SSS CORPORATE GOVERNANCE SCORECARD
COMPLIANCE WITH CGS EVALUATION FOR CY 2024
1. | GOCC Policy | |
a. | Existence and scope to address customer’s welfare | |
b. | Elaborates efforts to interact with the communities | |
c. | Ensures that its value chain is environmentally friendly or is consistent with promoting sustainable development | |
2. | GOCC Activities to implement the abovementioned policies | |
a. | Customer health and safety | |
b. | Interaction with the communities | |
c. | Environmentally-friendly value chain | |
3. | Separate Corporate Social Responsibility (CSR) report/section or sustainability report/section | |
4. | 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 | |
5. | Performance-enhancing mechanisms for employee participation | |
a. | Mentions health, safety and welfare policy for its employees | |
b. | Publishes data relating to health, safety and welfare of its employees | |
c. | Provides training and development programmes for its employees | |
d. | Publishes training and development programmes 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. | Procedures for complaints by employees concerning illegal (including corruption) and unethical behavior | |
b. | Procedures to protect an employee/person who reveals illegal/ unethical behavior from retaliation | |
7. | Quality of Annual Report | |
a. | Corporate objectives | |
b. | Financial performance indicators | |
c. | Non-financial performance indicators | |
d. | Details of whistle-blowing 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 | |
9. | Annual Report contains a statement confirming the company’s full compliance with the code of corporate governance and where there is non-compliance, identifies and explains the reasons thereof | |
11. | Corporate Vision and Mission/Strategy | |
a. | Board of Directors reviewing the vision and mission/ strategy in the last financial year | |
b. | Board of Directors monitoring/overseeing the implementation of the corporate strategy | |
13. | Code of ethics or conduct | |
a. | Details of the code of ethics or conduct | |
b. | All Directors/Commissioners, senior management and employees are required to comply with the code | |
c. | Disclosure on how SSS implements and monitors compliance with the code of ethics or conduct | |
Nomination Compensation/Remuneration Committee | ||
14. | Appointment of Nomination Compensation/ Remuneration Committee | |
15. | Nomination Compensation/Remuneration Committee meetings | |
16. | Report of the Nomination Compensation/Remuneration Committee publicly disclosed | |
Audit Committee | ||
17. | Appointment of an Audit Committee | |
18. | Report of the Audit Committee publicly disclosed | |
19. | At least one member of the Audit Committee has an audit, accounting or finance background (qualification or experience) | |
20 | Audit Committee meetings | |
Risk Management Committee | ||
21. | Appointment of Risk Management Committee | |
22. | Report on Risk Management Committee publicly disclosed | |
23. | At least one member of the Risk Management Committee has a background in finance and investments | |
24. | Board meetings and attendance | |
a. | Board of Directors meetings scheduled at the beginning of the year | |
b. | Meetings of the Board of Directors | |
c. | Board of Directors meet at least 75% on their scheduled meetings | |
d. | Each of the directors/commissioners attended at least 90% of all the board meetings held during the year | |
e. | Board of Directors meeting separately at least once during the year without the President/CEO present | |
25. | Access to information | |
a. | 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. | Board Secretary | |
26. | Internal Audit | |
a. | Separate internal audit function | |
b. | Appointment and removal of the internal auditor requires the approval of the Audit Committee | |
27. | Risk Oversight | |
a. | Disclosure in the internal control procedures/risk management systems in place | |
b. | Annual Report disclosure 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 | |
c. | Disclosure how key risks are managed | |
d. | Annual Report containing 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 and CEO | |
a. | Do different persons assume the roles of Chairman and CEO? | |
29. | Orientation Program and Continuous Professional Education Program | |
a. | Orientation programs for new Directors | |
b. | Policy that encourages Directors/Commissioners to attend on-going or continuous professional education programs | |
c. | Appointive Directors attending at least 1 training for the calendar year | |
30. | Board Appraisal | |
a. | Annual performance assessment conducted of the Board of Directors | |
b. | Disclosure on the process followed in conducting the Board assessment | |
c. | Disclosure on the criteria used in the Board assessment | |
31. | Committee Appraisal | |
a. | Annual performance assessment conducted of the Board of Directors Committees |
8. | Annual reports downloadable from the GOCC’s website | BAC Certification |
10. | Timely filing/release of annual/financial reports | |
a. | Audited annual financial report/statement released within 60 days upon receipt from COA | |
b. | Annual report released within 90 days from release of audited financial report | |
c. | 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 | |
12. | Performance Evaluation System (PES) | |
a. | GOCC achieving 90% in the PES |
1. | Stakeholder Relationships | |
Does the GOCC practice Global Reporting Index (GRI) on its annual reports? | ||
2. | Disclosure and Transparency. Quality of the Annual Report. | |
Is the audited annual financial report/statement released within 30 days upon receipt from COA? |
Note: All other information on corporate governance can be linked to the items in the SSS Transparency Seal.