| GCG Standard | Link | |||||||||||||||||||||||||||||||
| 1. | Does the GOCC disclose a policy that: | |||||||||||||||||||||||||||||||
| a. | Stipulates the existence and scope of its effort to address customer's welfare? |
Yes, see the attached document. |
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| b. | Elaborates its efforts to interact with the communities in which they operate? |
Yes, see the attached document. |
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| c. | Ensure that its value chain is environmentally friendly or is consistent with promoting sustainable development? |
Yes, see the attached document. |
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| 2. | Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies? | |||||||||||||||||||||||||||||||
| a. | Customer health and safety |
Yes, see the attached document and Page 27 of Annual Report Revised Guidelines on the Prevention and Control of COVID-19 in the Workplace - 2023 |
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| b. | Interaction with the communities |
Yes, see the attached document and Page 26 of Annual Report |
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| c. | Environmentally-friendly value chain |
Yes, see the attached document and Page 26 of Annual Report |
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| 3. | Does the GOCC have a separate corporate social responsibility (CSR) report/section or sustainability report/section? |
Yes, see the attached link. |
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| 4. | Where stakeholder interests are protected by law, stakeholders should have the opportunity to obtain effective redress for violation of their rights. | |||||||||||||||||||||||||||||||
| 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, see the attached link. |
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| 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? |
Yes, see the attached document. |
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| b. | Does the GOCC publish data relating to health, safety and welfare of its employees? |
Yes, see the attached documents. 2023 4Q Safety Report Accidental Analysis 2023 3Q Safety Report Accidental Analysis 2023 2Q Safety Report Accidental Analysis 2023 1Q Safety Report Accidental Analysis 2022 4Q Safety Report Accidental Analysis 2022 3Q Safety Report Accidental Analysis 2022 2Q Safety Report Accidental Analysis 2022 1Q Safety Report Accidental Analysis 2021 4Q Safety Report Accidental Analysis 2021 3Q Safety Report Accidental Analysis 2021 2Q Safety Report Accidental Analysis 2021 1Q Safety Report Accidental Analysis 2020 4Q Safety Report Accidental Analysis 2020 3Q Safety Report Accidental Analysis 2020 2Q Safety Report Accidental Analysis 2020 1Q Safety Report Accidental Analysis 2019 4Q Safety Report Accidental Analysis 2019 3Q Safety Report Accidental Analysis 2019 2Q Safety Report Accidental Analysis 2019 1Q Safety Report Accidental Analysis 2018 4Q Safety Report Accidental Analysis 2018 3Q Safety Report Accidental Analysis 2018 2Q Safety Report Accidental Analysis 2018 1Q Safety Report Accidental Analysis 2017 4Q Safety Report Accidental Analysis |
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| c. | Does the GOCC have training and development programmes for its employees? |
Yes, see the attached documents. DI-04-006 Human Resources Department v1.pdf (see pages 17 to 19) Summary of Actual Trainings 2023 Summary of Actual Trainings 2022 Summary of Actual Trainings 2021 Summary of Actual Trainings 2020 Summary of Actual Trainings 2019 Summary of Actual Trainings 2018 Summary of Actual Trainings 2017 |
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| d. | Does the GOCC publish data on training and development programs for its employees? |
DI-04-006 Human Resources Department v1.pdf (see pages 17 to 19) Summary of Actual Trainings 2023 Summary of Actual Trainings 2022 Summary of Actual Trainings 2021 Summary of Actual Trainings 2020 Summary of Actual Trainings 2019 Summary of Actual Trainings 2018 Summary of Actual Trainings 2017 |
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| 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? |
Yes, see the attached document. http://www.pnoc-rc.com.ph/images/GCG2017/6.a.Whistleblowing.pdf |
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| b. | Does the GOCC have procedures to protect an employee/person who reveals illegal/unethical behavior from retaliation? |
Yes, see the attached document. http://www.pnoc-rc.com.ph/images/GCG2017/6.a.Whistleblowing.pdf http://www.pnoc-rc.com.ph/images/GCG2017/6.b.Unethicalbehaviorfromretaliation.pdf |
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| 7. | Quality of Annual Report Does the GOCC’s Website disclose the following items: | |||||||||||||||||||||||||||||||
| a. | Corporate Objectives |
Yes, see page 6 - 7 of the 2023 Annual Report and Link. |
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| b. | Financial performance indicators |
Yes, see page 6 - 7 of the 2023 Annual Report and link. |
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| c. | Non-financial performance indicators |
Yes, see page 6 - 7 of the 2023 Annual Report. |
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| d. | Details of whistleblowing policy | 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 | |||||||||||||||||||||||||||||||
| f. | Training and/or continuing education programme attended by each director/commissioner | |||||||||||||||||||||||||||||||
| 8. | Is the annual report downloadable from the GOCC’s website? |
Yes, see the attached documents. |
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| 9. | Corporate Governance Confirmation Statement | |||||||||||||||||||||||||||||||
| a. | Does the GOCC's website 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 issue? |
PNOC RC Corporate Governance Manual Statement on the Full Compliance with the Code of Corporate Governance |
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| 10. | Timely filing/release if annual/financial reports | |||||||||||||||||||||||||||||||
| a. | Are the audited annual financial report/statement released within 60 days upon receipt from COA? |
Yes - Audited Financial Statement 2021 - Date Received: March 30, 2022, Date Uploaded: April 20, 2022 Audited Financial Statement - 2020 Audited Financial Statement - 2019 |
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| b. | Is the annual report released within 90 days from release of audited financial report? |
Yes - Date of Upload of Audited Financial Statement April 20, 2022 Date of Upload of Annual Report April 28, 2022
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| 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? |
Yes, see the attached documents. Statement of Management's Responsibility for Annual Income Tax Return - 2021 Statement of Management's Responsibility for Annual Income Tax Return - 2020 Statement of Management's Responsibility for Annual Income Tax Return - 2019 Statement of Management's Responsibility for Annual Income Tax Return - 2018 Statement of Management's Responsibility for Annual Income Tax Return - 2017 Statement of Management's Responsibility for Annual Income Tax Return - 2016 Statement of Management's Responsibility for Annual Income Tax Return - 2015 Statement of Management's Responsibility for Annual Income Tax Return - 2014 Statement of Management's Responsibility for Annual Income Tax Return - 2012 |
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| 11. | Corporate Vision/Mission | |||||||||||||||||||||||||||||||
| a. | Has the Board of Directors reviewed the vision and mission/strategy in the last financial year? |
Yes, see the attached documents. Strategic Planning Workshop Attendance - 2023 Strategic Planning Workshop Minutes of Meeting - 2023 Strategic Planning Workshop 2022 Strategic Planning Workshop 2022 - Minutes Meeting Strategic Planning Workshop PPT Board Resolution N. 20 Series of 2020 Board Resolution N. 31 Series of 2014 Board Resolution N. 62 Series of 2013 |
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| b. | Does the Board of Directors monitor/oversee the implementation of the corporate strategy |
Please see attached document and link. Manual Code of Corporate Governance PNOC RC Board Resolution N. 20 Series of 2020 Board Resolution N. 31 Series of 2014 Board Resolution N. 62 Series of 2013 http://www.pnoc-rc.com.phimages/GCG2017/11aVisionMissionBusinessPlan.pdf https://drive.google.com/open?id=1jm3SteJSCDrqdATtmmCh7jYlm17B7NLo |
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| 12. | Did the GOCC achieve 90% in the PES? |
Yes, see the attached documents. Performance Evaluation System - 2021 Performance Evaluation System - 2020 Performance Evaluation System - 2019 Performance Evaluation System - 2018 Performance Evaluation System - 2017 Performance Evaluation System - 2016 Performance Evaluation System - 2015 |
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| 13. | Code of Ethics or Conduct | |||||||||||||||||||||||||||||||
| a. | Are the details of the Code of Ethics or Conduct disclosed? |
Yes, see the attached documents. Disclosure of Code of Conduct and Ethical Standards - 2023 Disclosure of Code of Conduct and Ethical Standards - 2022 Disclosure of Code of Conduct and Ethical Standards - 2018 |
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| b. | Does the GOCC disclose that all Directors/Commissioner, senior management and employees are required to comply with the Code? |
Yes, see the attached documents. Disclosure of Code of Conduct and Ethical Standards - 2023 Disclosure of Code of Conduct and Ethical Standards - 2022 Disclosure of Code of Conduct and Ethical Standards - 2018 |
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| c. | Does the company disclose how it implements and monitors compliance with the code of ethics or conduct. |
Yes, see the attached documents. Disclosure of Code of Conduct and Ethical Standards - 2023 Disclosure of Code of Conduct and Ethical Standards - 2022 Disclosure of Code of Conduct and Ethical Standards - 2018 |
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| 14. | Does the Board appoint a Nomination Compensation/Remuneration Committee? |
Yes, see the attached document. Board Committee Membership - 2023 Board Committee Membership - 2022 Board Committee Membership - 2021 Board Committee Membership - 2020 Board Committee Membership - 2018 |
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| 15. | Did the Nomination Compensation Committee meet at least twice during the year? |
Yes, see the attached notices and attendance sheets. Attendance of Nomination and Remuneration Committee Meeting - 2023 Attendance of Nomination and Remuneration Committee Meeting - 2022 Attendance of Nomination and Remuneration Committee Meeting - 2021 Attendance of Nomination and Remuneration Committee Meetings - 2020 Notice of Nomination and Remuneration Committee Meetings - 2018 Attendance of Nomination and Remuneration Committee Meetings - 2018 Notice of Nomination and Remuneration Committee Meetings - 2017 Attendance of Nomination and Remuneration Committee Meetings - 2017 Notice of Nomination and Remuneration Committee Meetings - 2016 Attendance of Nomination and Remuneration Committee Meetings - 2016 |
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| 16. | If yes, is the report of the Nomination Compensation/Remuneration Committee publicly disclosed? |
Yes, see the attached 2016-2023 reports. Nomination and Remuneration Committee Report - 2023 Nomination and Remuneration Committee Report - 2022 Nomination and Remuneration Committee Report - 2021 Nomination and Remuneration Committee Report - 2020 Nomination and Remuneration Committee Report - 2018 |
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| 17. | Does the Board appoint an Audit Committee? |
Yes, see the attached document. Board Committee Membership - 2023 Board Committee Membership - 2022 Board Committee Membership - 2021 Board Committee Membership - 2020 Board Committee Membership - 2018 |
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| 18. | If yes, is the report of the Audit Committee publicly disclosed? |
Yes, please see the attached reports. Audit Committee Annual Report - 2023 Audit Committee Annual Report - 2022 Audit Committee Annual Report - 2021 Audit Committee Annual Report - 2020 |
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| 19. | Does at least one member of the Audit Committee have an audit, accounting or finance background (qualification or experience)? |
Yes, see the attached resumes. http://www.pnoc-rc.com.ph/images/GCG/secretarycertificate.pdf http://www.pnoc-rc.com.ph/imagesimages/GCG2017/19.AMCResume.pdf |
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| 20. | Did the Audit Committee meet at least four times during the year? |
Yes, please see the attached notices and attendance sheets. 2023 Audit Committee Meeting Attendance 2022 Audit Committee Meeting Attendance 2021 Audit Committee Meeting Attendance 2020 Audit Committee Meeting Attendance 2020 Audit Committee Notice of Meeting 2018 Audit Committee Meeting Attendance 2018 Notice of Meeting Audit Committee images/GCG2017/20.AuditCommitteeAttendance17.pdf http://www.pnoc-rc.com.ph/images/GCG2017/20.AuditCommitteeAttendance16.pdf |
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| 21. | Does the Board appoint a Risk Management Committee? |
Yes, see the attached document. Board Committee Membership - 2023 Board Committee Membership - 2022 Board Committee Membership - 2021 Board Committee Membership - 2020 Board Committee Membership - 2018 |
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| 22. | If yes, is the report of Risk Management Committee publicly disclosed? |
Yes, see the attached report. Risk Management Committee Annual Report - 2023 Risk Management Committee Annual Report - 2022 Risk Management Committee Annual Report - 2021 Risk Management Committee Annual Report - 2020 |
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| 23. | Does at least one member of the Risk Management Committee have a background in finance and investments? |
Yes, see the attached resumes. |
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| 24. | Board meetings and attendance | |||||||||||||||||||||||||||||||
| a. | Are the Board of Directors meetings scheduled at the beginning of the year? (end of Q1) |
Yes, please see the attached Secretary's Certificate. |
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| b. | Does the Board of Directors meet at least monthly? |
Yes, see the attached documents and notation. Dependent on the Availability of the Ex-officio Chairman Board Meeting Attendance - 2023 Board Meeting Attendance - 2022 Board Meeting Attendance - 2021 Board Meeting Attendance - 2020 Board Meeting Attendance - 2018 http://www.pnoc-rc.com.ph/images/GCG2017/24.b.2016-attendance.pdf http://www.pnoc-rc.com.ph/images/GCG2017/24.b.2017-attendance.pdf https://drive.google.com/open?id=1TfkNg_71fWS8R2wLUHWBQMzPjNu4J8bj |
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| c. | Did the Board of Directors meet on at least 75% on their scheduled meetings? |
Yes, see the attached documents. Board Meeting Attendance - 2023 Board Meeting Attendance - 2022 Board Meeting Attendance - 2021 Board Meeting Attendance - 2020 Board Meeting Attendance - 2018 http://www.pnoc-rc.com.ph/images/GCG2017/24.b.2016-attendance.pdf http://www.pnoc-rc.com.ph/images/GCG2017/24.b.2017-attendance.pdf https://drive.google.com/open?id=1TfkNg_71fWS8R2wLUHWBQMzPjNu4J8bj |
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| d. | Has each of the Directors/commissioners attended at least 90% of all the board meetings held during the year? |
Yes, see the attached documents. Board Meeting Attendance - 2023 Board Meeting Attendance - 2022 Board Meeting Attendance - 2021 Board Meeting Attendance - 2020 http://www.pnoc-rc.com.ph/images/GCG2017/24.c.d.2016BoardMeetingAttendancePercentage.pdf http://www.pnoc-rc.com.ph/images/GCG2017/24.c.d.BoardMeetingAttendancePercentageRev21.pdf https://drive.google.com/open?id=1TfkNg_71fWS8R2wLUHWBQMzPjNu4J8bj |
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| e. | Did the Board of Directors meet separately at least once during the year without the President/CEO present? |
Yes, see the attached document. Meeting without President and CEO 2023 Board Meeting Attendance - 2023 http://www.pnoc-rc.com.ph/images/GCG2017/24.e.BoardMeetingw_oPresidentCEO.pdf |
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| 25. | Access to information | |||||||||||||||||||||||||||||||
| a. | Does the GOCC have a policy that stipulate that board papers for Board of Directors meetings be provided to the Board at least 3 working days in advance of the board meeting? |
Yes, see the attached document. |
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| b. | Is the board secretary trained in legal, accountancy or company secretarial function? |
Yes, PNOC RC's Corporate Secretary is a lawyer.
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| 26. | Internal Audit | |||||||||||||||||||||||||||||||
| a. | Does the company have a separate internal audit function? |
Yes, PNOC RC has a separate audit department. Please see attached Approved Organizational Structure. |
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| b. | Does the appointment and removal of the internal auditor require the approval of the Audit Committee? |
Yes, the appointment and removal require the approval of the Audit Committee and PNOC RC Board. https://drive.google.com/open?id=1XbO-rMdhdXNqDAD3nb9qAM4jharFkgIn |
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| 27. | Risk Oversight | |||||||||||||||||||||||||||||||
| a. | Does the company disclose the internal control procedures/risk management system it has in place? |
Please see pages 9 - 10 of the 2023 Annual Report and link. |
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| 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? |
Please see pages 9 - 10 of the 2023 Annual Report and link. |
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| c. | Does the company disclose how key risks are managed? |
Please see pages 9 - 10 of the 2023 Annual Report and link. |
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| 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 control/risk management systems? |
Please see pages 9 - 10 of the 2023 Annual Report and link. |
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| 28. | Board Chairman | |||||||||||||||||||||||||||||||
| a. | Do different persons assume the roles of Chairman and CEO? |
Yes, Chairman Raphael P.M Lotilla and President/CEO John J. Arenas. President & CEO John J. Arenas
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| 29 | Board of Directors Development | |||||||||||||||||||||||||||||||
| a. | Does the GOCC have orientation programmes for new Directors? |
Yes, see the attached document. http://www.pnoc-rc.com.ph/images/GCG/ORIENTATION_DIRECTORS.pdf |
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| b. | Does the GOCC have a policy that encourages Directors/Commissioners to attend on-going or continuous professional education programmes? |
Yes, see the attached document. http://www.pnoc-rc.com.ph/images/GCG/POLICY_CONTINUINGEDUCATION_BOD.pdf |
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| c. | Did all appointive Directors attend at least 1 training for the calendar year? |
Yes, see attached document for 2016-2023. Training and Continuous Education - 2023 Training and Continuous Education - 2022 Training and Continuous Education - 2021 Training and Continuous Education 2020 |
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| 30 | Board Appraisal | |||||||||||||||||||||||||||||||
| a. | Is an annual performance assessment conducted of the Board of Directors? |
Yes, an annual appraisal of the members of the Board is conducted. The parameters of the appraisal have been reviewed by the Nomination and Remuneration Committee and presented to the Board of Directors for approval. On 26 February 2016, the Board approved the annual appraisal and parameters thereof. It also enjoined the Corporate Secretary to conduct the appraisal and collate the results to be reported to the Governance Committee and Board of Directors. http://www.pnoc-rc.com.ph/images/GCG2017/30.a.BoardAppraisal.pdf |
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| b. | Does the GOCC disclose the process followed in conducting the Board assessment? |
Yes, the Board resolved to conduct an annual appraisal of Board Members on 26 February 2016 as part of its continuing effort for good governance. The appraisal shall consist of the self-appraisal of the Board Member, an appraisal of the Board of Directors as a whole and an appraisal of the Committees. The result of the evaluation shall be collated by the Corporate Secretary and the result presented to the Governance Committee and Board of Directors. A copy of the Board approved appraisal is found below: http://www.pnoc-rc.com.ph/images/GCG2017/30.b.c.31.BoardAndCommitteeAppraisal.pdf |
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| c. | Does the GOCC disclose the criteria used in the Board assessment? |
Yes, the criteria for appraisal is found below: http://www.pnoc-rc.com.ph/images/GCG2017/30.b.c.31.BoardAndCommitteeAppraisal.pdf |
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| 31 | Committee Appraisal | |||||||||||||||||||||||||||||||
| a. | Is an annual performance assessment conducted of the Board of Directors Committees? |
Yes, the Board approved appraisal includes a portion on the Committee that the Board members are a part of. Please see link below: http://www.pnoc-rc.com.ph/images/GCG2017/30.b.c.31.BoardAndCommitteeAppraisal.pdf |
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| Stakeholder Relationships | ||||||||||||||||||||||||||||||||
| 1. | Does the GOCC practice Global Reporting Index (GRI) on its annual reports? | |||||||||||||||||||||||||||||||
| 2. | Is the audited annual financial report/statement release within 30 days upon receipt from COA | Yes, Audited Financial Statement 2021 - Date Received: March 30, 2022, Date Uploaded: April 20, 2022 | ||||||||||||||||||||||||||||||
| Responsibilities of the Board | ||||||||||||||||||||||||||||||||
| 1. | Are there members of the Board of Directors who hold more than five positions in GOCCs and PLCs? |
No Board Member of PNOC Renewables Corporation held more than five (5) position in another GOCC and publicly listed company. |
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| 2. | Is there non-compliance with Good Governance Conditions? |
Yes. PNOC RC has been found to be non-compliant with the following: 1. ISO QMS Requirement 2. Other Cross-Cutting Requirements (Posting of Agency Review and Compliance Procedure of SALN and Freedom of Information Compliance) https://drive.google.com/file/d/1rinsaaB5TZYWMFRDoi_cWeTbba5EtfMn/view?usp=sharing |
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