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Untitled Document
 
 

 

SSS CORPORATE GOVERNANCE SCORECARD
COMPLIANCE WITH CGS EVALUATION FOR CY 2017

Standard SSS Compliance/Link
1. GOCC Policy  
a. Existence and scope to address customer's welfare

Sec. 31 to 40, Manual of Corporate Governance, page 17-19

46 of 116, 2017 Annual Report

b. Elaborates efforts to interact with the communities

Sec. 32 (par. 4), Manual of Corporate Governance, page 18

Pages 14-16 of the 2017 Annual Report

c. Ensures that its value chain is environmentally friendly or is consistent with promoting sustainable development

Sec. 32 (par. 5), Manual of Corporate Governance, page 18

Pages 38 of the 2017 Annual Report

2. GOCC Activities to implement the abovementioned policies  
a. Customer health and safety Pages 36 - 39 of the 2017 Annual Report
b. Interaction with the communities Pages 36 - 37 of the 2017 Annual Report
c. Environmentally-friendly value chain Pages 38 - 39 of the 2017 Annual Report
3. Separate Corporate Social Responsibility (CSR) report/section or sustainability report/section Pages 36 - 39 of the 2017 Annual Report
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 Back cover of the 2017 Annual Report
5. Performance-enhancing mechanisms for employee participation
a. Mentions health, safety and welfare policy for  its employees Statement on Customers and Employees' Welfare
b. Publishes data relating to health, safety and welfare of its employees Statement on Customers and Employees' Welfare
c. Provides training and development programmes for its employees Page 47 of the 2017 Annual Report
d. Publishes training and development programmes for its employees

Statement on Customers and Employees' Welfare

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 SSS Whistleblowing Policy
b. Procedures to protect an employee/person who reveals illegal/ unethical behavior from retaliation SSS Whistleblowing Policy
7. Quality of Annual Report  
a. Corporate objectives Inside Front Cover of of the 2017 Annual Report
b. Financial performance indicators Page 5 of the 2017 Annual Report
c. Non-financial performance indicators Page 4 of the 2017 Annual Report
d. Details of whistle-blowing policy SSS 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 Pages 98 - 99 of the 2017 Annual Report
f. Training and/or continuing education programme attended by each director/commissioner Pages 97 of the 2017 Annual Report
8. Annual reports downloadable from the GOCC's website 2017 Annual Report
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

Page 46 of the 2017 Annual Report

2017 Full Compliance with the Code of Corporate Governance

10. Timely filing/release of annual/financial reports
a. Audited annual financial report/statement released within 60 days upon receipt from COA Date of Receipt from COA:
29 June 2018
Date of Release of Audited Financial Report:
27 July 2018
b. Annual report released within 90 days from release of audited financial report Date of Release of Audited Financial Report:
27 July 2018
Date of Release of Annual Report:
17 September 2018
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 Page 54 of the 2017 Annual Report
11. Corporate Vision and Mission/Strategy
a. Board of Directors reviewing the vision and mission/ strategy in the last financial year Page 53 of the 2017 Annual Report
b. Board of Directors monitoring/overseeing the implementation of the corporate strategy Page 53 of the 2017 Annual Report
12. Performance Evaluation System (PES)
a. GOCC achieving 90% in the PES SSS 2017 Performance Scorecard
13. Code of ethics or conduct
a. Details of the code of ethics or conduct

Code of Ethics

Revised Rules on Administrative Cases in the Civil Service

2017 Rules on Administrative Cases in the Civil Service

b. All Directors/Commissioners, senior management and employees are required to comply with the code

Code of Ethics
(particularly Secs. 4 & 6)

Revised Rules on Administrative Cases in Civil Service

2017 Rules on Administrative Cases in the Civil Service

c. Disclosure on how SSS  implements and monitors compliance with the code of ethics or conduct

Code of Ethics

Revised Rules on Administrative Cases in Civil Service

                Nomination Compensation/Remuneration Committee
14. Appointment of Nomination Compensation/ Remuneration Committee

Pages 11 to 12 of the Manual of Corporate Governance (Committee on Governance, Organization and Appointments)

Committees of the SS Commission and their Activities/Duties and Responsibilities
15. Nomination Compensation/Remuneration Committee meetings

2017 Attendance of SS Commission Members in SSC Board and Committee Meetings

16. Report of the Nomination Compensation/Remuneration Committee publicly disclosed Page 49 of the 2017 Annual Report
                Audit Committee
17. Appointment of  an Audit Committee

Pages 10 to 11 of the Manual of Corporate Governance

Committees of the SS Commission and their Activities/Duties and Responsibilities

18. Report of the Audit Committee publicly disclosed Page 47 of the 2017 Annual Report
19. At least one member of the Audit Committee has an audit, accounting or finance background (qualification or experience)

Chairman Amado D. Valdez
Comm. Anita Bumpus-Quitain - Committee Chairperson
Commissioner Diana Pardo Aguilar
Comm. Arthur L. Amansec
Comm. Jose Gabriel M. La Viña
Comm. Gonzalo T. Duque

20 Audit Committee meetings

2017 Attendance of SS Commission Members in SSC Board and Committee Meetings

                Risk Management Committee
21. Appointment of Risk Management Committee

Pages 12 to 13 of the Manual of Corporate Governance 

Committees of the SS Commission and their Activities/Duties and Responsibilities

22. Report on Risk Management Committee publicly disclosed Page 51 of the 2017 Annual Report
23. At least one member of the Risk Management Committee has a background in finance and investments

Chairman Amado D. Valdez
PCEO Emmanuel F. Dooc
Comm. Michael G. Regino - Committee Chairperson
Comm. Diana Pardo Aguilar
Comm. Jose Gabriel M. La Viña
Comm. Gonzalo T. Duque

24. Board meetings and attendance
a. Board of Directors meetings scheduled at the beginning of the year

Sec. 9, Manual of Corporate Governance, page 6.

2017 Board Meetings

b. Meetings of the Board of Directors

2017 Attendance of SS Commission Members in SSC Board and Committee Meetings

c. Board of Directors meet at least 75% on their scheduled meetings

2017 Attendance of SS Commission Members in SSC Board and Committee Meetings

2017 Board Meetings

d. Each of the directors/commissioners attended at least 90% of all the board meetings held during the year 2017 Attendance of SS Commission Members in SSC Board and Committee Meetings
e. Board of Directors meeting separately at least once during the year without the President/CEO present 2017 Attendance of SS Commission Members in SSC Board and Committee Meetings
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 Sec. 9, Manual of Corporate Governance, page 6.
b. Board Secretary Board Secretary Resume
26. Internal Audit  
a. Separate internal audit function

Definition of Internal Audit Service (IAS) in the SSS Manual of Corporate Governance, page 3.

SSS Organizational Structure

b. Appointment and removal of the internal auditor requires the approval of the Audit Committee 4.2.3 SSS Audit Charter, page 3
27. Risk Oversight  
a. Disclosure in the internal control procedures/risk management systems in place Page 85 of the 2017 Annual Report
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 Page 85 of the 2017 Annual Report
c. Disclosure how key risks are managed Page 85 of the 2017 Annual Report
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 Page 85-89 and 91 of the 2017 Annual Report
28. Board Chairman and CEO  
a. Do different persons assume the roles of Chairman and CEO?

Sec. 15, Manual of Corporate Governance, p. 8.

Page 98 of the 2017 Annual Report

29. Orientation Program and Continuous Professional Education Program
a. Orientation programs for new Directors Committees of the SS Commission and their Activities/Duties and Responsibilities
b. Policy that encourages Directors/Commissioners to attend on-going or continuous professional education programs Sec. 27, Manual of Corporate Governance, page 16
c. Appointive Directors attending at least 1 training for the calendar year Page 97 of the 2017 Annual Report
30. Board Appraisal  
a. Annual performance assessment conducted of the Board of Directors

Sec. 18, Manual of Corporate Governance, page 14.

Director Performance Review Dashboard

GCG Memorandum Circular No. 2014-03 re Performance Evaluation for Directors

GCG Memorandum Circular No. 2014-06

GCG Memorandum Circular No. 2015-06

Statement on the Annual Board Assessment

b. Disclosure on the process followed in conducting the Board assessment Statement on the Annual Board Assessment
c. Disclosure on the criteria used in the Board assessment Statement on the Annual Board Assessment
31. Committee Appraisal  
a. Annual performance assessment conducted of the Board of Directors Committees Sec. 17, SSS Manual of Corporate Governance, page 13.

(Board Assessment Criteria used in PED adopted)
BONUS
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? Yes.
Date of Receipt from COA:
29 June 2018
Date of Release of Audited Financial Report:
27 July 2018
Note: All other information on corporate governance can be linked to the items in the SSS Transparency Seal.