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PDIC CORPORATE GOVERNANCE SCORECARD 2019

 

 

Standard

PDIC Compliance

Link

1.

Does the GOCC disclose a policy that:

a.

Stipulates the existence and scope of its effort to address customer's welfare?

The PDIC Code of Corporate Governance embodies the commitment of the Corporation to protect the rights and interests of its stakeholders.

PDIC Website
Code of Corporate Governance – Pages 20-21

b.

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

The PDIC Code of Corporate Governance provides policies on communicating and interacting with its stakeholders.

PDIC Website
Code of Corporate Governance – Pages 21-22

c.

Ensure that its value chain is environmentally friendly or is consistent with promoting sustainable development?

PDIC’s Corporate Social Responsibility Statement in the PDIC website focuses on its advocacy to protect the environment and balanced development of communities.

PDIC Website
http://www.pdic.gov.ph/?nid1=56&disclosures=2&cgo=1&cg=4e

 

2.

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

a.

Customer health and safety

The PDIC Annual Report provides detailed account of the programs and activities of the Corporation to implement its policies and commitment for the health and safety of its stakeholders.

PDIC Website
http://www.pdic.gov.ph/d_pes


2019 PDIC Annual Report is still being prepared and will be posted within 90 days from release of the audited financial report

b.

Interaction with the communities

The PDIC Annual Report describes the activities and programs of the Corporation regarding its commitment to connect, serve and communicate with its stakeholders.

PDIC Website
http://www.pdic.gov.ph/d_pes


2019 PDIC Annual Report is still being prepared and will be posted within 90 days from release of the audited financial report

c.

Environmentally-friendly value chain

The PDIC Annual Report describes the activities undertaken by the Corporation to live up to its social responsibility.

PDIC Website
http://www.pdic.gov.ph/d_pes


2019 PDIC Annual Report is still being prepared and will be posted within 90 days from release of the audited financial report

 

3.

Does the GOCC have a separate corporate social responsibility (CSR) report/section or sustainability report/section?

PDIC Website 
http://www.pdic.gov.ph/?nid1=56&disclosures=2&cgo=1&cg=4e
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

PDIC Website 
http://www.pdic.gov.ph/?nid1=1&nid2=10

Customer Service Feedback Form
http://www.pdic.gov.ph/files/charter/2018/PDIC%20Survey%20Form_Tagalog%202018.pdf

Whistleblowing Policy
http://www.pdic.gov.ph/files/CGO/Whistle%20Blowing0001.pdf

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?

The PDIC Annual Report provides the policies and programs of the Corporation on employee welfare and development, through trainings and other activities. Likewise, data on the activities and projects dedicated for the employees’ wellbeing, safety and growth are laid down in the Annual Report and the Human Resource, Material Risk  and Projects, Programs and Activities (PPA) Sections of the website.

PDIC Website 

Human Resource
http://www.pdic.gov.ph/humanresource

Projects, Programs and Activities (PPA)
http://www.pdic.gov.ph/?nid1=56&disclosures=5

Material Risk
http://www.pdic.gov.ph/files/CGO/Material%20Risk%20website.pdf

2019 PDIC Annual Report is still being prepared and will be posted within 90 days from release of the audited financial report

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?

d.

Does the GOCC publish data on training and development programs for its 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

a.

Does the GOCC have procedures for complaints by employees, concerning illegal (including corruption) and unethical behavior?

PDIC has a Grievance Machinery which allows employees to convey to their supervisors their dissatisfaction with their work situation and/or performance rating. PDIC likewise has a Whistleblowing Policy which provides feedback channels for any individual to report, anonymously if desired, and testify on matters involving the actions or omissions, of all covered personnel that are illegal, unethical, violate good governance principles, are against public policy and morals, and promote unsound and unhealthy business practices, that are grossly disadvantageous to PDIC and/or the government.

PDIC Website 
http://www.pdic.gov.ph/humanresource

a. Code of Ethics
http://www.pdic.gov.ph/files/CGO/NogiftPolicyethics.pdf

b. Whistleblowing Policy
http://www.pdic.gov.ph/files/CGO/Whistle%20Blowing0001.pdf

b.

Does the GOCC have procedures to protect an employee/person who reveals illegal/unethical behavior from retaliation?

7.

Quality of Annual Report Does the GOCC’s Annual Report disclose the following items:

a.

Corporate Objectives

The Corporation’s guiding objectives and mandates are embodied in its targets and accomplishments as contained in the Annual Report.

2019 PDIC Annual Report is still being prepared and will be posted within 90 days from release of the audited financial report

Corporate Targets/Accomplishments
http://www.pdic.gov.ph/?nid1=56&disclosures=3&pes=1

b.

Financial performance indicators

The Corporation’s financial accomplishments are presented in the Annual Report.

2019 PDIC Annual Report is still being prepared and will be posted within 90 days from release of the audited financial report

c.

Non-financial performance indicators

The Annual Report presents the non-financial aspect of the Corporation’s accomplishments to achieve its targets in accordance with its mandates.

2019 PDIC Annual Report is still being prepared and will be posted within 90 days from release of the audited financial report

d.

Details of whistleblowing policy

The Annual Report summarized the Whistleblowing structure of the Corporation. The Whistleblowing Policy is also placed in the PDIC Website.

2019 PDIC Annual Report is still being prepared and will be posted within 90 days from release of the audited financial report

Code of Corporate Governance
Pages 18-19

PDIC 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

The biographical details of the Corporation’s Board members are presented in the Annual Report in accordance with good governance practice.

2019 PDIC Annual Report is still being prepared and will be posted within 90 days from release of the audited financial report


PDIC Website: http://wwww.pdic.gov.ph/d_cgo_officer_s-1

f.

Training and/or continuing education programme attended by each director/commissioner

The Annual Report also discloses the trainings and programmes attended by the members of the Board for 2019 to improve their skills in handling the Corporation’s affairs.

2019 PDIC Annual Report is still being prepared and will be posted within 90 days from release of the audited financial report

PDIC Website: http://wwww.pdic.gov.ph/d_cgo_officer_s-1

http://www.pdic.gov.ph/?nid1=1&nid2=5

8.

Is the annual report downloadable from the GOCC’s website?

2019 PDIC Annual Report is still being prepared and will be posted within 90 days from release of the audited financial report

9.

Corporate Governance Confirmation Statement

a.

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 issue?

The Annual Report embodies the commitment of the Corporation to fully comply with the Code of Corporate Governance.

2019 PDIC Annual Report is still being prepared and will be posted within 90 days from release of the audited financial report

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 Statements received from COA on August 28, 2020; date posted September 10, 2020

PDIC Website

http://www.pdic.gov.ph/d_transparencyseal_ti-10

 

b.

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

2019 PDIC Annual Report is still being prepared and will be posted within 90 days from release of the audited financial report

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

2019 PDIC Annual Report is still being prepared and will be posted within 90 days from 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?

The Section on the Board of Directors’ Review of Corporate Vision/Mission and Strategy describes the active participation of the members of the Board in conceptualizing and reviewing the Corporation’s mission and vision statements.

PDIC Website
http://www.pdic.gov.ph/?nid1=1&nid2=5

b.

Does the Board of Directors monitor/oversee the implementation of the corporate strategy

The PDIC Code of Corporate Governance states that the PDIC Board shall monitor and evaluate on a regular basis the implementation of corporate strategies and policies, business plans and operating budgets, as well as Management's over-all performance to ensure optimum results.  

 

The Implementation of Corporate Strategy Section in the PDIC website also lays down the Board’s review and approval of the Quarterly Report on Corporate Performance.

PDIC Website
Code of Corporate Governance – Page 4

 

12.

Did the GOCC achieve 90% in the PES?

 Yes

PDIC Website 
2019 PES -
http://www.pdic.gov.ph/files/cgo/RCP%20Q4%202019.pdf

13.

Code of Ethics or Conduct

a.

Are the details of the Code of Ethics or Conduct disclosed?

The PDIC Code of Ethical Behavior provides the norms of conduct that every PDIC employee and Board member should comply with. It also prescribes the manner by which the Code’s provisions are to be implemented and observed throughout the Corporation.

PDIC Website 
http://www.pdic.gov.ph/files/CGO/NogiftPolicyethics.pdf

b.

Does the GOCC disclose that all Directors/Commissioner, senior management and employees are required to comply with the Code?

PDIC Website
http://www.pdic.gov.ph/files/CGO/NogiftPolicyethics.pdf

PDIC Code of Ethical Behavior 
Page 1

c.

Does the company disclose how it implements and monitors compliance with the code of ethics or conduct?

PDIC Website 
http://www.pdic.gov.ph/files/CGO/NogiftPolicyethics.pdf

PDIC Code of Ethical Behavior 
Pages 10-11

14.

Does the Board appoint a Nomination Compensation/ Remuneration Committee?

The GCG has recognized that there are GOCCs such as PDIC, which have limited number of Board members. Thus the GCG authorized PDIC to add the functions of the Nomination and Remuneration Committee to one of the existing Board committees.

 

In accordance with the said authority, the Board of Directors resolved to add the functions of the Nomination and Remuneration Committee to the Board Governance Committee. This is contained in the Revised Code of Corporate Governance that was submitted and approved by the GCG on January 9, 2015. With this framework in place, the Board Governance Committee will be in a position to exercise the functions of the Nomination and Remuneration Committee.

PDIC Website
http://www.pdic.gov.ph/?nid1=1&nid2=5

PDIC Code of Corporate Governance  
Pages 10-11

15.

Did the Nomination Compensation/ Remueration Committee meet at least twice during the year?

PDIC Website
http://www.pdic.gov.ph/files/CGO/2.d.1_2019_Attendance_of_Directors.pdf

 

16.

If yes, is the report of the Nomination Compensation/ Remuneration Committee publicly disclosed?

2019 PDIC Annual Report is still being prepared and will be posted within 90 days from release of the audited financial report

17.

Does the Board appoint an Audit Committee?

 Yes

PDIC Website
http://www.pdic.gov.ph/?nid1=1&nid2=5

18.

If yes, is the report of the Audit Committee publicly disclosed?

The Board Audit Committee’s accomplishments are contained in the Annual Report to ensure transparency and accountability.

2019 PDIC Annual Report is still being prepared and will be posted within 90 days from release of the audited financial report

19.

Does at least one member of the Audit Committee have an audit, accounting or finance background (qualification or experience)?

 Yes

PDIC Website
http://www.pdic.gov.ph/?nid1=56&disclosures=2&cgo=1&infor_board_act=1

http://www.pdic.gov.ph/?nid1=56&disclosures=2&cgo=1&cg=2a&resume=4

20.

Did the Audit Committee meet at least four times during the year?

 Yes

PDIC Website
http://www.pdic.gov.ph/files/CGO/2.d.1_2019_Attendance_of_Directors.pdf

21.

Does the Board appoint a Risk Management Committee?

 Yes

PDIC Website
http://www.pdic.gov.ph/?nid1=1&nid2=5

22.

If yes, is the report of Risk Management Committee publicly disclosed?

The Board Risk Management Committee’s reports are contained in the Annual Report to ensure transparency and accountability.

2019 PDIC Annual Report is still being prepared and will be posted within 90 days from release of the audited financial report

23.

Does at least one member of the Risk Management Committee have a background in finance and investments?

 Yes

PDIC Website
http://www.pdic.gov.ph/?nid1=56&disclosures=2&cgo=1&infor_board_act=1
http://www.pdic.gov.ph/?nid1=56&disclosures=2&cgo=1&cg=2a&resume=5

24.

Board meetings and attendance

a.

Are the Board of Directors meetings scheduled at the beginning of the year? (end of Q1)

These Sections of the website disclosed the guidelines and procedures on the conduct of Board meetings within the Corporation, as well as the attendance report of the Board of Directors.

PDIC Website
http://www.pdic.gov.ph/?nid1=1&nid2=5

b.

Does the Board of Directors meet at least monthly?

PDIC Website
http://www.pdic.gov.ph/files/CGO/2.d.1_2019_Attendance_of_Directors.pdf

c.

Did the Board of Directors meet on at least 75% on their scheduled meetings?

PDIC Website
http://www.pdic.gov.ph/files/CGO/2.d.1_2019_Attendance_of_Directors.pdf

d.

Has each of the Directors/commissioners attended at least 90% of all the board meetings held during the year?

PDIC Website
http://www.pdic.gov.ph/files/CGO/2.d.1_2019_Attendance_of_Directors.pdf

 

e.

Did the Board of Directors meet separately at least once during the year without the President/CEO present?

PDIC Website 
http://www.pdic.gov.ph/?nid1=1&nid2=5

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?

These Sections of the website provide guidelines to ensure that the members of the Board are informed of relevant and important matters within the Corporation to assist them in decision-making.

PDIC Website
http://www.pdic.gov.ph/?nid1=1&nid2=5

The existing SOGI on the Conduct of Board Meetings and Management of Board and Other Corporate Documents (effective January 17, 2017) provides:

8.1.10 Distribute and ensure that all members of the BOD be provided with copies of the board memoranda and materials through the most convenient means as the BOD may prefer, at the soonest possible time but not later than three (3) working days before the scheduled BOD meeting.

b.

Is the board secretary trained in legal, accountancy or company secretarial function?

Yes. Please see:
http://www.pdic.gov.ph/files/CGO/resume/resume-PST.pdf

 

26.

Internal Audit

a.

Does the company have a separate internal audit function?

The internal audit function of the Corporation ensures that there is an independent and objective assurance to improve an organization's operations.

PDIC Website
http://www.pdic.gov.ph/files/orgchart.pdf

b.

Is the head of the internal audit identified or if outsourced, the name of the external firm is disclosed?

PDIC Website
http://www.pdic.gov.ph/?nid1=56&disclosures=2&cgo=1&cg=2a&sector=2

http://www.pdic.gov.ph/files/CGO/resume/fdreyes-resume.pdf

c.

Does the appointment and removal of the internal auditor require the approval of the Audit Committee?

PDIC Website
http://www.pdic.gov.ph/?nid1=56&disclosures=2&cgo=1&infor_board_act=1

http://www.pdic.gov.ph/?nid1=1&nid2=5

27.

Risk Oversight

a.

Does the company disclose the internal control procedures/risk management system it has in place?

The Enterprise Risk Management (ERM) Framework governs the risk management of the Corporation. The Framework defines the responsibilities of the various units in the effective and efficient identification, assessment and treatment of risks in the performance of their functions, programs or action plans; and in ensuring the accomplishment of its objectives.

PDIC Website 
http://www.pdic.gov.ph/files/CGO/Material%20Risk%20website.pdf

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?

2019 PDIC Annual Report is still being prepared and will be posted within 90 days from release of the audited financial report

c.

Does the company disclose how key risks are managed?

PDIC Website
http://www.pdic.gov.ph/files/CGO/Material%20Risk%20website.pdf

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?

2019 PDIC Annual Report is still being prepared and will be posted within 90 days from release of the audited financial report

28.

Board Chairman

a.

Do different persons assume the roles of Chairman and CEO?

 Yes

PDIC Website
http://www.pdic.gov.ph/?nid1=56&disclosures=2&cgo=1&cg=2a&sector=1

29.

Board of Directors Development

a.

Does the GOCC have orientation programmes for new Directors?

This Section in the website specifies the policy of the Corporation to ensure that the members of the Board are abreast with current trends in finance, governance, economics as well as the operations of the Corporation

The Annual Report likewise states the trainings attended by each Appointive Director.

PDIC Website
http://www.pdic.gov.ph/?nid1=1&nid2=5

b.

Does the GOCC have a policy that encourages Directors/Commissioners to attend on-going or continuous professional education programmes?

PDIC Website
http://www.pdic.gov.ph/?nid1=1&nid2=5

c.

Did all appointive Directors attend at least 1 training for the calendar year?

Yes

PDIC Website: http://wwww.pdic.gov.ph/d_cgo_officer_s-1

http://www.pdic.gov.ph/?nid1=1&nid2=5

30.

Board Appraisal

a.

Is an annual performance assessment conducted of the Board of Directors?

The Board of Directors conducts an assessment of its performance as a functioning unit through a self-assessment process.

The process of appraisal develops an effective Board and enables directors' performance to be monitored and improvements to be made.

PDIC Website
http://www.pdic.gov.ph/?nid1=1&nid2=5

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?

All members of the Board Governance Committee, Board Audit Committee and Board Risk Management Committee answered a performance assessment form for each Board Committee to evaluate their performance, and identify strengths and areas of improvement. The duties and responsibilities of the Board Committees as stated in their respective Board Committee charters were the basis of the criteria used in the performance assessment form.

PDIC Website
http://www.pdic.gov.ph/?nid1=1&nid2=5

 

Stakeholder Relationships

1.

Does the GOCC practice Global Reporting Index (GRI) on its annual reports?

 Yes

2019 PDIC Annual Report is still being prepared and will be posted within 90 days from release of the audited financial report

 

Disclosure and Transparency

2.

Quality of Annual Report

a.

Are the audited financial report/statement released within 30 days upon the receipt from COA?

Yes.

Received from COA on August 28, 2020; date posted September 10, 2020

PDIC Website

http://www.pdic.gov.ph/d_transparencyseal_ti-10

 

Responsibilities of the Board

1.

Are there members of the Board of Directors who hold more than five positions in GOCCs and PLCs?

 No

 

2.

Is there non-compliance with Good Governance Conditions?

 No

 

PDIC is a government instrumentality created in
1963 by virtue of Republic Act 3591, as amended,
to insure the deposits of all banks. PDIC exists to
protect depositors by providing deposit insurance coverage for the depositing public and help promote financial stability
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