Untitled Document
 

 

SSS CORPORATE GOVERNANCE SCORECARD
COMPLIANCE WITH CGS EVALUATIONFOR CY 2019

Standard SSS Compliance/Link (See also Transparency Seal link in the SSS Website)
1. GOCC Policy

 

a. Existence and scope to address customer's welfare

Sec. 34, Manual of Corporate Governance, p. 20.

b. Elaborates efforts to interact with the communities

Sec. 32 (par. 4), Manual of Corporate Governance, p. 19.

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

Sec. 32 (par. 5), Manual of Corporate Governance, p. 20

2. GOCC Activities to implement the abovementioned policies  
a. Customer health and safety Statement on Customer's Welfare
b. Interaction with the communities Statement on Customer's Welfare
c. Environmentally-friendly value chain Environmentally-friendly value chain
3. Separate Corporate Social Responsibility (CSR) report/section or sustainability report/section SSS and Corporate Social Responsibility
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 Contact details
5. Performance-enhancing mechanisms for employee participation
a. Mentions health, safety and welfare policy for its employees Statement on Customer's Welfare
b. Publishes data relating to health, safety and welfare of its employees Statement on Customer's Welfare
c. Provides training and development programmes for its employees Statement on Customer's Welfare
d. Publishes training and development programmes for its employees

Statement on Customer's 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 The Annual Report is not yet available.
a. Corporate objectives SSS Facts and Figures as of December 2019
b. Financial performance indicators SSS Facts and Figures as of December 2019
c. Non-financial performance indicators SSS Facts and Figures as of December 2019
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

Comm. Anita Bumpus Quitain
Comm. Diana Pardo Aguilar
PCEO Aurora Cruz Ignacio
Chairperson Carlos G. Dominguez
Comm. Bai Norhata Mahatbar Alonto
Comm. Manuel L. Argel, Jr.
Comm. Michael G. Regino
Comm. Ricardo L. Moldez
Secretary Silvestre H. Bello, III

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

SSC Training in 2019

8. Annual reports downloadable from the GOCC's website The Annual Report is not yet available.
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

Final Statement of Full Compliance

The Annual Report to be released shall contain the write-up in the above link.

10. Timely filing/release of annual/financial reports
a. Audited annual financial report/statement released within 60 days upon receipt from COA 2019 Financial Statements (Received: Sept. 30, 2020; Posted Oct. 13, 2020)
b. Annual report released within 90 days from release of audited financial report

2019 Annual Report not yet available.
2019 Audited FS received Sept. 30, 2020

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

Statement of Management Responsibility

11. Corporate Vision and Mission/Strategy
a. Board of Directors reviewing the vision and mission/ strategy in the last financial year

SSS Mission - Vision and Corporate Strategy

b. Board of Directors monitoring/overseeing the implementation of the corporate strategy

SSS Mission - Vision and Corporate Strategy

12. Performance Evaluation System (PES)
a. GOCC achieving 90% in the PES GCG Letter dated 30 July 2020 addressed to SSS PCEO on its approval of the extension to submit the 2019 Interim PES Form
13. Code of ethics or conduct
a. Details of the code of ethics or conduct

Code of Ethics

Revised Rules on Administrative Cases in Civil Service

2017 Revised Rules on Administrative Cases in 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 Revised Rules on Administrative Cases in 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

2017 Revised Rules on Administrative Cases in Civil Service

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

Sec. 16(1), Manual of Corporate Governance, pp. 11 to 12
(Executive Committee)

Committees of the SSCommission and their Duties and Responsibilities

15. Nomination Compensation/Remuneration Committee meetings

2019 Attendance Record of Directors in Board and Committee Meetings

16. Report of the Nomination Compensation/Remuneration Committee publicly disclosed

2019 Accomplishment Report of the Executive Committee

Audit Committee
17. Appointment ofan Audit Committee

Sec. 16 (4), Manual of Corporate Governance, pp. 14 to 15

Committees of the SSCommission and their Activities, Duties and Responsibilities

18. Report of the Audit Committee publicly disclosed

2019 Accomplishment Report of the Audit Committee

19. At least one member of the Audit Committee has an audit, accounting or finance background (qualification or experience)

Comm. Anita Bumpus Quitain
Comm. Diana Pardo Aguilar
Comm. Ricardo L. Moldez

20 Audit Committee meetings 2019 Attendance Record of Directors in Board and Committee Meetings
Risk Management Committee
21. Appointment of Risk Management Committee

Sec. 16 (2), Manual of Corporate Governance, pp. 12 to 13 (Risk Management and Investments Committee)

Committees of the SSCommission and their Activities, Duties and Responsibilities

22. Report on Risk Management Committee publicly disclosed

2019 Accomplishments of the Risk Management and Investments Committee

23. At least one member of the Risk Management Committee has a background in finance and investments

Comm. Diana Pardo Aguilar
PCEO Aurora Cruz Ignacio
Comm. Michael G. Regino

24. Board meetings and attendance

 

a. Board of Directors meetings scheduled at the beginning of the year

Sec. 9, Manual of Corporate Governance, p. 7.

2019 Attendance Record of Directors in Board and Committee Meetings

Board of Directors Meeting scheduled at the beginning of the year

b. Meetings of the Board of Directors

2019 Attendance Record of Directors in Board and Committee Meetings

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

2019 Attendance Record of Directors in Board and Committee Meetings

d. Each of the directors/commissioners attended at least 90% of all the board meetings held during the year 2019 Attendance Record of Directors in Board and Committee Meetings
e. Board of Directors meeting separately at least once during the year without the President/CEO present

2019 Attendance Record of Directors in Board and Committee Meetings

Board of Directors Meeting scheduled 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 Sec. 9, Manual of Corporate Governance, p. 7.
b. Board Secretary

Sec. 15.3, Manual of Corporate Governance, pp. 9 to 10.

Board Secretary Resume
26. Internal Audit  
a. Separate internal audit function

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

Internal Audit Service

b. Appointment and removal of the internal auditor requires the approval of the Audit Committee

4.2.3 Audit Charter, p. 3.

27. Risk Oversight  
a. Disclosure in the internal control procedures/risk management systems in place

SSS Risk Oversight

SSS Internal Controls

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

SSS Risk Oversight

SSS Internal Controls

The Annual Report to be released shall contain the write-up in the above link.

c. Disclosure how key risks are managed SSS Risk Oversight
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

SSS Risk Oversight

SSS Internal Controls

28. Board Chairman and CEO  
a. Do different persons assume the roles of Chairman and CEO?

Sec. 15.2, Manual of Corporate Governance, p. 9.

29. Orientation Program and Continuous Professional Education Program
a. Orientation programs for new Directors

Orientation Programs for New Members

b. Policy that encourages Directors/Commissioners to attend on-going or continuous professional education programs

Sec. 27, Manual of Corporate Governance, pp. 17 to 18

(Approved under SSC Resolution No. 138 dated 24 February 2016)

Manual of Corporate Governance was adopted and approved by the Social Security Commission under Resolution No. 898 issued on 27 November 2013, as amended under Resolutions Nos. 597 dated 02 July 2014, 339 dated 29 April 2015, 138 dated 24 February 2016, 322 dated 18 May 2016, 387 dated 22 May 2017,128 dated 12 February 2019, 352 dated 22 May 2019, 353 dated 22 May 2019, and 254 dated 19 May 2020.

SSC Training in 2019

c. Appointive Directors attending at least 1 training for the calendar year SSC Training in 2019
30. Board Appraisal  
a. Annual performance assessment conducted of the Board of Directors

Sec. 18, Manual of Corporate Governance, p. 15.

Annual Board and Committee Assessment

b. Disclosure on the process followed in conducting the Board assessment Annual Board and Committee Assessment
c. Disclosure on the criteria used in the Board assessment Annual Board and Committee Assessment
31. Committee Appraisal  
a. Annual performance assessment conducted of the Board of Directors Committees Annual Board and Committee Assessment
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?  

 

Note: All other information on corporate governance can be linked to the items in the SSS Transparency Seal.