Manual on Corporate Governance 

(as of May 31, 2017) 

P  W 0 0 0 0  0  8  3 4

 

R  O  X  A  S    A  N  D    C  O M P  A N Y  ,  I  N C  .                  

(  F  O  R  M  E  R L  Y    C  A D P    G R O U P                     

C  O  R  P  O  R  A  T  I  O  N )                                      

                                                            

 

(Company’s Full Name) 

  

 

7  T  H    F  L  O  O  R    C  G   B  U I  L  D I  N G                   

1  0  1    A  G  U  I  R  R  E    S  T  R  E  E  T    L  E  G A  S  P  I          

V  I  L  L  A  G  E    M  A  K  A  T  I    C  I  T  Y                         

(Business Address: No. of Street City/Town/Province)  

ATTY. MONICA ISABELLE I. VILLANUEVA    810‐8901 

  _December__  _31__    Month                  Day               Calendar Year 

_______________________ Form Type 

                June        ______16_____              Month                  Day                           Annual Meeting 

      

 Secondary License Type, If Applicable 

 ______________________________          ____________________________  Department Requiring this Document           Amended Articles Number/Section  

                  Total Amount of Borrowings  ______________________________          _____________      ____________               Total No. of Stockholders                   Domestic             Foreign 

 

‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ TO BE ACCOMPLISHED BY SEC PERSONNEL CONCERNED 

 

                      ______________________________                        \                            File Number                             LCU    

                      ______________________________   

                   Document I.D.              Cashier   

  

     

Remarks = pls. Use black ink for scanning purposes 

  

S T A M P S  

3,345 

REVISED MMANUAL O

(As o

ON CORPO

of 31 May 2

RATE GOV

2017)

VERNANCEE

ARTICL The Bocorporaobjectiv 3.1.

3.2.

LE 3: BOAR

oard of Direation. Coroves, it shall

Compositi

3.1.1. Thestoconewith(3)

3.1.2. The

nondireprocstatthe

3.1.3. The

Divdive

Qualificati

3.2.1. In athe sho

3.2.

3.2.

3.2. 3.2. 3.2.

3.2.2. Themem

3.2. 3.2.

3.2.

RD GOVER

ectors (thellary to seprovide an

on of the B

e Board shackholders ee year and h the By-Lawindependen

e membersnexecutive dector or smcess. The nture that woBoard.

e Corporatiersity shaersity in ag

ons of Dire

addition to tCorporatio

ould possess

.1.1. Holdecorpo

.1.2. At lemana

.1.3. At lea

.1.4. Posse

.1.5. Assid

e Board mambership in

.2.1. Pract

.2.2. Membprofes

.2.3. Previo

P

RNANCE

“Board”) ietting the pindependen

Board

all be compentitled to vuntil their sws of the cont directors.

hip of the directors, wmall group nonexecutivould enable

ion encourall not be ge, ethnicit

ectors

the qualificaon Code ans the follow

er of at leaoration;

east a colaging the bu

ast twenty o

esses integ

uous.

ay likewise pn the Board:

ical underst

bership in ssional orga

ous busines

Page 3 of 25

is primarilypolicies fornt check on

osed of sevvote at the successors orporation.

Board mawhich includ

of directove directorsthem to eff

rages divelimited to

ty, culture,

ations for mnd other re

wing qualifica

ast one th

lege graduusiness to s

one (21) yea

rity and pro

provide for :

tanding of t

good stananizations;

ss experien

5

responsibr the accomn Manageme

ven (7) meannual meeare electedThe corpor

ay be a coe independ

ors can dos should pofectively pa

rsity in theo gender skills, com

membershiplevant lawsations:

ousand (1,

uate or hasubstitute fo

ars old;

obity; and

the followin

he business

nding in reand

nce.

le for the gmplishmentent.

mbers whoeting and sd and qualiration shall

ombination dent directoominate theossess suchrticipate in t

e compositdiversity b

mpetence a

p in the Bos, the mem

000) share

ave sufficier such form

ng addition

s of the cor

elevant indu

governancet of the co

o are electeshall hold oified in acchave at lea

of executors, in ordere decision

h qualificatiothe delibera

tion of thebut shall

and knowle

oard providembers of the

es of stock

ent experiemal educatio

al qualificat

rporation;

ustry, busi

e of the orporate

d by the office for ordance

ast three

tive and r that no -making ons and ations of

e Board. include

edge.

ed for in e Board

k of the

ence in on;

tions for

ness or

3.3.

Disqualific

3.3.1. Perperm

3.3.

3.3.

3.3.

3.3.

cation of D

rmanent Dismanent disq

.1.1.

.1.2.

.1.3.

.1.4.

P

irectors

squalificatioqualification

Any persocompetentinvolves thSecuritiesconduct asprincipal, dmerchant, arises out otrust compaany of them

Any personpermanentSecuritiescourt or adacting asprincipal dmerchant, cas directorinvestmentcontinuing mentioned violating th

The disquathe subjecadministratregistrationCorporationlaw adminiPilipinas (“BCommissioengage in aperson is cregulatorymembershiparticipant

Any personcompetent turpitude, fmisapproprother fraud

Any personof the Com

Page 4 of 25

n. The fon of a direct

on convictejudicial or e purchaseRegulation

s an underwdistributor, commodityof his fiducany, invest

m;

n who, by ly enjoinedand Excha

dministrativeunderwrite

istributor, mcommodity r or officer t house, or any conduin sub-pa

e laws that

alification shct of an ordtive body n, license n Code, Seistered by BSP”), or u

on or BSPany activity currently th

organizatioip, participaof the orga

n convictedadministra

fraud, embriation, forgulent acts;

n who has bmmission, co

5

ollowing stor:

ed by finaadministrat

e or sale of n Code; (bwriter, brokemutual fund

y trading aiary relationment house

reason of d by a finange Comm

e body of coer, broker, mutual fundtrading advof a bankinvestment

uct or pracragraphs (agovern sec

hall also apder of the denying, ror permit

ecurities Rthe Comm

under any ru, or has oinvolving se subject oon suspenation or asnization;

by final judative body obezzlement,gery, bribery

been adjudgourt, or com

shall be

al judgmenive body ofsecurities, ) arises ouer, dealer, id dealer, fudvisor or fnship with ae or as an

misconducal judgmen

mission (“Coompetent ju

dealer, ind dealer, fuvisor, or flook, quasi-bant company;

ctice in anya) and (b)

curities and

pply if such Commissio

revoking orissued to

egulation Cmission or Bule or regulotherwise becurities an

of an effectiding or ex

ssociation w

dgment or oof an offen theft, estay, false affi

ged by finampetent adm

grounds

nt or ordef any crimeas identifie

ut of the pnvestment utures comfloor brokera bank, quaaffiliated pe

ct, after heant or orderommission”)urisdiction fnvestment utures comor broker; (bnk, trust co (c) engagiy of the ca above or banking ac

person is con or any r suspendo him undCode or anBangko Seation issuebeen restrand banking;ive order oxpelling hiwith a mem

order by a nse involvinafa, counteirmation, pe

l judgment ministrative

for the

er by a that (a)

ed in the person’s adviser,

mmission r; or (c)

asi-bank, erson of

aring, is r of the ) or any from: (a) adviser,

mmission b) acting ompany, ng in or

apacities willfully

ctivities.

currently court or ing any der the ny other ntral ng d by the ained to or such

of a self-m from mber or

court or ng moral erfeiting, erjury or

or order body to

3.3.

3.3. 3.3.

3.3.

3.3.2. Temdisq

3.3.

3.3.

3.3.

3.3.

3.3.

A tesuc

.1.5.

.1.6.

.1.7.

.1.8.

mporary Disqualification

.2.1.

.2.2.

.2.3.

.2.4.

.2.5.

emporarily dh disqualifi

P

have willfuincluded oCorporationlaw adminisregulation o

Any persobecomes acorporation

Any

Any personcourt or eviolations omisconduct

Conviction imprisonmeCorporationof his elect

squalificationn of a directo

Refusal toSecuritiesRegulationsthe refusal

Absence inspecial metwelve (12)the absencserious accof the succ

Dismissal corporationin effect unthe cause t

If the benethe corporapercent of shall be lifte

If any of tpermanent

disqualifiedcation, take

Page 5 of 25

ully violatedor procuredn Code, Sestered by thor order;

on earlier an officer, n;

y person jud

n found guiequivalent or miscondut enumerate

by final jent for moren Code comion or appo

n. The Bor for any o

o comply wRegulations. The disqpersists;

n more thaeetings of th) month pece is due tocident. The

ceeding elec

or terminn covered bntil he has that gave ris

eficial equityation or itsf its subscred if the lim

the judgme disqualifica

director she the appr

5

d, or willfulld the violatecurities Rhe Commis

elected asemployee

dicially decla

lty by final jfinancial r

uct similar toed in sub-pa

udgment oe than six (mmitted witointment.

Board may of the follow

with the disCode and

qualification

an fifty (50he Board d

eriod duringo illness, dee disqualificaction;

ation for by this Code

cleared himse to his dis

y ownership subsidiarieribed capita

mit is later co

ents or ordation has no

hall, within ropriate act

ly aided, ation of anyegulation Csion of BSP

s independor consul

ared as inso

judgment oregulatory o any of thearagraphs (

of an offen(6) years, ohin five (5)

provide fing reasons

sclosure red its Implem shall be in

0) percent uring his inthe said in

ath in the imation shall

cause as e. The disqumself from asmissal or te

p of an indees and affilal stock. Tomplied with

ders cited iot yet becom

sixty (60) bion to rem

abetted, couy provisionCode or anP, or any of

dent directltant of th

olvent;

or order of aauthority o

e acts, viola(i) to (v) abo

nse punishor a violatioyears prior

for the tes:

equirementsmenting Run effect as

of all reguncumbencyncumbencymmediate fapply for p

s director ualification any involveermination;

ependent diliates exce

The disquah;

in the groume final.

business daedy or cor

unseled, n of the ny other f its rule,

tor who e same

a foreign of acts, ations or ove;

able by on of the r to date

mporary

s of the ules and

long as

ular and , or any

y, unless family or

purposes

of any shall be

ement in

rector in eds two lification

unds for

ays from rrect the

3.4.

disqdisq

Responsib

3.4.1. Gentermprofinteformprocmon

3.4.2. Dutthe conthe

3.4.

3.4.

3.4.

3.4.

3.4.

3.4.

qualificationqualification

bilities, Dut

neral Respom success fitability in a

erests of itmulate the ccedures thanitor Manag

ties and Funcorporatio

duct itself wfollowing d

.2.1.

.2.2.

.2.3.

.2.4.

.2.5.

.2.6.

P

n. If he failsn shall beco

ties and Fu

onsibility.of the cor

a manner cts stockhocorporationat shall guigement’s pe

nctions. n, its stockwith honestyuties and fu

Implement value and of sound coprofessionaofficers. AdManageme

Provide scorporationthat can suevaluate anstrategies, Manageme

Ensure thelaws, regul

Establish akeep the sthe corporFinancial Ooversight re

Identify thewhich it opformulate communica

Adopt a syregular revconducted reporting preview of tmaintain its

Page 6 of 25

s or refuseme perman

unctions of

It is therporation, aconsistent wolders and ’s vision, mide its activerformance.

To enskholders ay and integ

unctions:

a process fcontribute orporate stal, honestdopt an effent.

ound stratn on major ustain its lonnd monitor including th

ent’s overall

e corporatioations and

and maintaistockholdersration. If feOfficer (“Cesponsibility

e corporatiperates or aa clear po

ation with th

ystem of cview of theto ensure

processes athe corporas adequacy

5

es to do sonent.

f the Board

e Board’s reand to suswith its corp

other stamission, stravities, inclu.

sure a high nd other srity in the p

for the seleindependenrategies ant and higfective succ

tegic policcapital exp

ng-term viabthe implem

he businessl performan

n’s faithful best busine

in an invess informed

easible, theCFO”) or h

y over this p

on’s stakeare directly olicy of achem.

check and e effectiven

the integritat all timesation’s intern

and effecti

o for unjus

d

esponsibilitystain its coporate objeckeholders. ategic objecding the m

standard ostakeholdersperformance

ction of dirent judgmentd policies. ghly-motivacession pla

cies and genditures. Ebility and str

mentation ofs plans, opece.

complianceess practice

tor relationsof importancorporatio

his equivaleprogram.

holders in affected byccurate, tim

balance wess of sucy of the de. There shanal control veness.

stified reaso

y to foster tompetitivenectives and t

The Boarctives, polic

means to ef

of best pras, the Boae of, among

ectors who t to the formAppoint co

ated manaanning prog

guidelines Establish prength. Perf such polic

erating budg

e with all apes.

s program nt developmon’s CEO oent shall e

the commy its operatimely and e

within the Bch system secision-makall be a cosystem in

ons, the

he long-ess and the best rd shall cies and ffectively

ctice for ard shall g others,

can add mulation mpetent

agement gram for

to the rograms riodically cies and gets and

pplicable

that will ments in or Chief exercise

munity in ons and effective

Board. A shall be king and ontinuing order to

3.4.

3.4.

3.4.

3.4.

3.4.

3.4.

3.4.

3.4.

3.4.

3.4.3. Inteits i

.2.7.

.2.8.

.2.9.

.2.10.

.2.11.

.2.12.

.2.13.

.2.14.

.2.15.

ernal Contronternal con

P

Identify keythese factoanticipate aand financi

Formulate ensure thtransactionparent comaffiliates, mtheir spousand of inteBoard.

Constitute committeesperformanc

Establish ain the codifferencesthe corporauthorities.

Meet at suminutes ofviews durindue consid

Keep the authority unaccordance

Appoint a least vice p

Adopt a Cwould probehavior, unacceptaexternal disseminaemployeesavailable t

Ensure thmonitoringConduct a

ol Responsibtrol environ

Page 7 of 25

y risk areasors with duand preparal viability.

and impleme integrity

ns betweenmpany, jo

major stockses, childreerlocking d

an Audits it deemsce of its dut

and maintainorporation s between tration and .

uch times such meet

ng Board meration.

activities ander the arte with existi

Compliancepresident.

Code of Bovide stan

as welable cond

dealings. ated to ths. It shoto the publ

he properg of com

and Ethics

ibilities. nment by ob

5

s and perfore diligencere for poss

ment policiey and trann and amoint ventureholders, off

en and depirector rela

and Risk s necessaryies and res

n an alternathat can the corpora

third part

or frequenings shall b

meetings sh

and decisioticles of incoing laws, ru

e Officer w

Business Cndards forll as aruct and

The Cohe Board, uld also ic through

r and effipliance wand interna

The Boardbserving the

rmance indi to enable ible threats

es and procnsparency ong the coes, subsidificers and d

pendent sibtionships b

Committeey to assist ponsibilities

ative disputeamicably stion and itsies, includi

ncy as maybe duly recohall be enco

ons of theorporation ales and reg

who shall ha

Conduct ar professirticulate practices

ode shousenior m

be disclothe compa

icient impith the Coal policies.

d shall conte following m

icators and the corpor

s to its ope

cedures thaof related

orporation iaries, assdirectors, in

blings and by members

e and sucthe Board

s.

e resolutionsettle confs stockholdeing the re

y be needeorded. Indeouraged an

e Board wand by-laws

gulations.

ave the ra

nd Ethics,onal and acceptablein intern

uld be pmanagemeosed andany websit

plementatioode of Bu.

tinue and emeasures:

monitor ration to erational

at would d party and its

sociates, ncluding parents, s of the

ch other d in the

n system flicts or ers, and

egulatory

ed. The pendent

nd given

within its s, and in

nk of at

, which ethical

e and nal and properly ent and d made e.

on and usiness

enhance

3.5.

3.4.

3.4.

3.4.

Specific D 3.5.1. A d

besaccinte

3.5.2. A d 3.5.

.3.1.

.3.2.

.3.3.

uties and R

director’s ofst interest oountability

egrity in dire

irector shal

.2.1.

P

Adoption mechanismresponsibil

i. Defwhoorga

ii. SeleinteCEO

iii. Evaapp

iv. Seleman

v. Revconemp

Formulationeffective orthe followinand the btransactionand deleginformation

Establishmassure theCorporationfaithfully coAuditor to report to aaudit activitguided by tof Internal A

Responsib

ffice is oneof the corpoand fairnescting the co

l observe th

Conduct faensure thainterests of

Page 8 of 25

and improms for the ity including

finition of tho is ultimaanizational ection of t

egrity and O; aluation opointments;ection and nagement oview of thenflict of interployees, an

n, implemerganizationang factors:

business cuns; degree oation of a

n technology

ment of an ine Board, Mn’s key orgomplied witperform the

a level in tty to fulfill itthe InternatAuditing.

ilities of a

e of trust anoration in ass. He shallorporation to

he following

air businessat his persof the corpor

5

ovement operforman

g, but not lim

he duties anately accouand operatthe personexpertise e

of propo

appointmeofficers; ande corporatiorest situationd managem

entation andal and opernature and

ulture; voluof risks invoauthority; ey; and exten

nternal audManagemenganizationalth. The Boe audit functhe organizts mandatetional Stand

Director

nd confidena manner chl also exercowards sus

norms of c

s transactioonal intereration.

f minimumce of the

mited to, the

nd responsuntable for ional contro

who possessential fo

sed seni

nt of qualifd on’s human ns, compen

ment succes

d enhancemrational cond complexi

ume, size aolved; degrextent andnt of regulat

it system thnt and stoc and operaoard shall action, and mation that a. The Intern

dards on Pr

ce. A direcharacterizedcise leaderstained prog

conduct:

ons with thst does no

m internal Board’s o

e following:

ibilities of tr the corpools; sesses theor the pos

ior mana

fied and co

resource nsation progssion plan.

ment of sysntrols depenty of the band complee of centrad effectivetory compli

hat can reackholders tational contappoint an may requireallows the nal Auditor rofessional

ctor shall acd by transpship, prudegress.

he corporatiot conflict w

control oversight

he CEO oration’s

e ability, sition of

agement

mpetent

policies, gram for

stems of nding on business exity of alization ness of ance.

asonably that the trols are Internal

e him to internal shall be Practice

ct in the parency, nce and

ion, and with the

3.5.

3.5.

3.5.

3.5.

.2.2.

.2.3.

.2.4.

.2.5.

P

The basic use his poshimself andthat may cconflict of ifully and imdecision-mmaterial cofrom his po

A conflict director’s pthe corporadvantage

Devote theeffectively p

A director sthe corporaand knowlehim to meaattend andmeetings, questions o

Act judiciou

Before decdirector shmake inqui

Exercise in

A director sdisagreemeevaluate anan unpopuideas that h

Have a wrequiremenincorporatioCommissiorelevant reg

A director sand businecompetitive

Page 9 of 25

principle tosition to prod/or his rel

compromiseinterest ma

mmediately aking proc

onflict of inosition.

of interespersonal or ration, or at the expe

e time andperform his

shall devoteation’s busedgeable waningfully cd actively review me

or seek exp

usly.

ciding on aall carefullyries and req

ndependent

shall view eent with otnd explain h

ular positionhe thinks ar

working knonts that affeon and by

on and, wgulatory ag

shall also kess trends eness.

5

o be observofit or gain sated intere

e his imparty arise on tdisclose it a

cess. A dirterest shal

st shall bebusiness instands to

ense of the

d attentions duties and

e sufficient tsiness. He

with the corpcontribute t

participateeeting mateplanation.

any matter y evaluate quest clarifi

judgment.

each problether directohis positionn. Corollarilyre beneficia

wledge of ect the corpoy-laws, the where appligencies.

keep abreasin order t

ved is that asome benefsts. He shatiality. If an the part of and shall norector who l seriously

e considereterest is an

o acquire corporation

necessaryd responsibil

time to famshall be co

poration’s opo the Boare in Boarderials and,

brought bethe issues cation.

em or situators arises, . He shall ny, he shall l to the corp

the statutooration, inclrules and icable, the

st with induto promote

a director sfit or advanall avoid siactual or pa director, ot participa

has a coconsider re

ed materiantagonistic t

or gain fn.

y to propeilities.

miliarize himonstantly aperations tord’s work. Hrd and co

if called

efore the Band, if nec

tion objectivhe shall c

not be afraidsupport pla

poration.

ory and reluding its arregulations

e requirem

ustry develoe the corpo

shall not ntage for ituations potential he shall te in the

ontinuing esigning

l if the o that of financial

erly and

self with aware of o enable He shall

ommittee for, ask

Board, a cessary,

vely. If a carefully d to take ans and

egulatory rticles of s of the

ments of

opments oration’s

3.6.

3.7.

governa

3.5.

Board Mee

3.6.1. Thepersand

3.6.2. Inde

provrequpres

Board Com

The Boardance:

3.7.1. Aud

Theexefinachacom

3.7.

3.7.

3.7.

3.7.

.2.6.

etings and

e members son or thro

d regulations

ependent dvided in tuirement. Hsence of at

mmittees

shall main

dit and Ris

e Audit andecutive direance backgrair of the Aummittee sha

.1.1.

.1.2.

.1.3.

.1.4.

P

Observe co

A director informationas directorunauthorize

Quorum R

of the Boaough telecos of the Com

irectors shathe by-law

However, thleast one in

ntain the fo

k Committ

d Risk Coectors, whorounds, majudit and Risll have the f

Assist theresponsibilinternal cowith applica

Provide ovcredit, markcorporationManagememanageme

Review theensure thagoals and s

Perform ovexternal auauditors acauditors areand personfunctions;

Page 10 of 2

onfidentiality

shall keepn he may ar. He shaled persons

Requiremen

ard shall atnferencing mmission.

all always aws, their ahe Board mndependent

ollowing co

ee.

mmittee sho shall prejority of wsk Committefollowing fu

e Board iity for the ntrol, auditable laws, r

versight oveket, liquidity

n. This funent of infoent activities

e risk manat the relevastrategies o

versight funuditors. It shct indepene given unrnnel to enab

25

y.

p secure acquire or lel not reveawithout the

nt

ttend its regconducted

attend Boarabsence shay, to promt director in

ommittees t

hall consisteferably hahom shall bee shall be

unctions:

in the pefinancial rprocess, a

rules and re

er Managemy, operationction shall

ormation os;

nagement ant activitieof the Comp

ctions over hall ensure dently from

restricted acble them to

nd confidenearn by reaal confidene authority o

gular and sin accorda

rd meetingshall not a

mote transpaall its meet

o assist it

t of at leaave accounbe indepen

an indepen

erformance reporting pand monitoegulations;

ment’s actinal, legal an

include reon risk ex

infrastructus are align

pany;

the corporathat the in

m each othccess to all perform th

ntial all noason of his ntial informof the Board

special meeance with th

s. Unless otaffect the arency, reqtings.

in good co

ast three (3nting, auditndent directondent direc

of its oprocess, syring of com

ivities in mnd other riskegular recexposures a

ure and cuned with the

ration’s inteternal and her and threcords, preir respecti

on-public position ation to

d.

etings in he rules

therwise quorum

quire the

orporate

3) non-t and/or ors. The

ctor. The

oversight stem of

mpliance

anaging ks of the ipt from

and risk

ulture to e overall

rnal and external

hat both roperties ve audit

3.7.

3.7.

3.7.

3.7.

3.7.

3.7.

3.7.

3.7.

3.7.

.1.5.

.1.6.

.1.7.

.1.8.

.1.9. audito

.1.10.

.1.11.

.1.12.

.1.13.

P

Review thewith the obthe audit scit;

Prior to thexternal auand ensureinvolved in duplication

Organize appointmenand conditi

Monitor ancorporationreporting co

Review theors;

Review thebefore theithe followin

i. Anyii. Majiii. Signiv. Goiv. Comvi. Com

requ

Coordinateand regulat

Evaluate aexternal aupaid to thethe total acorporationshall disallduties as independendisclosed in

Establish ato enable hHe shall fCommittee

Page 11 of 2

e annual intbjectives ofcope, resou

he commenuditor the ne proper cothe activity of efforts;

an internant of an indons of its e

nd evaluaten’s internaontrol and i

e reports s

e quarterly, ir submissiong matters:

y change/s jor judgmennificant adjung concern

mpliance wimpliance uirements.

e, monitor ations;

and determuditor, ande external aannual incon’s overall low any noan externance. The n the corpo

and identify him to propfunctionally

e.

25

ternal auditf the corpources and b

ncement ofature, scop

oordination y to secure p

l audit dedependent ngagement

the adequal control nformation

submitted

half-year anon to the B

in accountinntal areas ustments re

n assumptioith accounti

with tax

and facilitate

mine the no review pe

auditor in reome of the

consultancon-audit woal auditor o

non-audit ration’s ann

the reportiperly fulfill h

report dir

t plan to enration. Theudget nece

f the audit,pe and expeif more thaproper cove

epartment, internal audt and remov

uacy and esystem, itechnology

by the inte

nd annual fiBoard, with

ng policies a

esulting fromns ng standard

x, legal

e complian

on-audit woeriodically telation to th

external acy expenseork that wior may pos

work, if nual report.

ng line of this duties arectly to th

nsure its coe plan shallessary to im

, discuss wenses of th

an one auderage and m

and considitor and thval;

effectivenesincluding f

y security;

ernal and

inancial staparticular f

and practic

m the audit

ds and re

ce with law

ork, if anythe non-auheir significauditor andes. The coill conflict wse a threaallowed, s

the Internaland responshe Audit a

onformity include plement

with the he audit, it firm is minimize

der the he terms

s of the financial

external

atements focus on

es

egulatory

ws, rules

, of the udit fees cance to d to the ommittee with his

at to his shall be

Auditor sibilities. nd Risk

3.7.

3.7.2. Nom

Theat ldire

3.7.

3.7.

3.7.

3.7.

3.7.

3.7.

3.7.

.1.14.

mination, E

e Nominatioeast three

ector. The co

.2.1.

.2.2.

.2.3.

.2.4.

.2.5.

.2.6.

.2.7.

P

The Audit performancfree from in

Election an

on, Election (3) voting

ommittee sh

It shall reviall personsthat require

It shall assprocedures

It shall conthe capabil

i. Thehe i

ii. Ageiii. Num

officiv. Pos

Any optimucapacity of The CEOthemselvescorporate independenexecutives directors to

Develop ancorporate Board;

Review andevelopme

Review andcompliance

Develop, complianceof the Com

Page 12 of 2

and Riskce of the wnterference

d Governa

and GoverDirectors,

hall have th

iew and evs nominatee Board app

sess the effes in the elec

sider the foity of a dire

e nature of is a directore of the dirember of cers in othessible confli

um numberf a director t

O and oths to a low

boards. Tnt, non-exein other co

o serve dilig

nd review tgovernance

d monitor tent of directo

d monitor te with legal

review ane manual a

mpany;

25

k Committework of the

by outside

ance Comm

rnance Comone of wh

he following

valuate the d to the Bproval.

ectiveness ction or repl

ollowing guidector to serv

the businesr; ector; directorship

er corporatioct of interes

r of directoto perform h

her executindicative

The sameecutive direorporationsently shall n

the Compane and ma

the trainingors and sen

the Companand regulat

nd monitorpplicable to

ee shall enInternal A

parties.

mittee.

mmittee shaom must bfunctions:

qualificationoard and o

of the Boaracement of

delines in thve as such:

ss of the co

ps/active mons or organst.

rships shalhis duties di

tive directlimit on me

low limiectors who . In any canot be comp

ny’s policieske recomm

g and continnior manage

ny’s policietory require

the codeo the directo

nsure that,Auditor, he

all be compbe an inde

ns of, and sother appoi

rd’s procesf directors.

he determin

orporation o

membershipnizations; a

ll be relatediligently in g

tors shall embership it shall a

serve as ase, the cappromised.

s and pracmendations

nuous profeement;

es and pracements;

e of condors and em

in the shall be

posed of pendent

shortlist, ntments

ses and

nation of

of which

ps and and

d to the general.

submit in other pply to full-time

pacity of

ctices on to the

essional

ctices on

duct or mployees

3.7.

3.7.

3.7.3. Exe

The(3) com 3.7.

3.7.

3.7.

3.7. 3.7.

3.7.

.2.8.

.2.9.

ecutive Com

e Executive voting Dire

mmittee sha

.3.1.

.3.2.

.3.3.

.3.4.

.3.5.

.3.6.

P

Review theCorporate Corporate G

The findingand Goverfor approvain issue sconsiders h

mpensation

Compensaectors, onell have the f

It shall esdevelopingthe remuneand provmanagemecompensatstrategy an

Designate sufficient leare needeapproval of

Develop a pre-employamong othpenalty of shareholdinperformanc

Disallow an

Provide in Commissioconcise ancompensatdirectors apreceding f

Review ofPersonnelinterest, saadvancemeconcerned periodically

Page 13 of 2

e CompanyGovernanc

Governance

gs and recornance Comal; Providedshall not hahis case.

n Committ

ation Comme of whom following fu

stablish a a policy oeration pacvide oversent and othtion is connd control e

the amounevel to attraed to runf the Board

form on Fuyment requhers, shall cf perjury angs that mce of the du

ny director t

the Corporon, informad understantion that mand top foufiscal year;

f existing Handbook

alaries andent direct

with all sty in their res

25

y’s compliance and dise Report.

mmendatiommittee shad that a direave the rig

ee.

mittee shall must be a

unctions:

formal anon executivekages of cosight overher key pensistent witnvironment

nt of remunact and retathe compaof Directors

ull Businessirements focompel all

all their exmay directlyuties once h

to decide hi

ration’s annation and ndable disc

may be paidur (4) man

Human to strengtbenefits p

ives andtatutory reqspective pos

nce with thesclosure re

ns of the Nall be submector whoseght to vote

be composean indepen

d transpare remuneraorporate offr remunerersonnel toth the Cor;

neration, wain directorany success;

s Interest Dior all incom

officers to xisting bus

or indirecired;

s or her ow

nual reportsproxy sta

closure of ald, directly onagement o

Resources hen provisolicies, pro

compliancquirements sts.

e Revised equirements

omination, mitted to thee qualificat

e when the

ed of at leandent direct

rent procedation and foficers and dration of

o ensure thrporation’s

which shall rs and officssfully, su

isclosure asing officersdeclare un

siness interctly conflict

wn remunera

s prescribedatements all fixed and or indirectlyofficers du

Developmions on co

omotion andce of pethat must

Code of s in the

Election e Board ions are e Board

ast three tor. The

dure for or fixing directors

senior hat their

culture,

be in a ers who bject to

s part of s, which, nder the rests or in their

ation;

d by the a clear, variable y, to its ring the

ment or onflict of d career ersonnel be met

3.7.4. Rel

The Relatmemof t

3.7.

3.7.

3.7.

lated Party

ed Party Tmbers, twohe Related

.4.1

.4.2

.4.3

P

y Transac

Transactioo (2) of whid Party Tran

Evaluates and amonall relatedmonitoredcounterpaare capturelationshthe Board

Evaluates undertakecommissiorequiremetransactiocircumstanresources misappliedrisk issueswith the trtakes into (1) The reinterest in (2) The maproposed (3) The ben(4)The avproducts o(5) An assterms andgenerally circumstanprice discdiligence i

Ensures tinformatioauthoritiespolicies ointerest. Tapproach are inconcould aristransactio

Page 14 of 2

ction Com

on Commitich shall bensaction C

on an ongg business

d parties ad, and subsarties (fromured. Relaips shouldand regula

all materin on more ons, inter

ent) to sns with nces and of the d, and to s that mayransactionaccount, a

elated part the transaaterial factaggregate nefits to thvailability or servicessessment

d conditionavailable nces. Thecovery syin determin

that approon is provs relating t

on conflictsThe disclos

to managsistent wi

se as a rens with oth

25

mittee

ttee shall e independ

Committee a

going basisses and co

are continusequent ch

m non-relateted partie

d be reflectators/supe

al RPTs tofavorable

rest ratessuch relat

nonrelated that no

companydetermine

y arise as s. In evalu

among othety’s relatioaction; ts of the pvalue of s

he corporatof other

s; and of whethe

ns that areto an unr companyystem in ning a fair p

opriate divided to rto the coms of intere

sure shoulding materith such pesult of thher related

be compodent directoare as follo

s existing rounterpartiuously idehanges in red to relatees, RPTs ed in the rrvisors;

o ensure theconomic

s, fees, ted partie

ed partieso corpora

are mise any potea result of

uating RPTers, the folnship to t

roposed Ruch transation of the

sources

er the prope compararelated pay should h

place anprice for R

sclosure regulating pany’s RP

est or poted include inal conflict

policies, ahe companparties;

osed of thors. The fuows:

relations bies to ensu

entified, RPrelationshied and viceand chan

relevant rep

hat these terms (e.gtenor, co

es than s under ate or busappropriaential repuf or in conTs, the Comllowing: the compa

RPT, includaction; proposed

of com

posed RPTable to therty under have an end exercis

RPTs;

is made, and supe

PT exposurential confnformationts of intereand conflicny’s affilia

hree (3) nctions

between ure that PTs are ps with e versa) nges in ports to

are not g., price, ollateral

similar similar

usiness ated or tational nection

mmittee

any and

ding the

RPT; parable

T is on e terms

similar effective se due

and/or ervising res, and flicts of n on the est that cts that ation or

3.8.

3.7.

3.7.

3.7.

3.7.5. Eac

amoquaof msuc

3.7.6. TheBoabeeCom

The Chairm

3.8.1. Theincl 3.8.

3.8.

3.8.

3.8.2. Thesepanddelitheipropthe

.4.4

.4.5

.4.6

ch Commitong othe

alifications meetings, ach Committ

e respectivard and shen approvmmittee s

man of the

e duties anude, among

.1.1.

.1.2.

.1.3.

e roles of parate to fosd better capneation of fr election. per checks benefit of in

P

Reports tostatus andwell as the

Ensures twrite-off independe

Oversees tmonitoringincluding procedure

ttee shall er matters

and disquand procedtee.

ve Charterhall not beed by the

shall be pu

Board

nd responsg others, the

Ensure thawith the by-

Supervise coordinatioconsiderati(“CEO”), M

Maintain qinformation the Chairmster an apppacity for infunctions shIf the posand balanc

ndependent

Page 15 of 2

o the Board aggregate total amo

hat transaof expos

ent review o

the implemg, measuri

a periodes.

have a Chs, its puualificationsdures for e

rs of the Ce amendede Board. ublished in

ibilities of e following:

at the meeti-laws or as

the preparon with thon the sug

Management

qualitative an between th

man and Cpropriate bandependenthall be madsitions of thces shall bet views and

25

rd of Directte exposurount of exp

actions witsures areor audit pr

mentation oing, controdic review

harter whicurposes, s, duties aescalation

Committeesd unless su The appn the Corp

the Chairm

ngs of the he may de

ration of thhe Corporggestions ot and the di

and timely he Board an

CEO shall, alance or pot decision-mde between he Chairmae laid down perspectiv

tors on a res to eachosures to a

h related e subject ocess; and

of the systeolling, andw of RP

ch shall decompositio

and responto the Boa

s shall be uch amendproved Chporation’s

man in rela

Board are hem necessa

he agenda rate Secreof the Chiefrectors; and

lines of cnd Manage

as much ower, increamaking by t

the Chairman and CE

to ensure tes.

regular bah related pall related

parties, into a p

d

em for idend reportingPT policie

efine and on, memnsibilities, card of decis

approveddment shaharters o

s website.

ation to the

held in accary;

of the meetary, takinf Executived

communicatment.

as practicaased accouthe Board.

man and CEEO are unifthat the Boa

sis, the arty, as parties;

cluding periodic

ntifying, g RPTs, es and

govern, bership conduct sions of

by the all have of each

e Board

ordance

eeting in ng into e Officer

tion and

able, be untability

A clear EO upon fied, the ard gets

3.9.

3.10.

The Corpo

The CorpoPhilippinesresponsibil

3.9.1. Be minoffic

3.9.2. Be l

3.9.3. Worothe

3.9.4. Hav

3.9.5. If helawsresp

3.9.6. Hav

3.9.7. Infoageaccmat

3.9.8. Attedeaso;

3.9.9. Ensby t

3.9.10. If he

of the

3.9.11. Subswomeesep

The Comp

To ensure appoint a CHe shall pe 3.10.1.

orate Secre

orate Secre, is an oities:

responsibleutes of the cial records

loyal to the

rk fairly ander stakehold

ve appropria

e is not at ts, rules andponsibilities

ve a working

orm the meenda of theurate informtters that re

end all Boaath in the im

sure that althe member

e is also the

said officer

bmit to the orn certificaetings. The

parate filing.

pliance Offi

adherence Complianceerform the fo

Monitorand reg

P

etary

etary, who sofficer of

e for the sameetings oof the corp

mission, vis

d objectivelyders;

ate adminis

the same tid regulation

s;

g knowledg

embers of tir meetings

mation that quire their a

rd meetingmmediate fa

l Board prors; and

e Complian

r as provide

Commissioation aboucertification

cer

to the corp Officer whollowing dut

r compliancgulations of

Page 16 of 2

should be the corpo

afekeeping of the Boardporation;

sion and ob

y with the B

strative and

me the corns necessa

ge of the ope

the Board, s and ensuwill enable

approval;

s, except wamily and se

ocedures, ru

nce Officer,

ed for in this

on, on or beut the diren may be s

porate princo shall repoties:

ce by the coregulatory

25

a Filipino oration. He

and presed and its co

bjectives of

Board, Mana

interperson

poration’s lary in the p

erations of t

in accordaure that the

them to ar

when justifiaerious accid

ules and re

perform all

s Manual.

efore Januaectors’ recoubmitted th

ciples and bort directly

orporation wagencies a

citizen ande shall ha

ervation of tmmittees, a

the corpora

agement an

nal skills;

egal counsperformance

the corpora

ance with te members rrive at intel

able causesdents, preve

egulations a

the duties a

ary 30 of thord of atterough SEC

best practiceto the Chai

with this Mand, if any v

d a residenave the f

the integrityas well as t

ation;

nd stockhold

el, be aware of his dut

ation;

the by-lawshave befo

lligent decis

s, such as,vent him fro

are strictly f

and respon

he followingendance inC Form 17-C

ces, the Boairman of the

anual and tviolations ar

nt of the following

y of the he other

ders and

re of the ties and

s, of the re them sions on

, illness, m doing

followed

nsibilities

year, a n Board C or in a

ard shall e Board.

he rules e found,

ARTICL To enaManagematters Relianccircumsenable given in The infoBoard, The meresponsexpens ARTICL 5.1.

5.2.

3.10.2.

3.10.3.

LE 4: ADE

able the meement shals to be taken

ce on infostances andhim to prop

ndependent

ormation mdisclosures

embers eitsibilities, she.

LE 5: ACC

The Board balanced aand prospeadversely a

Thus, it is eand timely to the stock

Managemethe rules awith the fol

5.2.1. The

the pert

report appropradoptio

Appearcomplia

Issue acorporathere ar

EQUATE A

embers of l provide thn in their me

rmation vod further inperly perfort access to

may include s, budgets, f

her individuhall have ac

COUNTAB

is primarilyand comprehects on a qaffect its bus

essential thainformation

kholders.

ent shall, unand procedulowing guid

e extent of itcorporation

tain to the e

P

the matter riate discip

on of measu

r before thance with th

certificationation’s compre any devia

AND TIMELY

the Board hem with coeetings.

olunteered nquiries maym his dutieManageme

the backgrforecasts an

ually or asccess to in

ILITY AND

y accountabhensible asquarterly basiness, as w

at Managemn that would

nder the supures on finelines:

ts responsibn, with the cexternal aud

Page 17 of 2

to the Boplinary actioures to prev

he Commishis Code; an

n every Janpliance withations, expl

Y INFORM

to properlomplete, ad

by Managy have to s and respo

ent and the C

round or exnd internal f

s a Board, dependent

AUDIT

ble to the sssessment oasis includiwell as repo

ment providd enable the

pervision of ancial repo

bility in the correspondditor, shall b

25

oard and reon on the ent a repeti

ssion whend

nuary 30th oh this Code lain the reas

ATION

y fulfill thedequate and

gement wobe made bonsibilities. Corporate S

xplanation ofinancial do

and in furprofession

stockholdersof the corpoing interim orts to regul

de all membe Board to c

f the Audit aorting and i

preparationing delineat

be clearly ex

ecommend responsibl

ition of the v

n summon

of the year ofor the com

son for such

ir duties ad timely info

ould not beby a memb

Hence, theSecretary.

on matters ocuments.

rtherance oal advice a

s. It shall poration’s per

and other ators that a

ers of the Bcomply with

and Risk Conternal con

n of the fination of the rxplained;

the impose parties aviolation;

ned in rela

on the extempleted yeah deviation

nd responsormation ab

e sufficienber of the Be members

brought be

of their dutat the corpo

provide themrformance, reports tha

are required

Board with ah its respon

ommittee, fontrol in acc

ancial statemresponsibili

sition of and the

ation to

nt of the ar and, if .

sibilities, bout the

t in all Board to shall be

efore the

ties and oration’s

m with a position at could

d by law.

accurate nsibilities

ormulate ordance

ments of ties that

5.3.

5.2.2. An finaof a

5.2.3. On

covconsystinfoand

5.2.4. Therequ

External A

5.3.1. TherecoComshastatappshoBoa

5.3.2. Theserv

5.3.3. Non

conhis auddeabe guidimp

5.3.4. The

earlcorp

5.3.5. If th

the the discaccwhicprelextethe and

effective sancial reportall stockhold

the basis oer, at the mtrols that cotems, inclu

ormation, efd complianc

e corporatiuirements o

Auditor.

e Board, afommend tommission wall provide atements shpointment, ould be reard and rat

e external vices to the

n-audit worflict with hisindepende

dit servicesal with the

alert for delines or

pairing the

e external alier, or the poration, sh

he external reason/s focorporatio

cussion of ounting prich the formliminary copernal auditoreasons fo

d the public

P

ystem of ints and proteders and oth

of the apprminimum, thover the co

uding the reffectivenesse with contr

on shall cof the Comm

fter consulto the stockhwho shall unan objectivehall be pre

reappointmecommendetified by the

auditor shacorporation

k may be gs duties as nce. The s performepotential cany potenpolicies oexternal au

auditor shasigning pa

hall be chan

auditor resior and the dn’s annual any disag

nciples or pmer auditor a

py of the sor before itsor removal c through t

Page 18 of 2

nternal conection of theher stakeho

roved audithe evaluatioorporation’seliability ans and efficieracts, laws,

consistentlymission.

tations withholders an dertake an e assurancepared andment, remed by thee sharehol

all not, at n.

given to than indepencorporatio

ed by its exconflict of ntial confl

on non-aududitor's ob

all be rotatartner of thenged with th

igns, is dismdate of effe and curregreement practices, fand the cor

said report s submissio or changethe compan

25

ntrol that we assets of

olders;

t plans, inteon of the agovernanc

nd integrityency of op rules and r

y comply

h the Audiexternal aindepende

ce on the md presenteoval, and

e Audit Coders.

the same

he external ndent auditoon should xternal audinterest. Tict of inte

dit servicesbjectivity.

ted or chane external e same freq

missed or cectivity of suent reportsbetween hfinancial disrporation fashall be givn. For rem

e should beny website

ill ensure tthe corpora

ernal audit dequacy an

ce, operatioof financia

erations, pregulations;

with the

t and Riskuditor duly nt audit of t

manner by wd to the fees of the

ommittee,

time, prov

auditor, pror, or does ndisclose th

ditor in the The Audit Cerest situas, which co

nged everyauditing firquency.

eases to peuch action s. The repo

him and thsclosures oiled to resoven by the oval of the

e disclosede and requi

the integrityation for the

examinationd effective

ons and infoal and operotection o;

financial r

k Committey accreditedthe corporawhich the fstockholdee external approved

vide intern

rovided it dnot pose a the nature Annual Re

Committee ations, givould be vie

y five (5) yrm assigned

erform his sshall be report shall inhe corporaof audit proolve satisfac

corporatioe external ad to the regred disclos

y of the e benefit

ons shall eness of ormation erational f assets

reporting

ee, shall d by the tion and financial rs. The auditor by the

al audit

does not threat to of non-eport to should

ven the ewed as

years or d to the

services, ported in clude a

ation on ocedures ctorily. A n to the auditor, gulators sures.

5.4.

5.3.6. If thinforeguincorepo

Internal Au

5.4.1. Thewhicthrowithare

5.4.2. TheManrespappsignneeshaStashacom

5.4.3. The

5.4.

5.4.

5.4.

5.4.

5.4.

5.4.

he external ormation stulatory bodomplete, heorts.

uditor.

e corporatioch shall be

ough which h reasonableffective, a

e Internal Anagement aponsibilities

proved by thnificant risk eded or reqall certify thandards on t

all disclose tmplied with t

e Internal A

.3.1 ProvideBoard, the effepromotperformcommuthe acinterna

.3.2 Performaudit p

.3.3 Performand co

.3.4 Performregulatwhich c

.3.5 Reviewthe inte

.3.6 Evaluaare co

P

auditor belatement ody during e shall give

on shall havperformed its Board,

e assurancappropriate

Auditor shaan annual s and perforhe Audit anexposures

quested by at he conduthe Professto the Boardthe said sta

Auditor sha

es an indeAudit Com

ectivenessting the rmance manunicating rtivities an

al auditors,

ms regularplan and/or

ms consultntrol as ap

ms comptions, concould have

ws, audits aernal contr

tes operatonsistent

Page 19 of 2

ieves that ar any repothe period

e his comm

ve in placeby an Inter Managem

ce that its keand compli

all submit report on trmance reland Risk Coms, control is

the Board ucts his activional Practid and Mana

andards.

all have the

ependent mmittee ans of the govright valuenagement arisk and cod informa and Mana

r and specr based on

ting and adppropriate f

pliance auntractual oe a signific

and assessrol system

tions or prwith esta

25

any statemeort filed wd of his

ments or vie

e an indepenal Auditor ent and Stey organizaed with.

to the Audhe internal ative to the mmittee. Thsues and sand Mana

vities in accice of Internagement the

e following

risk-basedd Managemvernance a

es and ethand accou

ontrol informtion amon

agement;

cial audit athe compa

dvisory serfor the org

udit of robligationsant impact

ses the effof all areas

rograms toablished o

ent made inwith the Co

engagemenews on the

endent inteor a group

tockholdersational and p

dit and Risaudit depaaudit plans

he annual rsuch other magement. Thcordance winal Auditinge reasons w

functions:

d assurancment, focusand controhics, (2) enting in themation, an

ng the Boa

as containany’s risk a

rvices relatanization;

relevant la and othe

t on the org

iciency ands of the co

o ascertainobjectives

n an annuaommission nt is incomatter in t

ernal audit of Internal A

s shall be pprocedural

sk Committartment’s as and stratereport shallmatters as he Internal ith the Inter

g. If he doeswhy he has

:

ce servicesing on rev

ol processeensuring ee organizad (4) coordard, extern

ned in the assessmen

ted to gove

aws, ruleer commiganization;

d effectivempany;

n whether and goal

al report, or any

rrect or the said

function Auditors provided controls

tee and ctivities, egies as include may be Auditor

rnational s not, he not fully

to the viewing es in (1) effective tion, (3) dinating nal and

annual nt;

ernance

es and tments, ;

eness of

results ls, and

ARTICL 6.1.

6.2.

6.3.

ARTICL

7.1.

5.4.

5.4.

LE 6: TRA

If necessaror his equworkshop t

The Boardprograms

A director corporate ggovernmen LE 7: STO

STO

The BoardCorporation

7.1.1. Voti 7.1.

7.1.

7.1.

7.1.2. Pre

All sthe TheThestocbe Cor

whetheplanne

.3.7 EvaluaManag

.3.8 Monito

AINING PR

ry, funds shivalent offico operation

d shall havduly recom

shall, befogovernance

nt institute.

OCKHOLDEOCKHOLDE

d shall resn Code, nam

ing Right.

.1.1.

.1.2.

.1.3.

-emptive Ri

stockholdersame is de

ey shall have Articles ofckholders wprotected

rporation Co

P

er the oped;

tes specifement, as

ors and eva

ROCESS

all be allocacer for the

nalize this M

e an annuammended b

ore assumie which sh

ERS’ RIGERS’ INTER

pect the rmely:

Shareholdedirectors anthe Corpora

Cumulative A director minority sh

ight.

rs shall havenied in theve the right f Incorporat

with respect by law so

ode.

Page 20 of 2

erations or

fic operatiappropriat

aluates gov

ated by the purpose o

Manual.

al recurrenby the CFO

ng as suchall be cond

GHTS ANRESTS

rights of th

ers shall hand vote on ation Code.

e voting sha

shall not bareholders

ve pre-empte Articles of

to subscribtion shall lat to the parto long as

25

r programs

ons at thete; and

vernance p

Board uponof conductin

nt training O.

h, be requducted by

ND PROT

he stockhol

ave the rightcertain corp.

all be used i

be removedrepresenta

tive rights inf Incorporatbe to the cay down theticular sharethey shall

s are bein

e request

rocesses.

n recommeng an orien

of at least

ired to attea duly rec

TECTION

ders as p

t to elect, reporate acts

n the electi

d without cation in the B

n accordancion or an a

apital stock e specific riges they hold

not be in

ng carried

of the Bo

endation of tntation prog

four (4) ho

end a semcognized pr

OF MIN

rovided for

emove andin accorda

on of direct

ause if it wBoard.

ce with lawamendment

of the corpghts and pod, all of whn conflict w

out as

oard or

the CFO gram or

ours on

minar on rivate or

NORITY

r in the

replace nce with

tors.

will deny

w, unless thereto.

poration. owers of ich shall with the

7.1.3. Pow All inclwithincl

7.1.4. Righ 7.1.

7.1.

7.1.

7.1.5. Righ

7.1.

7.1.

7.1.6. App

Thepay

wer of Inspe

stockholdeuding minu

h the Corpuding financ

ht to Inform

.4.1.

.4.2.

.4.3.

ht to Divide

.5.1.

.5.2.

praisal Righ

e stockholdeyment of the

P

ection.

rs shall betes of the

poration Cocial stateme

mation.

The stockperiodic reinformationmatters sudealings wand key ofand officers

The minoritthe holdingagenda ppurposes, apractice.

The minoriinformationaccountablshall be alstockholdepurposes” practice.

ends.

Stockholdeto the discr

The corporits retainedcapital stocexpansionwhen the cwith any fforeign, froconsent hashown thacircumstanthere is a n

t.

ers shall hae fair value

Page 21 of 2

e allowed tBoard meeode and sents, withou

kholders sheports whicn about theuch as thewith the corfficers and ts.

ty stockholdg of a meetirovided thand in acco

ity stockhon relating toe for. If notlowed to prs’ meetingand in acco

ers shall haretion of the

ration shall d earnings sck, except:projects or

corporation financial in

om declaringas not beenat such rces obtain

need for spe

ve appraisae of their s

25

o inspect cetings and shall be fu

ut cost or re

hall be prch disclose directors air holdings rporation, rthe aggrega

ders shall bing, and the

he items aordance wit

lders shall o matters ft included, tropose suc, being withordance wit

ave the righe Board.

be compellshall be in a) when j

r programs is prohibite

nstitution og dividendsn secured; retention isning in the ecial reserve

al right or thhares in th

corporate bstock registrnished wit

estrictions.

rovided, upe personal and officers

of the correlationshipate compen

be granted te right to prare for leth law, juris

have accefor which ththen the mi

ch matters ihin the definth law, juris

t to receive

led to declaexcess of justified by approved b

ed under anor creditor,

without its or c) when

s necessacorporatio

e for probab

he right to de manner

books and tries in accth annual

pon reque and profes and certarporation’s s among dnsation of d

the right to ropose itemegitimate bsprudence a

ess to any he manageinority stockin the agennition of “le

sprudence a

e dividends

are dividend100% of its

y definite coby the Boany loan ag

whether consent, a

n it can beary under on, such able continge

issent and provided fo

records ordance reports,

st, with essional

ain other shares,

directors directors

propose ms in the business and best

and all ement is kholders nda of a egitimate and best

s subject

ds when s paid-in orporate

ard or b) reement local or

and such e clearly

special as when encies.

demand or under

7.2.

7.3.

7.4.

7.5.

7.6

7.7

Secfollo

7.1.

7.1.

7.1.

The Board special stoencouragedapprised ahof the by-laabout the v

It is the dimpedimenthem to see

The Boardcosts and participatioinformationsound judg

Although ashall give mitems for corporation

The Boardresult of Shareholdaddition, tbe made a

Investor R

The Boardengagemeshareholde

ction 82 of owing circum

.6.1.

.6.2.

.6.3.

shall continockholders’ d to personhead of timaws, the exevalidity of a

duty of thets to the eek timely re

shall take other adn in meet

n shall be mment on all

ll stockholdminority stodiscussion

n.

d shall enthe vote

ers’ Meethe Minutes

available on

Relations O

d shall appent with iters’ meetin

P

the Corpomstances:

In case anyeffect of chclass of shsuperior toextending o

In case of sother dispoproperty an

In case of m

nue to be trmeetings

nally attend me of their ri

ercise of thproxy shall

e Board to exercise of dress for br

e the approdministrativeings, wheth

made availa matters bro

ers shall beckholders tin the ag

courage aes taken ing publics of the Ann the comp

fficer

oint an Invts sharehong.

Page 22 of 2

oration Cod

y amendmehanging or rhares, or ofo those of or shortenin

sale, lease,osition of and assets p

merger or c

ransparent of the c

such meetight to appoat right shabe resolved

promote tthose right

reach of the

opriate stepe impedimher in perable to the ought to the

e treated eqthe right to genda that

active sharduring thcly availabnnual and pany websi

vestor Relaolders. Th

25

de of the P

ent to the Arrestricting thf authorizinoutstanding

ng the term

, exchange,all or subsrovided in t

consolidatio

and fair in torporation. tings. If theyoint a proxyall not be und in the stoc

the rights ts and proveir rights.

ps to removments to th

son or by stockholde

eir attention

qually or witpropose therelate dire

reholder phe most rble prompSpecial Shite.

ations Offiche IRO sh

Philippines,

rticles of Inche rights of g preferencg shares oof corporate

transfer, mstantially alhe Corpora

n.

the conductThe stoc

y cannot aty. Subject tnduly restricckholder’s f

of the stocvide an ad

ve excessivhe stockho

proxy. Acers to enabln for conside

thout discrime holding oectly to the

participatiorecent Anptly after hareholders

cer (IRO) tohould be p

under any

corporationf any stockhces in any

of any claste existence

mortgage, pll of the co

ation Code;

ct of the annckholders sttend, they to the requicted and anfavor.

ckholders, equate ave

ve or unneolders’ meccurate andle them to eration or a

mination, thof meetings e business

on by maknnual or

the meets’ Meeting

o ensure cpresent at

y of the

has the holder or

respect s, or of

e;

ledge or orporate and

nual and shall be shall be rements ny doubt

remove enue for

ecessary eaningful d timely make a pproval.

he Board and the

s of the

king the Special

ting. In should

onstant t every

ARTICL

8.1.

ARTICL 9.1.

LE 8: RESOF

The Compof its stakefinanciers,which it oCompany

8.1.1. Hav

8.1.2. Havas empstoc

8.1.3. Hav

8.1.4. Hav

8.1.5. Havsupmar

8.1.6. Ensempstak

LE 9: DIS

The esseninternal woand dominassets.

It is therefoadversely ashould be others eartransactionmembers o

The Board dealings. ItExchange the interest

SPECT ATHE COM

pany recogeholders, s, as well aoperates, shall:

ve in place

ve in placean employployees anckholders;

ve in place

ve in place

ve in placeppliers, curket partici

sure that thployees, keholder g

SCLOSURE

ce of corpoorkings of thnant stockh

ore essentiaaffect its viapublicly an

rnings resus, related

of the Board

shall thereft shall causmechanismt of its stock

P

ND PROTMPANY’S S

gnizes its specificallyas the goand othe

a workpla

e a merit-byee stock nd at the s

a commu

an enviro

e policies tustomers, pants;

he Board asuppliers roups.

E AND TRA

orate govehe corporatholders to

al that all maability or thend timely dults, acquis

party transd and Mana

fore commitse the filing

ms for listed kholders an

Page 23 of 2

TECTION STAKEHO

responsibiy, its emploovernment,er key sta

ace develo

based perfoption pla

same time

nity involve

nment-rela

that guidecreditors,

and Managand cus

ANSPAREN

rnance is tion are, themismanage

aterial infore interest o

disclosed. Ssition or disactions, agement,

t at all timeg of all requ

companiesd other stak

25

OF THE ROLDERS

lity to protoyees, sup the envir

akeholder

pment prog

formance an or any aligns thei

ement prog

ated progra

the Compmarket

gement deastomers,

CY

transparence more diffie the corp

mation abof its stockh

Such informsposition o

and direct a

s to full discuired informs and submkeholders.

RIGHTS A

tect the rigpliers, cusronment, tgroups. T

gram;

incentive msuch scher interests

gram;

am;

pany in itsintermedia

al fairly witcreditors

cy. The mocult it will boration or

ut the corpoolders and

mation shouof assets, and indirec

closure of mmation throu

issions to t

AND INTE

ghts and instomers, crthe commuTo this en

mechanismeme that

s with those

s dealings aries, and

th the Comand othe

ore transpabe for Mana

misapprop

oration whicother stake

uld include,off balanc

ct remuner

material infough the appthe Commis

RESTS

nterests reditors, unity in nd, the

m, such awards e of the

with its d other

mpany’s er key

rent the agement priate its

ch could eholders among e sheet

ration of

ormation propriate ssion for

9.2.

9.3.

9.4.

9.5.

9.6.

9.7.

ARTICL 10.1. 10.2.

10.3.

10.4.

The reportsubmitted tCorporation

All disclosprocedure f

The Board shall cause

9.4.1. All dea

9.4.2. The

Tratransigndisc

This manuareasonable

The Compand departemployees process.

An adequasupervisionof the Manu

LE 10: MO

Each comm

The Compmeasure coperformanevaluationshareholdeto the pena

The Boardincluding committeeexternal fa

The establidisclosed ireport thatevaluation

ts or discloto the Comn’s Complia

ed informafor compan

shall comme the filing o

directors alings in th

e corporatinsactions

nsactions inificant RPclosed in it

al shall be ae times on b

liance Offictment head

and relat

ate number n of the Comual per dep

NITORING

mittee shall

pliance Offiompliance

nce of then system ers. Any vio

alty provided

d should the perf

es. Every acilitator.

ishment of sn the Corp

t is applicasystem mus

P

osures reqmmission byance Officer

ation shall y announce

mit at all timof all require

and officee corporat

ion should(RPTs) a

in their MaPTs reviewts Annual C

available forbusiness da

cer shall prods to ensured third p

of printed cmpliance Oartment.

AND ASSE

report regu

cer shall ewith this M Board, thshould a

olation thered under Arti

conduct aormance three year

such evaluaporation’s aable to thest be covere

Page 24 of 2

quired undey the respor;

be releasements as w

mes to fully ed informati

ers shall dion’s share

d disclose and other anual on Cwed and aCorporate

r inspectionys.

ovide copiere the thoroarties, and

copies of thOfficer, with

ESSMENT

ularly to the

establish aanual, the he individallow for eof shall suicle 10 of th

an annual of the C

rs, the as

ation systemannual repoe Corporatioed by a Boa

25

er this Maonsible Com

sed via thewell as thro

disclose mon for the in

isclose/repes within th

its policieunusual

orporate Gapproved dGovernanc

n by any sto

es of the Mough dissemd to likewis

is Manual ma minimum

Board of D

n evaluatiocriteria an

dual directa feedba

ubject the rehis Manual.

self-assesChairman, ssessment

m, includingort (SEC Foon. The adard approva

nual shall mmittee or O

e approvedugh the ann

aterial infornterest of th

port to thehree (3) bu

es governior infreq

Governanceduring thece Report.

ockholder of

anual to almination of se enjoin c

must be repm of at least

irectors.

on system nd processors, and cack mechesponsible o

ssment of individuamay be s

g the featureorm 17-A) odoption of al.

be preparOfficer thro

d stock exnual report.

rmation deahe stakehold

e corporatiusiness day

ing Relatequently oce. The mate year sho

f the Corpo

l directors, f this Manucompliance

produced unt one (1) ha

to determs to determcommittee

hanism froofficer or em

its perforal membesupported

es thereof, or in such such perfo

red and ough the

xchange

alings. It ders.

ion any ys.

d Party ccurring terial or ould be

ration at

division al to all

e in the

nder the ard copy

ine and mine the es. This om the mployee

rmance, rs and by an

shall be form of

ormance