disclosed? Y SB Corp Website - Code of Conduct
b. Does the GOCC disclose that all Directors/Commissioners, senior management and employees are required to comply with the code? N SB Corp Website - Code of Conduct(Scope: SBC officers and employees)
c. Does the company disclose how it implements and monitors compliance with the code of ethics or conduct? Y SB Corp Website - Code of Conduct- Code of Conduct Compliance Certificate (page 17)
14 Does the Board appoint a Nomination Compensation / Remuneration Committee?  Y SB Corp Website - Board Committees and Activities (Corporate Governance Committee)
15 Did the Nomination Compensation/Remuneration Committee meet at least twice during the year? Y SB Corp Website - Board of Directors - Attendance Records 2018
16 If yes, is the report of the Nomination Compensation/Remuneration Committee publicly disclosed? Y • SB Corp Website - Corporate Governance Committee 2018 Accomplishment Report

• SB Corp 2018 Annual Report, page 16-17 (Corporate Governance Committee Major Initiatives and Accomplishments for 2018)
17 Does the Board appoint an Audit Committee? Y SB Corp Website - Board Committees and Activities (Board Audit and Compliance Committee)
18 If yes, is the report of the Audit Committee publicly disclosed Y • SB Corp Website - Board Audit and Compliance Committee 2018 Accomplishment Report

• SB Corp 2018 Annual Report, page 17 (Board Audit and Compliance Committee Major Initiatives and Accomplishments for 2018)
19 Does at least one member of the Audit Committee have an audit, accounting or finance background (qualification or experience)? Y SB Corp 2018 Annual Report,, pages 42-45 (Board of Directors - Mr. Benel P. Lagua and Atty. Ferdinand D. Tolentino)
20 Did the Audit Committee meet at least four times during the year? Y SB Corp Website - Board of Directors - Attendance Records 2018 (3 meetings for the Committee and 1 joint meeting with Risk Oversight Committee)
21 Does the Board appoint a Risk Management Committee? Y SB Corp Website - Board Committees and Activities (Risk Oversight Committee)
22 If yes, is the report on Risk Management Committee publicly disclosed? Y • SB Corp Website - Risk Oversight Committee 2018 Accomplishment Report

• SB Corp 2018 Annual Report,, page 17 (Risk Oversight Committee Major Initiatives and Accomplishments for 2018)
23 Does at least one member of the Risk Management Committee have a background in finance and investments? Y SB Corp 2018 Annual Report,t, pages 42-45 (Board of Directors - Mr. Benel P. Lagua and Mr. Joe Jay T. Doctora)
24 Board meetings and attendance
a. Are the Board of Directors meetings scheduled at the beginning of the year? (end of Q1) Y Board of Directors - Attendance Records 2018
b. Does the Board of Directors meet at least monthly? Y Board of Directors - Attendance Records 2018
c. Did the Board of Directors meet on at least 75% on their scheduled meetings? Y Board of Directors - Attendance Records 2018
d. Has each of the directors/commissioners attended at least 90% of all the board meetings held during the year? N Board of Directors - Attendance Records 2018
e. Did the Board of Directors meet separately at least once during the year without the President/CEO present? N There was no such meeting.

Board of Directors - Attendance Records 2018
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? Y 2018 Board Meetings
b. Is the Board Secretary trained in legal, accountancy or company secretarial practices? Y Key Officers Resumes
26 Internal Audit
a. Does the company have a separate internal audit function? Y SB Corp Website - Organizational Chart
b. Does the appointment and removal of the internal auditor require the approval of the Audit Committee? Y SB Corp Website - Manual of Corporate Governance page 18, no. 40 (c) Internal Audit, iv.
27 Risk Oversight
a. Does the company disclose the internal control procedures/risk management systems it has in place? Y SB Corp 2018 Annual Report, page 40 (27. Financial Risk Management)
b. Does the Annual Report disclose that the board of directors/commissioners has conducted a review of the company's material controls (including operational, financial and compliance controls) and risk management systems? Y SB Corp 2018 Annual Report, page 16 (Statement on Review of Financial, Operational and Risk Management System)
c. Does the company disclose how key risks are managed? Y SB Corp 2018 Annual Report, page 40 (27. Financial Risk Management)
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? Y SB Corp 2018 Annual Report, page 16 (Statement Confirming Adequacy of Internal Controls)
28 Board Chairman Y SB Corp 2018 Annual Report, pages 42-45 (Board of Directors - Usec Zenaida Cuison-Maglaya and Ma. Luna E. Cacanando )
Do different persons assume the roles of Chairman and CEO?
29 Board of Directors Development
a. Does the GOCC have orientation programs for new Directors? Y SB Corp Website - Board Orientation and Continuous Training/Education Programs >2018
b. Does the GOCC have a policy that encourages Directors/Commissioners to attend on-going or continuous professional education programs? N None
c. Did all Appointive Directors attend at least 1 training for the calendar year? N Only two (2) directors had at least 1 training (except for Corporate Governance Orientation Program)
30 Board Appraisal
a. Is an annual performance assessment conducted of the Board of Directors? Y SB Corp Website - Board Performance Assessment - 2018 Assessment
b. Does the GOCC disclose the process followed in conducting the Board assessment? Y SB Corp Website - Board Performance Assessment - Process and Criteria
c. Does the GOCC disclose the criteria used in the Board assessment? Y SB Corp Website - Board Performance Assessment - Process and Criteria
31 Committee Appraisal
  Is an annual performance assessment conducted of the Board of Directors Committees Y SB Corp Website - Board Performance Assessment - 2018 Assessment
IV. Bonus
32 Does the GOCC practice Global Reporting Index (GRI) on its annual reports? Y

 

DSB Corp 2018 Annual Report, page  (GRI Index)

33 Is the audited annual financial report/statement released within 30 days upon receipt from COA? Y

2018 Audited Financial Statement

Date of Receipt from COA: 13 June 2019
Date of Release (posting on the website): 13 June 2019

V. Penalty
34 Are there members of the Board of Directors who hold more than five (5) positions in GOCCs and PLCs? N SB Corp 2018 Annual Report, pages 42-45 (Board of Directors)
35 Is there non-compliance with Good Governance Conditions? -- Compliance to Good Governance Conditions is for GCG's validation

 

 

CORPORATE GOVERNANCE FOR GOCCs 2017


 

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?  

Manual of Corporate Governance

Page 5-3.d.

Page 2 - Relations with stakeholders

2017 Annual Report page 15

 

b. Elaborates its efforts to interact with the communities in which they operate?  

Yes. See 2017 Annual Report page 1

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.

CSR Statement

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 2017 Annual Report page 17

CSR Statement - Concern for Environment

 

Code of Conduct - Page 15 CODE OF CONDUCT

2. Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies?    

 

a. Customer health and safety  

Yes, See Page of 2017 Annual Report page 11 Year-end Report

 

b. Interaction with the communities   Yes, See Page of 2017 Annual Report page 9 CAPACITY BUILDING PROGRAMS
c. Environmentally-friendly value chain  

Environmental Management and Programs of 2017

Environmental Report 2017

3. Does the GOCC have a separate Corporate Social Responsibility (CSR) report/section or sustainability report/section?    
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 Website  Whistleblowing Report Form
  2. 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?   2017 Activities relating to Health, Safety and Welfare of employees
c. Does the GOCC have training and development  programmes  for its employees?  

2017 Training and Development Programs for employees

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

2017 Training and Development Programs for employees

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

Whistleblowing Policy

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   GCG Validated 2017 Scorecard - Charter Statement and Strategy Map
b. Financial performance indicators   Yes, See Page 18 of 2017 Annual Report Audited Financial Statements
c. Non-financial performance indicators   Yes, See Page 7 of 2017 Annual Report Presidents Report
d. Details of whistleblowing policy   Whistleblowing Policy
e.Biographical details (atleast age, qualifications, date of first appointment, relevant experience,a nd any other directorships of listed companies) of directors and commissioners   Yes,  Board of Directors resume
f. Trainings or continuing education (directors)   2017 Board Orientation and Continuous Training/Education Programs
8. Are the Annual Reports downloadable from the GOCC’s website?   Yes, See 2017 Annual Report
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?   Corporate Governance Confirmation Statement
10. Timely filing/release of annual/financial reports   2017 Audited FS received June 29  2018 3:25 PMposted June 29, 2018, 4:50 PM
a. Are the audited annual financial report/statement released within 60 days upon receipt from COA?   2017 Audited FS received June 29  2018 3:25 PMposted June 29, 2018, 4:50 PM

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

 

 

2017 Audited FS received June 29  2018 3:25 PMposted June 29, 2018, 4:50 PM

2017 ANNUAL REPORT posted online on September 26, 2018

c. Is the true and fairness/fair representation of the annual financial statements/reports affirmed by the board of directors/commissioners and/or the relevant officers of the comapny   2017 ANNUAL REPORT Page 17 Statement of managements Responsibility for Financial Statements
11. Corporate Vision/Mission      
a. Has the Board of Directors reviewed the vision and mission/ strategy in the last financial year?    2017 Review of Mission and Strategy

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

 

  Minutes of the 295thBoard Meeting
12. Did the GOCC achieve 90% in the PES?    
13. Code of ethics or conduct     CODE OF CONDUCT
a. Are the details of the code of ethics or conduct disclosed?   CODE OF CONDUCT
b.Does the GOCC disclose that all Directors/Commissioners, senior management and employees are required to comply with the code?    
c. Does the company disclose how it implements  and monitors compliance with the code of ethics or conduct?   CODE OF CONDUCT
14. Does the Board appoint  a Nomination Compensation/Renumeration Committee?  

The function is included in the Corporate Governance Committee Functions and major Accomplishments for 2017 Manual of Corporate Governance

Board Committees and Activities

15. Did the Nomination Compensation/Remuneration Committee meet at least twice during the year?   The Corporate Govenance Committee convened 5 times in 2017. See Attendance Records 2017
16. If yes, is the report of the Nomination Compensation/Renumeration Committee publicly disclosed?   Corporate Governance Committee Report 2017
17. Does the Board appoint  an Audit Committee?  

Manual of Corporate Governance Page 17

See Attendance Records 2017

18. If yes, is the report of the Audit Committee publicly disclosed?   Board Audit and Compliance Committee Report 2017
19. Does at least one member of the Audit Committee have an audit, accounting or finance background  (qualification  or experience)?   2017 ANNUAL REPORT posted online on September 26, 2018
20. Did the Audit Committee meet at least four times during the year?   See Attendance Records 2017
21. Does the Board appoint a Risk Management Committee?  

See Attendance Records 2017

Manual of Corporate Governance Page 15

22. If yes, is the report on Risk Management  Committee publicly disclosed?     Risk Oversight Committee Accomplishment Report for 2017
23. Does at least one member of the Risk Management  Committee have a background  in finance and investments?  

See Attendance Records 2017

Page 40-43 of 2017 ANNUAL REPORT posted online on September 26, 2018

24. Board meetings and attendance      
a. Are the Board of Directors meetings scheduled at the beginning of the year? (end of Q1)  

Every 4th thursday of the month

Attendance Records 2017

b. Does the Board of Directors meet at least monthly?   Attendance Records 2017
c. Did the Board of Directors meet on at least 75% on their scheduled meetings?    Attendance Records 2017
d. Has each of the directors/commissioners attended at least 90% of all the board meetings held during the year?   Attendance Records 2017
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?   2017 Board Meetings
b. Is the Board Secretary trained in legal, accountancy or company secretarial practices   Key officers' Resume
26. Internal Audit      
a. Does the company have a separate internal audit function?   Organizational Chart
b. Does the appointment  and removal of the internal auditor require the approval of the Audit Committee?   Manual of Corporate Governance Page 18
27. Risk Oversight      
a. Does the company disclose the internal control procedures/risk management  systems it has in place?  

Notes to Financial Statements, page 38-39 # 27 Financial Risk Management

2017 ANNUAL REPORT posted online on September 26, 2018

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?   Risk Oversight Committee Report 2017
c. Does the company disclose how key risks are managed?  

Notes to Financial Statements, page 38-39 # 27 Financial Risk Management

2017 ANNUAL REPORT posted online on September 26, 2018

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?     Risk Oversight Committee Report 2017
28. Board Chairman and CEO      
a. Do different persons assume the roles of Chairman and CEO?   Yes, See Page 40 of 2017 Annual Report Board of Directors
29. Board of Directors Development      
a. Does the GOCC have orientation programmes  for new Directors?   Board Attendance 2017 Corporate Governance Orientation Program Conducted by ICD
b. Does the GOCC have a policy that encourages Directors/Commissioners to attend on-going or continuous professional  education programmes?     2017 Board Orientation and Continuous Training/Education Programs
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 assessment?    
c. Does the GOCC disclose the criteria used in the Board assessment?    
31. Committee Appraisal      
a. Is an annual performance  assessment  conducted of the Board of Directors Committees?    
BONUS      
Stakeholder's Relationship: Does the GOCC practice Global Reporting Index (GRI) on its annual reports?   Yes, See Page 48-49 of 2017 Annual Report
Disclosure and Transparency: Are the audited annual financial report/statement released within 30 days upon the receipt from COA?   2017 Audited FS received June 29  2018 3:25 PMposted June 29, 2018, 4:50 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?  

Result of the Validation of Good Governance Conditionsfor 2017 PBB

Transparency Seal

Compliant

PhilGeps Posting

Compliant

Citizen's Charter (submission of ARTA COC as per CSC MC No. 14, s. 2017)

Source: https://gcg.gov.ph/pbb_status

Link for SBC – Small Business Corporation

Compliant

 

 

 

 

 

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 June 29  2018 3:25 PMposted June 29, 2018, 4:50 PM
a. Are the audited annual financial report/statement released within 60 days upon receipt from COA?   2017 Audited FS received June 29 2018  3:25 PM posted June 29 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?   The function is included in the Corporate Governance Committee Functions. Please see Charter of Corporate Governance Committee
15. Did the Nomination Compensation/Remuneration Committee meet at least twice during the year?   The Corporate Govenance Committee convened 5 times in 2016. See Attendance Record
16. If yes, is the report of the Nomination Compensation/Renumeration Committee publicly disclosed?      
17. Does the Board appoint  an Audit Committee?   Board Resolution Creating the BACC
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)?  

Please see Board Resolution 2009-1627

Please see page 39 of the  2016 Annual Report Board of Directors

20. Did the Audit Committee meet at least four times during the year?    
21. Does the Board appoint a Risk Management Committee?   Please see Board Resolution 2009-1582
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?     Please see Board Resolution 2014-2067
24. Board meetings and attendance      
a. Are the Board of Directors meetings scheduled at the beginning of the year? (end of Q1)   Every 4th Friday of the month. Please see Board Resolution 2016-2035
b. Does the Board of Directors meet at least monthly?   See Attendance Record
c. Did the Board of Directors meet on at least 75% on their scheduled meetings?    100% See Attendance Record
d. Has each of the directors/commissioners attended at least 90% of all the board meetings held during the year?    Yes Except for the two Ex-Officio members See Attendance Record
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?   Please see Board Resolution 2009-1627
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?   Please see Board Resolution 2009-1627
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?   Please see Board Resolution 2009-1627
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?   Please see Board Resolution 2015-2249 Designation of Acting Chairman
29. Board of Directors Development      
a. Does the GOCC have orientation programmes  for new Directors?   Board Trainings 2017
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?   Board Trainings 2017
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 assessment?      
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 See Page 38-41 of 2016 Annual Report
b. Is there non-compliance with Good Governance Conditions?