PCIC CORPORATE GOVERNANCE SCORECARD CY 2021
5. Performance-enhancing mechanisms for employee participation should be permitted to develop.
II. Disclosure and Transparency (35%)
7. Quality of Annual Report Does the GOCC’s Annual Report disclose the following items:
See 2021 Financial and Non-financial Performance Indicators
On December 9, 2021, the Board approved PCIC’s adjusted financial statements for FY 2020 using PFRS 4. This is in compliance with the recommendations of the Insurance Commission for PCIC to used accounts based on PFRS in the presentation of it’s financial statements and to implement the actuarial valuation of reserve liabilities.
See 2021 PCIC Performance Scorecard
Strategic Measures 6,7 and 8
9. Corporate Governance Confirmation Statement
The COA Annual Audit Report on PCIC for FY 2021 was received on July 18, 2021. In view of this, the 2021 annual report will be released by October 16, 2022 (or within 90 days from the receipt of the said audit report).
The GCG has yet to issue PCIC’s validated scorecard for 2021.
18. If yes, is the report of the Audit Committee publicly disclosed?
20. Did the Audit Committee meet at least four times during the year?
24. Board meetings and attendance
a. Are the Board of Directors meetings scheduled at the beginning of the year(end of Q1)
a. Does the company disclose the internal control procedures/risk management systems it has in place?
b. Does the Annual Report disclose that the Board of Directors/Commissioners has overseen a review of the company’s materials controls (including operational,financial and compliance controls) and risk management systems?
From January 1 to September 13, 2021, the acting chairperson/chairperson is Mr. Crisologo Ignacio. From September 14 to December 31, 2021, the chairperson is Finance Secretary Carlos Dominguez. For 2021, the president is Atty. Jovy C. Bernabe.
See page 1 of the 2021 PCIC Board Primer
29. Board of Directors Development
See page 7 of the 2021 PCIC Board Primer
Continuous professional education programs for directors
Manual on Corporate Governance
Part 3.1 of PCIC’s Manual on Corporate Governance mandates the Governance Committee to encourage Directors to attend on-going or continuous professional education programs.
Attendance of the Directors to orientations, seminars, workshops, other educational programs recommended by PCIC and/or the Governance Committee serves as service to the Corporation.
a. Is an annual performance assessment conducted of the Board of Directors?
Quality of Annual Report
The GCG has yet to issue the results of its evaluation of good governance conditions.