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TRANSPARENCY
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RISK
MANAGEMENT SYSTEM |
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The
incumbent Board of Directors does not have a Risk Management
Committee. However, the Audit Committee's function
already includes the assessment and management of enterprise
risks. As provided for in Section 16.3 of Code
of Corporate Governance for the GOCC sector, it does
not preclude the Governing Board of the GOCC from combining
the functions of the committees into such combinations
that will best serve the interest of the GOCC. |
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Risk Policy |
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The
main risk arising from the Company's financial instruments
is liquidity risk. The Board of Directors and
Management review and approve the polices for managing
this risk. |
GOVERNANCE
SEAL |
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Risk
Exposure |
Risk
Management Policy and Objectives |
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Liquidity
Risk |
The
Company's objective is to maintain a balance between continuity
of funding and flexibility through the use of cash and
short-term deposits. The Company also monitors its
risk to shortage of funds through monthly evaluation of
the projected and actual cash flow information. |
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Control System Set
Up |
| PRESIDENT'S
CORNER |
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Risk
Exposure |
Risk
Assessment |
Risk
Management & Control |
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Liquidity
Risk |
Monitors risk to
shortage of funds through monthly evaluation of the
projected and actual cash flow information
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Coordinates with appropriate
Board Committee should any matter relating to this
be referred to them by Management for policy formulation
and implementation by Management.
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The
Audit and Finance Committees is in charge of laying down
and supervising the control mechanism: |
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Committee/Unit |
Control
Mechanism |
Details
of its Function |
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Audit
and Finance |
Assist the Board in the development and oversight
of the company's risk management program
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Generally oversees the risk
management process to be an integral part of planning
ang operations of the Company to meet corporate goals
and objectives
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CONTACT
US |
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Assists the Board
in fulfilling its oversight responsibilities for financial
reporting process, system of internal control, audit
process
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Responsible for recommending
the report of external auditors to the Board; monitor
the system of internal controls
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| INTERNAL
AUDIT AND CONTROL |
| Internal Control
System |
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While
policies are set by the Board, Management is primarily
responsible for the implementation and maintenance of
the internal control system of the company. The Board
through its Audit Committee oversees the actions of
Management and monitors the effectiveness of the Internal
Control System put in place. Recommendations are
provided by Management and/or the Board, and in some
cases by the External Auditor - Commission on Audit
(COA) to address certain issues and concerns of the
company.
The Board established an internal
control audit system that can reasonably assure the
Board, Management and stockholders that the company's
key organizational and operational controls are faithfully
complied with, effective and adequate. |
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Internal Audit |
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Role
Provides reliable and timely analysis, appraisals, recommendations
and pertinent comments on the conformance / compliance
of financial and business operations to established
laws, norms, controls, rules and regulations to determine
their integrity, effectivity and efficiency. |
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Scope
 Compliance
with established prevailing government policies, plans,
procedures, rules and regulation
Corporate
assets and other resources
Reliability and integrity of the financial anf operating
information
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Reporting
Process
Submits report to the Audit
Committee for their review and recommends resolution |
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The
appointment and/or removal of the Internal Auditor require
the approval of the Audit Committee. |
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The
Board has established and identified the reporting
line of the Internal Auditor to enable him to properly
fulfill his duties and responsibilities. He shall
functionally report directly to the Audit Committee.
The Audit Committee shall ensure that, in the performance
of the work of the Internal Auditor, he shall be free
from interference by outside parties.
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Audit Control Policies
and Procedures |
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Policies
and Procedures |
Implementation |
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Manages activities to ascertain
the extent of compliance with established prevailing
government policies, plans, procedures, rules and
regulations
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Whenever applicable, the company
adopts audit recommendations on issues and findings
by the Commission on Audit, since no Internal Auditor
has been appointed to date.
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Ascertains the extent to which assets and
other resources of the company are properly accounted
for and safegarded from loss or abuse
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Reviews the degree of reliability
and integrity of the financial and operating information
developed within the company
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Appraising the economy and
efficiency with which company resources are employed
and develops / recommend effective controls at reasonable
costs
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Reviewing the operations
and programs to ascertain whether results consistent
with established management objectives and whether
the operations or programs are being carried out as
planned
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Mechanisms and Safeguards |
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As a GOCC,
the financial statements of the Company is statutorily
mandated to be audited by Commission on Audit. The
Company does not engage the service of Financial Analysts
and Investment Banks. No restrictions on trading of
the Company's shares in the Philippine Stock Exchange
has been implemented because trading of shares has
been suspended since May 2008.
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Chairman Herculano C. Co, Jr. and President Mario K.
Espinosa are the officers who will have to attest to
the Company's full compliance with the SEC Code of Corporate
Governance.
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