Item VIII - Disclosure and Transparency Requirements
Section 43. Mandatory Website – In accordance with Section 25 of the Act, all GOCCs shall maintain a website and post therein for unrestricted public access.
| 43.1. Institutional Matters a. LIBI Citizens Charter b. Government Information Sheet (GIS) 2023 43.2. The Board and Officers a. Complete listing of the Directors and Officers with attached resume, and their membership in Board Committees. b. Compensation Package of Board of Directors and Officers c. Information of Board Committees and their activities 2022 (Page 19-23 of 2022 Annual Report) d. Attendance record of Directors and their committee meetings 2022 (Page 16-17 of 2022 Annual Report) 43.3. Financial and Operational Matters |
c.3. Detailed Statement of Comprehensive Income 2022 2022 c. Organizational Chart e. Corporate Social Responsibility (CSR) g. Training Programs Attended by the Board of Directors |
CY 2022 Set B
| Corporate Governance Scorecard Report - B for CY 2022 | |||||||||
| Name of GOCC: | LBP Insurance Brokerage, Inc. | ||||||||
| Sector: | Government Financial Institutions | ||||||||
| Date submitted: | September 28, 2023 | ||||||||
| Year being assessed: 2022 | |||||||||
| COMPONENT | GOCC SUBMISSION | GCG VALIDATION | |||||||
| GRP | ITEM | QUESTION | ANS | GUIDE | COMPLIANCE | ANS | REFERENCE LINK/SUPPORTING DOCUMENTS | ANS | REMARKS |
| II. Disclosure and Transparency | |||||||||
| II | 8 | Are the annual reports downloadable from the GOCC's website? | Y | Annual reports/Financial statements on the year being assessed must be downloadable from the GOCC's website. | LIBI's Annual Reports forms part of LIBI's website under the Transparency Seal | Y | https://lbp-insurance.com/disclosures/transparency-seal | ||
| II | 10.a | Are the audited annual financial report/statement uploaded on the website within 60 days upon receipt from COA? | Y | The GOCC must explicitly state the 1.) date of receipt of the AFS from COA and 2.) the date when the AFS was released/published online. An N/A rating will be given for this item if the COA-audited financial report is not yet available or not yet transmitted to the GOCC, provided that the evidence/ proof of their financial reports have already been submitted for audit and that they disclose their unaudited financial reports instead. |
1. Date of Receipt - June 07, 2023 2. Date Released - June 13, 2023 |
Y | https://lbp-insurance.com/images/pdf/fs-2022.pdf | ||
| II | 10.b | Is the annual report released within 90 days from release of audited financial report? | Y | The GOCC must explicitly state the 1.) date of receipt of the AFS from COA and 2.) the date when the Annual Report was released/published online | 1. Date of Receipt - June 07, 2023 2. Date Released - June 13, 2023 |
Y | https://lbp-insurance.com/images/pdf/fs-2022.pdf | ||
| II | 10.c | Is the 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? | Y | There should be a statement onlione made by the Directors and/or relevant officers confirming the truth/veracity and fairness of the GOCC's financial statements. | Please see Statement of Management's Responsibility for Financial Statements (page 8) | Y | https://lbp-insurance.com/images/pdf/fs-2022.pdf#page=8 | ||
| COMPONENT | GOCC SUBMISSION | GCG VALIDATION | |||||||
| GRP | ITEM | QUESTION | ANS | GUIDE | COMPLIANCE | ANS | REFERENCE LINK/SUPPORTING DOCUMENTS | ANS | REMARKS |
| III. Responsibilities of the Board | |||||||||
| III | 12 | Did the GOCC achieve 90% in the PES? | N/A | The GOCC must publish the GCG-validated performance scorecard on the year being assessed. | LIBI only achieved 79.61% in its 2022 PES - With pending request to GCG for reconsideration to increase it to 97.19% | N/A | |||
| COMPONENT | GOCC SUBMISSION | GCG VALIDATION | |||||||
| GRP | ITEM | QUESTION | ANS | GUIDE | COMPLIANCE | ANS | REFERENCE LINK/SUPPORTING DOCUMENTS | ANS | REMARKS |
| IV. Bonus | |||||||||
| IV | 1 Stakeholder Relationship | Does the GOCC practice Global Reporting Index (GRI) on its annual reports? | N | The GOCC must publicly disclose that it has adopted integrated reporting based on the GRI framework for its disclosures. | N/A | N/A | |||
| IV | 2 Timely release of annual financial report | Is the audited annual financial report/statement released within 30 days upon receipt from COA? | Y | The GOCC must explicitly state the date when the AFS was released from COA and when it was plublished. | 1. Date of Receipt - June 07, 2023 2. Date Released - June 13, 2023 |
Y | https://lbp-insurance.com/images/pdf/fs-2022.pdf | ||
| V. Penalty | |||||||||
| V | 1 Responsibilities of the Board | Are there members of the Board of Directors who hold more than five (5) positions in GOCCs and PLCs? | N | The GOCC must name all the directorships of their Appointive Directors to other GOCCs and PLCs. Should the Director have more than 5 positions in other GOCCs and PLCs, the GOCC will be marked N on this item. | None of LIBI's appointive Directors hold more than 5 positions in other GOCCs (see p. 38-48 of the 2022 Annual Report) | N | https://lbp-insurance.com/images/pdf/2022-annual-report.pdf | ||
| V | 2 Responsibilities of the Board | Is there non-compliance with Good Governance Conditions? | N | The GOCC must disclose the results of GCG's evaluation of its good governance conditions. Should the GOCC fail to comply with two or more conditions, it will be marked N on this item. | The Board, management, and employees of LIBI are fully compliant with the Good Corporate Governance Conditions which include SALN submission and compliance to requirements of the Citizens’ Charter, Transparency Seal, and Quality Management System. (see p. 29 of the 2022 Annual Report) | N | https://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=29 | ||
CY 2022
| Corporate Governance Scorecard for CY 2022 | |||||
| Grp | Item | Questions | Ans | Supporting Documents | Reference Link |
| I. Stakeholder Relationship | |||||
| I | 1.a | Does the GOCC disclose a policy that: Stipulates the existence and scope of its effort to address customer's welfare? | Yes | Page 25 - Manual on Corporate Governance Section 11 - Corporate Social Responsibility (CSR) and Relations with Stakeholders c. Formal Recognition of Stakeholders 4. Customers |
http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=25 |
| I | 1.b | Does the GOCC disclose a policy that: Elaborates its efforts to interact with the communities in which they operate? | Yes | Page 25 - Manual on Corporate Governance Section 11 - Corporate Social Responsibility (CSR) and Relations with Stakeholders C. Formal Recognition of Stakeholders 3. Community |
http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=25 |
| I | 1.c | Does the GOCC disclose a policy that: Ensure that its value chain is environmentally friendly or is consistent with promoting sustainable development? | Yes | Page 26 - Manual on Corporate Governance Section 11 - Corporate Social Responsibility (CSR) and Relations with Stakeholders C. Formal Recognition of Stakeholders 8. Environment |
http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=26 |
| I | 2.a | Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies? (Customer health and safety) | Yes | Page 35 - 2022 Annual Report (Corporate Social Responsibility) B. Customer's Health & Safety |
http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=35 http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=30 |
| I | 2.b | Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies? (Interaction with the communities) | Yes | Page 34 - 2022 Annual Report (Corporate Social Responsibility) | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=34 |
| I | 2.c | Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies? (Environmentally-friendly value chain) | Yes | Page 34 - 2022 Annual Report (Corporate Social Responsibility) | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=34 |
| I | 3 | Does the GOCC have a separate corporate social responsibility (CSR) report/section or sustainability report/section? | Yes | Page 33 - 2022 Annual Report (Corporate Social Responsibility) | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=33 |
| I | 4 | Where stakeholder interests are protected by law, stakeholders should have the opportunity to obtain effective redress for violation of their rights. Does the GOCC provide 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? | Yes | Page 53 - Citizens Charter | http://lbp-insurance.com/images/pdf/citizens-charter.pdf#page=53 |
| I | 5.a | Performance-enhancing mechanisms for employee participation should be permitted to develop. Does the GOCC explicitly mention the health, safety and welfare policy for its employees? | Yes | Page 26 - Manual of Corporate Governance Page 30 - 2022 Annual Report |
http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=26 http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=30 |
| I | 5.b | Does the GOCC publish data relating to health, safety and welfare of its employees? | Yes | Page 30 - 2022 Annual Report | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=30 |
| I | 5.c | Does the GOCC have training and development programmes for its employees? | Yes | Page 28 - Personnel Manual General, Identification of Training, Training Invitations and Offers Page 28 - 2022 Annual Report (LIBI Seminars and Trainings) |
http://lbp-insurance.com/images/pdf/personnel-manual.pdf#page=28 http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=28 |
| I | 5.d | Does the GOCC publish data on training and development programms for its employees? | Yes | Page 28 - 2022 Annual Report (LIBI Seminars and Trainings) | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=28 |
| I | 6.a | 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. Does the GOCC have procedures for complaints by employees concerning illegal (including corruption) and unethical behavior? | Yes | Guidelines on Whistle Blowing | http://lbp-insurance.com/images/pdf/whistleblowing-policy.pdf |
| I | 6.b | Does the GOCC have procedures to protect an employee/person who reveals illegal/unethical behavior from retaliation? | Yes | Guidelines on Whistle Blowing | http://lbp-insurance.com/images/pdf/whistleblowing-policy.pdf |
| Grp | Item | Questions | Ans | Supporting Documents | Reference Link |
| II. Disclosure Transparency | |||||
| II | 7.a | Does the GOCC's website disclose the following items: Corporate objectives | Yes | 2022 Strategy Map Page 3 - 2022 Annual Report (Mission and Vision) |
http://lbp-insurance.com/images/pdf/2022-strategy-map.pdf http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=3 |
| II | 7.b | Does the GOCC's website disclose the following items: Financial performance indicators | Yes | Page 32 - 2022 Annual Report Highlights of Activities | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=32 |
| II | 7.c | Does the GOCC's website disclose the following items: Non-financial performance indicators | Yes | Performance Scorecard SO-2; SM-2 Page 35 - 2022 Annual Report D. ANNUAL CUSTOMER SATISFACTION SURVEY |
http://lbp-insurance.com/images/pdf/pan-2022.pdf http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=35 |
| II | 7.d | Does the GOCC's website disclose the following items: Details of whistle-blowing policy | Yes | Guidelines on Whistleblowing and Reporting | http://lbp-insurance.com/images/pdf/whistleblowing-policy.pdf |
| II | 7.e | Does the GOCC's website disclose the following items: Biographical details (at least age, qualifications, date of first appointment, relevant experience, and any other directorships of listed companies) of directors/commissioners | Yes | About Us - Name of Officials Page 38 - 2022 Annual Report (Board of Director |
http://lbp-insurance.com/about-us/name-of-officials http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=38 |
| II | 7.f | Does the GOCC's website disclose the following items: Training and/or continuing education programme attended by each director/commissioner | Yes | Page 18 - 2022 Annual Report (Trainings and Continuing Education of the Board) | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=18 https://www.lbp-insurance.com/images/pdf/2022-list-of-trainings-attended-by-the-board-of-directors.pdf |
| II | 9 | Does the GOCC's website contain a statement confirming the company's full compliance with the code of corporate governance and where there is non-compliance, identify and explain reasons for each such issue? | Yes | Page 29 - 2022 Annual Report | http://www.lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=29 |
| Grp | Item | Questions | Ans | Supporting Documents | Reference Link |
| II. Board Responsibility | |||||
| III | 11.a | Has the Board of Directors reviewed the vision and mission/ strategy in the last financial year? | Yes | Page 16 - 2022 Annual Report | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=16 |
| III | 11.b | Does the Board of Directors monitor/oversee the implementation of the corporate strategy? | Yes | Page 8 - Manual on Corporate Governance Page 13 - 2022 Annual Report Institutional Viability and Vitality i. LIBI Corporate Governance Structure b. Responsibilities, Duties and Functions of the Board 2. Duties and Functions |
http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=8 https://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=13 |
| III | 13.a | Are the details of the code of ethics or conduct disclosed? | Yes | No Gift Policy Page 9 - Manual on Corporate Governance Page 29 - VI. Administrative Discipline |
http://lbp-insurance.com/images/pdf/no-gift-policy.pdf http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=9 http://lbp-insurance.com/images/pdf/personnel-manual.pdf#page=29 |
| III | 13.b | Does the GOCC disclose that all Directors/Commissioners, senior management and employees are required to comply with the code? | Yes | No Gift Policy Page 9 - Manual on Corporate Governance Page 29 - Personnel Manual |
http://lbp-insurance.com/images/pdf/no-gift-policy.pdf http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=9 http://lbp-insurance.com/images/pdf/personnel-manual.pdf#page=29 |
| III | 13.c | Does the company disclose how it implements and monitors compliance with the code of ethics or conduct? | Yes | Page 28 - 2022 Annual Report | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=28 |
| III | 14 | Does the Board appoint a Nomination Compensation / Remuneration Committee? | Yes | Page 24 - 2022 Annual Report | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=24 |
| III | 15 | Did the Nomination Compensation/Remuneration Committee meet at least twice during the year? | Yes | Page 24 - 2022 Annual Report | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=24 |
| III | 16 | If yes, is the report of the Nomination Compensation/Remuneration Committee publicly disclosed? | Yes | Page 25 - 2022 Annual Report | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=25 |
| III | 17 | Does the Board appoint an Audit Committee? | Yes | Page 22 - 2022 Annual Report | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=22 |
| III | 18 | If yes, is the report of the Audit Committee publicly disclosed? | Yes | Page 23 - 2022 Annual Report | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=23 |
| III | 19 | Does at least one member of the Audit Committee have an audit, accounting or finance background (qualification or experience)? | Yes | Page 47 - 2022 Annual Report | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=47 |
| III | 20 | Did the Audit Committee meet at least four times during the year? | Yes | Page 22 - 2022 Annual Report | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=22 |
| III | 21 | Does the Board appoint a Risk Management Committee? | Yes |
Page 15 - Manual of Corporate Governance
|
http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=15 http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=22 |
| III | 22 | If yes, is the report on Risk Management Committee publicly disclosed? | Yes | Page 23 - 2022 Annual Report | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=23 |
| III | 23 | Does at least one member of the Risk Management Committee have a background in finance and investments? | Yes | Page 47 - 2022 Annual Report | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=47 |
| III | 24.a | Are the Board of Directors meetings scheduled at the beginning of the year? (end of Q1) | Yes | Page 16 - 2022 Annual Report | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=16 |
| III | 24.b | Does the Board of Directors meet at least monthly? | Yes | Page 17 - 2022 Annual Report | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=17 |
| III | 24.c | Did the Board of Directors meet on at least 75% on their scheduled meetings? | Yes | Page 17 - 2022 Annual Report | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=17 |
| III | 24.d | Has each of the directors/commissioners attended at least 90% of all the board meetings held during the year? | Yes | Page 17 - 2022 Annual Report | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=17 |
| III | 24.e | Did the Board of Directors meet separately at least once during the year without the President/CEO present? | Yes | Page 16 - 2022 Annual Report | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=16 |
| III | 25.a | Does the GOCC have 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? | Yes | Page 16 - 2022 Annual Report SUBMISSION / DELIVERY OF BOARD MATERIALS |
http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=16 |
| III | 25.b | Is the Board Secretary trained in legal, accountancy or company secretarial practices? | Yes | Name of Officials - Corporate Officers Corporate Secretary |
http://lbp-insurance.com/about-us/name-of-officials |
| III | 26.a | Does the company have a separate internal audit function? | Yes | Page 21 - 2022 Annual Report GCG Memorandum Order No. 2019-03 |
http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=21 https://gcg.gov.ph/files/4LQ9KlXQy7dCYQWKPOwO.pdf |
| III | 26.b | Does the appointment and removal of the internal auditor require the recommendation of the Audit Committee? | Yes | Page 21 - 2022 Annual Report | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=21 |
| III | 27.a | Does the company disclose the internal control procedures/risk management systems it has in place? | Yes | Transparency Seal - Risk Management Manual |
http://lbp-insurance.com/images/pdf/risk-management-manual.pdf |
| III | 27.b | Does the Annual Report disclose 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? | Yes | Page 23 - 2022 Annual Report | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=23 |
| III | 27.c | Does the company disclose how key risks are managed? | Yes | See Risk Management Manual | http://lbp-insurance.com/images/pdf/risk-management-manual.pdf |
| III | 27.d | Does the Annual Report contain a statement from the Board of Directors or Audit Committee commenting on the adequacy of the GOCC's internal controls/risk management systems? | Yes | Page 22 - 2022 Annual Report | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=22 |
| III | 28 | Do different persons assume the roles of Chairman and CEO? | Yes |
Name of Officials Page 39 and 44 - 2022 Annual Report |
http://lbp-insurance.com/about-us/name-of-officials http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=39 http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=44 |
| III | 29.a | Does the GOCC have orientation programs for new Directors? | Yes | Orientation Materials | https://lbp-insurance.com/images/gcg-disclosure/ICD-for-2021-May-25-26-GCG-Law-and-Regulatory-Framework-2020.pdf https://lbp-insurance.com/images/gcg-disclosure/ICD-Intro-to-Corporate-Governance-Mr-Rex-Drilon.pdf https://lbp-insurance.com/images/gcg-disclosure/ICD-Procurement-and-Other-Laws-by-Atty-Syquia.pdf |
| III | 29.b | Does the GOCC have a policy that encourages Directors/Commissioners to attend on-going or continuous professional education programs? | Yes | Page 18 - 2022 Annual Report | http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=18 |
| III | 29.c | Did all Appointive Directors attend at least 1 training for the calendar year? | Yes | Page 18 - 2022 Annual Report Transparency Seal - Corporate Governance |
http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=18 https://www.lbp-insurance.com/images/pdf/2022-list-of-trainings-attended-by-the-board-of-directors.pdf |
| III | 30.a | Is an annual performance assessment conducted of the Board of Directors? | Yes | Page 26 - 2022 Annual Report Transparency Seal - Corporate Governance |
http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=26 https://nfa.gov.ph/images/files/cgs/gcg_iped_manual.pdf https://gcg.gov.ph/files/cWh5cDw37KGSsC96giSw.pdf https://gcg.gov.ph/files/enuLgrUXXF9zdRPjgIts.pdf https://www.lbp-insurance.com/images/pdf/guidelines-on-board-of-directors-and-board-level-committee-assessments.pdf |
| III | 30.b | Does the GOCC disclose the process followed in conducting the Board assessment? | Yes | Page 26 - 2022 Annual Report Complied through GCG IPED |
http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=26 https://nfa.gov.ph/images/files/cgs/gcg_iped_manual.pdf https://gcg.gov.ph/files/cWh5cDw37KGSsC96giSw.pdf https://gcg.gov.ph/files/enuLgrUXXF9zdRPjgIts.pdf https://www.lbp-insurance.com/images/pdf/guidelines-on-board-of-directors-and-board-level-committee-assessments.pdf |
| III | 30.c | Does the GOCC disclose the criteria used in the Board assessment? | Yes |
Page 26 - 2022 Annual Report Transparency Seal - Guidelines for the Board of Directors Self-Assessment and Board-Level Committee Assessment |
http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=26 https://nfa.gov.ph/images/files/cgs/gcg_iped_manual.pdf https://gcg.gov.ph/files/cWh5cDw37KGSsC96giSw.pdf https://gcg.gov.ph/files/enuLgrUXXF9zdRPjgIts.pdf https://www.lbp-insurance.com/images/pdf/guidelines-on-board-of-directors-and-board-level-committee-assessments.pdf |
| III | 31 | Is an annual performance assessment conducted of the Board of Directors Committees? | Yes |
Page 26 - 2022 Annual Report Transparency Seal - Guidelines for the Board of Directors Self-Assessment and Board-Level Committee Assessment |
http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=26 |
CY 2021
| Corporate Governance Scorecard for CY 2021 | |||||
| Grp | Item | Questions | Ans | Supporting Documents | Reference Link |
| I. Stakeholder Relationship | |||||
| I | 1.a | Does the GOCC disclose a policy that: Stipulates the existence and scope of its effort to address customer's welfare? | Yes | Page 25 - Manual on Corporate Governance Section 11 - Corporate Social Responsibility (CSR) and Relations with Stakeholders c. Formal Recognition of Stakeholders 4. Customers |
http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=25 |
| I | 1.b | Does the GOCC disclose a policy that: Elaborates its efforts to interact with the communities in which they operate? | Yes | Page 25 - Manual on Corporate Governance Section 11 - Corporate Social Responsibility (CSR) and Relations with Stakeholders C. Formal Recognition of Stakeholders 3. Community |
http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=25 |
| I | 1.c | Does the GOCC disclose a policy that: Ensure that its value chain is environmentally friendly or is consistent with promoting sustainable development? | Yes | Page 26 - Manual on Corporate Governance Section 11 - Corporate Social Responsibility (CSR) and Relations with Stakeholders C. Formal Recognition of Stakeholders 8. Environment |
http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=26 |
| I | 2.a | Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies? (Customer health and safety) | Yes | Page 34 - 2021 Annual Report (Corporate Social Responsibility) B. Customer's Health & Safety |
http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=34 |
| I | 2.b | Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies? (Interaction with the communities) | Yes | Page 33 - 2021 Annual Report (Corporate Social Responsibility) | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=33 |
| I | 2.c | Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies? (Environmentally-friendly value chain) | Yes | Page 33 - 2021 Annual Report (Corporate Social Responsibility) | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=33 |
| I | 3 | Does the GOCC have a separate corporate social responsibility (CSR) report/section or sustainability report/section? | Yes | Page 32 - 2021 Annual Report (Corporate Social Responsibility) | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=32 |
| I | 4 | Where stakeholder interests are protected by law, stakeholders should have the opportunity to obtain effective redress for violation of their rights. Does the GOCC provide 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? | Yes | Page 53 - Citizens Charter | http://lbp-insurance.com/images/pdf/citizens-charter.pdf#page=53 |
| I | 5.a | Performance-enhancing mechanisms for employee participation should be permitted to develop. Does the GOCC explicitly mention the health, safety and welfare policy for its employees? | Yes | Page 26 - Manual of Corporate Governance Page 29 - 2021 Annual Report |
http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=26 http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=29 |
| I | 5.b | Does the GOCC publish data relating to health, safety and welfare of its employees? | Yes | Page 29 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=29 |
| I | 5.c | Does the GOCC have training and development programmes for its employees? | Yes | Page 28 - Personnel Manual General, Identification of Training, Training Invitations and Offers Page 28 - 2021 Annual Report (LIBI Seminars and Trainings) |
http://lbp-insurance.com/images/pdf/personnel-manual.pdf#page=28 http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=28 |
| I | 5.d | Does the GOCC publish data on training and development programms for its employees? | Yes | Page 27 - 2021 Annual Report (LIBI Seminars and Trainings) | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=27 |
| I | 6.a | 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. Does the GOCC have procedures for complaints by employees concerning illegal (including corruption) and unethical behavior? | Yes | Guidelines on Whistle Blowing | http://lbp-insurance.com/images/pdf/whistleblowing-policy.pdf |
| I | 6.b | Does the GOCC have procedures to protect an employee/person who reveals illegal/unethical behavior from retaliation? | Yes | Guidelines on Whistle Blowing | http://lbp-insurance.com/images/pdf/whistleblowing-policy.pdf |
| Grp | Item | Questions | Ans | Supporting Documents | Reference Link |
| II. Disclosure Transparency | |||||
| II | 7.a | Does the GOCC's website disclose the following items: Corporate objectives | Yes | 2021 Strategy Map Performance Agreement Negotiation (PAN) Page 3 - 2021 Annual Report (Mission and Vision) |
http://lbp-insurance.com/images/pdf/2021-strategy-map.pdf http://lbp-insurance.com/images/pdf/pan-2021.pdf http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=3 |
| II | 7.b | Does the GOCC's website disclose the following items: Financial performance indicators | Yes | Page 31 - 2021 Annual Report Highlights of Activities | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=31 |
| II | 7.c | Does the GOCC's website disclose the following items: Non-financial performance indicators | Yes | Performance Scorecard SO-2; SM-2 Page 34 - 2021 Annual Report D. ANNUAL CUSTOMER SATISFACTION SURVEY |
http://lbp-insurance.com/images/pdf/pan-2021.pdf http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=34 |
| II | 7.d | Does the GOCC's website disclose the following items: Details of whistle-blowing policy | Yes | Guidelines on Whistleblowing and Reporting | http://lbp-insurance.com/images/pdf/whistleblowing-policy.pdf |
| II | 7.e | Does the GOCC's website disclose the following items: Biographical details (at least age, qualifications, date of first appointment, relevant experience, and any other directorships of listed companies) of directors/commissioners | Yes | About Us - Name of Officials Page 37 - 2021 Annual Report (Board of Director |
http://lbp-insurance.com/about-us/name-of-officials http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=37 |
| II | 7.f | Does the GOCC's website disclose the following items: Training and/or continuing education programme attended by each director/commissioner | Yes | Page 18 - 2021 Annual Report (Trainings and Continuing Education by the Board) | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=18 https://www.lbp-insurance.com/images/pdf/list-of-trainings-attended-by-the-board-of-directors.pdf |
| II | 9 | Does the GOCC's website contain a statement confirming the company's full compliance with the code of corporate governance and where there is non-compliance, identify and explain reasons for each such issue? | Yes | Page 28 - 2021 Annual Report | http://www.lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=28 |
| Grp | Item | Questions | Ans | Supporting Documents | Reference Link |
| II. Board Responsibility | |||||
| III | 11.a | Has the Board of Directors reviewed the vision and mission/ strategy in the last financial year? | Yes | Page 16 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=16 |
| III | 11.b | Does the Board of Directors monitor/oversee the implementation of the corporate strategy? | Yes | Page 8 - Manual on Corporate Governance | http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=8 |
| III | 13.a | Are the details of the code of ethics or conduct disclosed? | Yes | No Gift Policy Page 9 - Manual on Corporate Governance Page 29 - Personnel Manual |
http://lbp-insurance.com/images/pdf/no-gift-policy.pdf http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=9 http://lbp-insurance.com/images/pdf/personnel-manual.pdf#page=29 |
| III | 13.b | Does the GOCC disclose that all Directors/Commissioners, senior management and employees are required to comply with the code? | Yes | No Gift Policy Page 9 - Manual on Corporate Governance Page 29 - Personnel Manual |
http://lbp-insurance.com/images/pdf/no-gift-policy.pdf http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=9 http://lbp-insurance.com/images/pdf/personnel-manual.pdf#page=29 |
| III | 13.c | Does the company disclose how it implements and monitors compliance with the code of ethics or conduct? | Yes | Page 28 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=28 |
| III | 14 | Does the Board appoint a Nomination Compensation / Remuneration Committee? | Yes | Page 23 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=23 |
| III | 15 | Did the Nomination Compensation/Remuneration Committee meet at least twice during the year? | Yes | Page 23 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=23 |
| III | 16 | If yes, is the report of the Nomination Compensation/Remuneration Committee publicly disclosed? | Yes | Page 24 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=24 |
| III | 17 | Does the Board appoint an Audit Committee? | Yes | Page 21 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=21 |
| III | 18 | If yes, is the report of the Audit Committee publicly disclosed? | Yes | Page 21 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=21 |
| III | 19 | Does at least one member of the Audit Committee have an audit, accounting or finance background (qualification or experience)? | Yes | Page 40 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=40 |
| III | 20 | Did the Audit Committee meet at least four times during the year? | Yes | Page 21 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=21 |
| III | 21 | Does the Board appoint a Risk Management Committee? | Yes |
Page 15 - Manual of Corporate Governance
|
http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=15 http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=21 |
| III | 22 | If yes, is the report on Risk Management Committee publicly disclosed? | Yes | Page 21 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=21 |
| III | 23 | Does at least one member of the Risk Management Committee have a background in finance and investments? | Yes | Page 40 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=40 |
| III | 24.a | Are the Board of Directors meetings scheduled at the beginning of the year? (end of Q1) | Yes | Page 16 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=16 |
| III | 24.b | Does the Board of Directors meet at least monthly? | Yes | Page 17 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=17 |
| III | 24.c | Did the Board of Directors meet on at least 75% on their scheduled meetings? | Yes | Page 17 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=17 |
| III | 24.d | Has each of the directors/commissioners attended at least 90% of all the board meetings held during the year? | Yes | Page 17 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=17 |
| III | 24.e | Did the Board of Directors meet separately at least once during the year without the President/CEO present? | Yes | Page 17 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=17 |
| III | 25.a | Does the GOCC have 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? | Yes | Page 16 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=16 |
| III | 25.b | Is the Board Secretary trained in legal, accountancy or company secretarial practices? | Yes | Name of Officials Corporate Officers Corporate Secretary |
http://lbp-insurance.com/about-us/name-of-officials |
| III | 26.a | Does the company have a separate internal audit function? | Yes | Page 21 - 2021 Annual Report GCG Memorandum Order No. 2019-03 |
http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=21 https://gcg.gov.ph/files/4LQ9KlXQy7dCYQWKPOwO.pdf |
| III | 26.b | Does the appointment and removal of the internal auditor require the recommendation of the Audit Committee? | Yes | Page 20 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=20 |
| III | 27.a | Does the company disclose the internal control procedures/risk management systems it has in place? | Yes | Transparency Seal - Risk Management Manual |
http://lbp-insurance.com/images/pdf/risk-management-manual.pdf |
| III | 27.b | Does the Annual Report disclose 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? | Yes | Page 22 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=22 |
| III | 27.c | Does the company disclose how key risks are managed? | Yes | See Risk Management Manual | http://lbp-insurance.com/images/pdf/risk-management-manual.pdf |
| III | 27.d | Does the Annual Report contain a statement from the Board of Directors or Audit Committee commenting on the adequacy of the GOCC's internal controls/risk management systems? | Yes | Page 21 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=21 |
| III | 28 | Do different persons assume the roles of Chairman and CEO? | Yes | See Name of Officials | http://lbp-insurance.com/about-us/name-of-officials |
| III | 29.a | Does the GOCC have orientation programs for new Directors? | Yes | Orientation Materials | |
| III | 29.b | Does the GOCC have a policy that encourages Directors/Commissioners to attend on-going or continuous professional education programs? | Yes | Page 18 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=18 |
| III | 29.c | Did all Appointive Directors attend at least 1 training for the calendar year? | Yes | Page 18 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=18 https://www.lbp-insurance.com/images/pdf/list-of-trainings-attended-by-the-board-of-directors.pdf |
| III | 30.a | Is an annual performance assessment conducted of the Board of Directors? | Yes | Page 25 - 2021 Annual Report Complied through GCG IPED |
http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=25 https://nfa.gov.ph/images/files/cgs/gcg_iped_manual.pdf https://gcg.gov.ph/files/cWh5cDw37KGSsC96giSw.pdf https://gcg.gov.ph/files/enuLgrUXXF9zdRPjgIts.pdf https://www.lbp-insurance.com/images/pdf/guidelines-on-board-of-directors-and-board-level-committee-assessments.pdf |
| III | 30.b | Does the GOCC disclose the process followed in conducting the Board assessment? | Yes | Page 25 - 2021 Annual Report Complied through GCG IPED |
http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=25 https://nfa.gov.ph/images/files/cgs/gcg_iped_manual.pdf https://gcg.gov.ph/files/cWh5cDw37KGSsC96giSw.pdf https://gcg.gov.ph/files/enuLgrUXXF9zdRPjgIts.pdf https://www.lbp-insurance.com/images/pdf/guidelines-on-board-of-directors-and-board-level-committee-assessments.pdf |
| III | 30.c | Does the GOCC disclose the criteria used in the Board assessment? | Yes | Page 25 - 2021 Annual Report Complied through GCG IPED |
http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=25 https://nfa.gov.ph/images/files/cgs/gcg_iped_manual.pdf https://gcg.gov.ph/files/cWh5cDw37KGSsC96giSw.pdf https://gcg.gov.ph/files/enuLgrUXXF9zdRPjgIts.pdf https://www.lbp-insurance.com/images/pdf/guidelines-on-board-of-directors-and-board-level-committee-assessments.pdf |
| III | 31 | Is an annual performance assessment conducted of the Board of Directors Committees? | Yes |
Page 25 - 2021 Annual Report |
http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=25 |
CY 2020
| Corporate Governance Scorecard for CY 2020 | |||||
| Grp | Item | Questions | Ans | Supporting Documents | Reference Link |
| I. Stakeholder Relationship | |||||
| I | 1.a | Does the GOCC disclose a policy that: Stipulates the existence and scope of its effort to address customer's welfare? | Yes | Page 25 - Manual on Corporate Governance Section 11 - Corporate Social Responsibility (CSR) and Relations with Stakeholders c. Formal Recognition of Stakeholders 4. Customers |
http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=25 |
| I | 1.b | Does the GOCC disclose a policy that: Elaborates its efforts to interact with the communities in which they operate? | Yes | Page 25 - Manual on Corporate Governance Section 11 - Corporate Social Responsibility (CSR) and Relations with Stakeholders C. Formal Recognition of Stakeholders 3. Community |
http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=25 |
| I | 1.c | Does the GOCC disclose a policy that: Ensure that its value chain is environmentally friendly or is consistent with promoting sustainable development? | Yes | Page 26 - Manual on Corporate Governance Section 11 - Corporate Social Responsibility (CSR) and Relations with Stakeholders C. Formal Recognition of Stakeholders 8. Environment |
http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=26 |
| I | 2.a | Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies? (Customer health and safety) | Yes | Page 36 - 2020 Annual Report (Corporate Social Responsibility) B. Customer's Health & Safety |
http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=36 |
| I | 2.b | Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies? (Interaction with the communities) | Yes | Page 35 - 2020 Annual Report (Corporate Social Responsibility) | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=35 |
| I | 2.c | Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies? (Environmentally-friendly value chain) | Yes | Page 35 - 2020 Annual Report (Corporate Social Responsibility) | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=35 |
| I | 3 | Does the GOCC have a separate corporate social responsibility (CSR) report/section or sustainability report/section? | Yes | Page 34 - 2020 Annual Report (Corporate Social Responsibility) | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=34 |
| I | 4 | Where stakeholder interests are protected by law, stakeholders should have the opportunity to obtain effective redress for violation of their rights. Does the GOCC provide 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? | Yes | Page 53 - Citizens Charter | http://lbp-insurance.com/images/pdf/citizens-charter.pdf#page=53 |
| I | 5.a | Performance-enhancing mechanisms for employee participation should be permitted to develop. Does the GOCC explicitly mention the health, safety and welfare policy for its employees? | Yes | Page 26 - Manual of Corporate Governance Page 30 - 2020 Annual Report |
http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=26 http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=30 |
| I | 5.b | Does the GOCC publish data relating to health, safety and welfare of its employees? | Yes | Page 30 - 2020 Annual Report | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=30 |
| I | 5.c | Does the GOCC have training and development programmes for its employees? | Yes | Page 28 - Personnel Manual General, Identification of Training, Training Invitations and Offers Page 28 - 2020 Annual Report (LIBI Seminars and Trainings) |
http://lbp-insurance.com/images/pdf/personnel-manual.pdf#page=28 http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=28 |
| I | 5.d | Does the GOCC publish data on training and development programms for its employees? | Yes | Page 28 - 2020 Annual Report (LIBI Seminars and Trainings) | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=28 |
| I | 6.a | 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. Does the GOCC have procedures for complaints by employees concerning illegal (including corruption) and unethical behavior? | Yes | Guidelines on Whistle Blowing | http://lbp-insurance.com/images/pdf/whistleblowing-policy.pdf |
| I | 6.b | Does the GOCC have procedures to protect an employee/person who reveals illegal/unethical behavior from retaliation? | Yes | Guidelines on Whistle Blowing | http://lbp-insurance.com/images/pdf/whistleblowing-policy.pdf |
| Grp | Item | Questions | Ans | Supporting Documents | Reference Link |
| II. Disclosure Transparency | |||||
| II | 7.a | Does the GOCC's website disclose the following items: Corporate objectives | Yes | 2020 Strategy Map Performance Agreement Negotiation (PAN) Page 3 - 2020 Annual Report (Mission and Vision) |
http://lbp-insurance.com/images/pdf/pan-2020.pdf http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=3 |
| II | 7.b | Does the GOCC's website disclose the following items: Financial performance indicators | Yes | Page 33 - 2020 Annual Report Highlights of Activities | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=33 |
| II | 7.c | Does the GOCC's website disclose the following items: Non-financial performance indicators | Yes | Performance Scorecard SO-2; SM-2 Page 36 - 2020 Annual Report D. ANNUAL CUSTOMER SATISFACTION SURVEY |
http://lbp-insurance.com/images/pdf/pan-2020.pdf http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=36 |
| II | 7.d | Does the GOCC's website disclose the following items: Details of whistle-blowing policy | Yes | Guidelines on Whistleblowing and Reporting | http://lbp-insurance.com/images/pdf/whistleblowing-policy.pdf |
| II | 7.e | Does the GOCC's website disclose the following items: Biographical details (at least age, qualifications, date of first appointment, relevant experience, and any other directorships of listed companies) of directors/commissioners | Yes | About Us - Name of Officials Page 38 - 2020 Annual Report (Board of Director |
http://lbp-insurance.com/about-us/name-of-officials http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=38 |
| II | 7.f | Does the GOCC's website disclose the following items: Training and/or continuing education programme attended by each director/commissioner | Yes | Page 19 - 2020 Annual Report (Trainings and Continuing Education by the Board) | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=19 |
| II | 9 | Does the GOCC's website contain a statement confirming the company's full compliance with the code of corporate governance and where there is non-compliance, identify and explain reasons for each such issue? | Yes | Page 14 and 29 - 2020 Annual Report For compliance in CY 2020 Annual Report |
http://www.lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=14 http://www.lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=29 |
| Grp | Item | Questions | Ans | Supporting Documents | Reference Link |
| II. Board Responsibility | |||||
| III | 11.a | Has the Board of Directors reviewed the vision and mission/ strategy in the last financial year? | Yes | Page 17 - 2020 Annual Report | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=17 |
| III | 11.b | Does the Board of Directors monitor/oversee the implementation of the corporate strategy? | Yes | Page 8 - Manual on Corporate Governance | http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=8 |
| III | 13.a | Are the details of the code of ethics or conduct disclosed? | Yes | No Gift Policy Page 9 - Manual on Corporate Governance Page 29 - Personnel Manual |
http://lbp-insurance.com/images/pdf/no-gift-policy.pdf http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=9 http://lbp-insurance.com/images/pdf/personnel-manual.pdf#page=29 |
| III | 13.b | Does the GOCC disclose that all Directors/Commissioners, senior management and employees are required to comply with the code? | Yes | No Gift Policy Page 9 - Manual on Corporate Governance Page 29 - Personnel Manual |
http://lbp-insurance.com/images/pdf/no-gift-policy.pdf http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=9 http://lbp-insurance.com/images/pdf/personnel-manual.pdf#page=29 |
| III | 13.c | Does the company disclose how it implements and monitors compliance with the code of ethics or conduct? | Yes | Page 29 - 2020 Annual Report | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=29 |
| III | 14 | Does the Board appoint a Nomination Compensation / Remuneration Committee? | Yes | Page 24 - 2020 Annual Report | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=24 |
| III | 15 | Did the Nomination Compensation/Remuneration Committee meet at least twice during the year? | Yes | Page 24 - 2020 Annual Report | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=24 |
| III | 16 | If yes, is the report of the Nomination Compensation/Remuneration Committee publicly disclosed? | Yes | Page 25 - 2020 Annual Report | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=25 |
| III | 17 | Does the Board appoint an Audit Committee? | Yes | Page 22 - 2020 Annual Report | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=22 |
| III | 18 | If yes, is the report of the Audit Committee publicly disclosed? | Yes | Page 23 - 2020 Annual Report | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=23 |
| III | 19 | Does at least one member of the Audit Committee have an audit, accounting or finance background (qualification or experience)? | Yes | Page 41 - 2020 Annual Report | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=41 |
| III | 20 | Did the Audit Committee meet at least four times during the year? | Yes | Page 22 - 2020 Annual Report | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=22 |
| III | 21 | Does the Board appoint a Risk Management Committee? | Yes | Page 15 - Manual of Corporate Governance Page 22 - 2020 Annual Report |
http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=15 http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=22 |
| III | 22 | If yes, is the report on Risk Management Committee publicly disclosed? | Yes | Page 23 - 2020 Annual Report | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=23 |
| III | 23 | Does at least one member of the Risk Management Committee have a background in finance and investments? | Yes | Page 41 - 2020 Annual Report | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=41 |
| III | 24.a | Are the Board of Directors meetings scheduled at the beginning of the year? (end of Q1) | Yes | Page 17 - 2020 Annual Report | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=17 |
| III | 24.b | Does the Board of Directors meet at least monthly? | Yes | Page 19 - 2020 Annual Report | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=19 |
| III | 24.c | Did the Board of Directors meet on at least 75% on their scheduled meetings? | Yes | Page 18 - 2020 Annual Report | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=18 |
| III | 24.d | Has each of the directors/commissioners attended at least 90% of all the board meetings held during the year? | Yes | Page 18 - 2020 Annual Report | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=18 |
| III | 24.e | Did the Board of Directors meet separately at least once during the year without the President/CEO present? | No | Page 18 - 2020 Annual Report | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=18 |
| III | 25.a | Does the GOCC have 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? | Yes | Page 17 - 2020 Annual Report | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=17 |
| III | 25.b | Is the Board Secretary trained in legal, accountancy or company secretarial practices? | Yes | Name of Officials Corporate Officers Corporate Secretary |
http://lbp-insurance.com/about-us/name-of-officials |
| III | 26.a | Does the company have a separate internal audit function? | No | GCG Memorandum Order No. 2019-03 | 4LQ9KlXQy7dCYQWKPOwO.pdf (gcg.gov.ph) |
| III | 26.b | Does the appointment and removal of the internal auditor require the recommendation of the Audit Committee? | Yes | Page 21 - 2020 Annual Report | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=21 |
| III | 27.a | Does the company disclose the internal control procedures/risk management systems it has in place? | Yes | Transparency Seal - Risk Management Manual |
http://lbp-insurance.com/images/pdf/risk-management-manual.pdf |
| III | 27.b | Does the Annual Report disclose 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? | Yes | Page 23 - 2020 Annual Report | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=23 |
| III | 27.c | Does the company disclose how key risks are managed? | Yes | See Risk Management Manual | http://lbp-insurance.com/images/pdf/risk-management-manual.pdf |
| III | 27.d | Does the Annual Report contain a statement from the Board of Directors or Audit Committee commenting on the adequacy of the GOCC's internal controls/risk management systems? | Yes | Page 23 - 2020 Annual Report | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=23 |
| III | 28 | Do different persons assume the roles of Chairman and CEO? | Yes | See Name of Officials | http://lbp-insurance.com/about-us/name-of-officials |
| III | 29.a | Does the GOCC have orientation programs for new Directors? | No | No orientation programs for new Directors. | |
| III | 29.b | Does the GOCC have a policy that encourages Directors/Commissioners to attend on-going or continuous professional education programs? | Yes | Page 19 - 2020 Annual Report | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=19 |
| III | 29.c | Did all Appointive Directors attend at least 1 training for the calendar year? | No | Page 19 - 2020 Annual Report | http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=19 |
| III | 30.a | Is an annual performance assessment conducted of the Board of Directors? | No | Page 26 - 2020 Annual Report Complied through GCG IPED |
http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=26 https://gcg.gov.ph/files/enuLgrUXXF9zdRPjgIts.pdf |
| III | 30.b | Does the GOCC disclose the process followed in conducting the Board assessment? | No | Page 26 - 2020 Annual Report Complied through GCG IPED |
http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=26 https://gcg.gov.ph/files/enuLgrUXXF9zdRPjgIts.pdf |
| III | 30.c | Does the GOCC disclose the criteria used in the Board assessment? | No | Page 26 - 2020 Annual Report Complied through GCG IPED |
http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=26 https://gcg.gov.ph/files/enuLgrUXXF9zdRPjgIts.pdf |
| III | 31 | Is an annual performance assessment conducted of the Board of Directors Committees? | No | Page 26 - Annual Report Complied through GCG IPED |
http://lbp-insurance.com/images/pdf/2020-annual-report.pdf#page=26 https://gcg.gov.ph/files/enuLgrUXXF9zdRPjgIts.pdf |
