QUESTION
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LINK TITLE
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LINK
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I. Stakeholder Relationships (15%)
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1. Does the GOCC declares a policy that:
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a. Stipulate the existence and scope of its effort to address customer's welfare?
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Page 25 - Manual on Corporate Governance
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http://lbp-insurance.com/CODECORGOV.pdf#page=25 |
b. Elaborate its efforts to interact with the communities in which they operate?
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Page 23 - Manual on Corporate Governance
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http://lbp-insurance.com/CODECORGOV.pdf#page=23
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c. Ensure that its value chain is environmentally friendly or is consistent with promoting sustainable development?
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Page 26 - Manual on Corporate Governance
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http://lbp-insurance.com/CODECORGOV.pdf#page=26
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2. Does GOCC disclose the activities that it has undertaken to implement the above mentioned policies?
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a.Customer Health and Safety
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b.Interaction with the communities
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Memo regarding the donation of LIBI to LCDFI
Page 37 - Annual Report (Corporate Social Responsibility) |
http://lbp-insurance.com/lcdfi.pdf
http://www.lbp-insurance.com/ANNUALREP.pdf#page=37
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c.Environmentally-friendly value chain
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Page 37 - Annual Report (Corporate Social Responsibility) |
http://www.lbp-insurance.com/ANNUALREP.pdf#page=37
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3.Does the GOCC have a separate corporate social responsibility (CSR) report/action or sustainability report section?
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Page 37 - Annual Report (Corporate Social Responsibility)
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http://www.lbp-insurance.com/ANNUALREP.pdf#page=37
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4.Where stakeholder interests are protected by law, stakeholder should
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a.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?
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Page 2 - Citizen Charter
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http://lbp-insurance.com/CITIZEN.pdf#page=2
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5.Performance enhancing mechanisms for employee participation should be permitted to develop
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a.Does the GOCC explicitly mentioned the health, safety and welfare policy for its employee?
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Page 50 - Annual Report
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http://www.lbp-insurance.com/ANNUALREP.pdf#page=50
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b.Does the GOCC publish data relating to health, safety and welfare of its employees?
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Page 50 - Annual Report |
http://www.lbp-insurance.com/ANNUALREP.pdf#page=50
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c.Does the GOCC have training and development programmes for its employees?
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2015 LIBI Seminars and Trainings
Page 26 - Operations Manual (Personnel Manual) |
http://lbp-insurance.com/2015SEMTRAIN.pdf
http://www.lbp-insurance.com/PersManual.pdf#page=26
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d.Does the GOCC publish data on training and development programs for its employees?
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2015 LIBI Seminars and Trainings
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http://lbp-insurance.com/2015SEMTRAIN.pdf
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6.Stakeholders including individual employee and their representative bodies, should be able to freely communicate their concerns about illegal or unethical practices to the board and their rights should not be compromised for doing this
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a.Does the GOCC have procedures for complaints by employees concerning illegal (including corruption) and unethical behavior?
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Guidelines on Whistle Blowing
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http://lbp-insurance.com/WHISTLEBLOWING.pdf
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b.Does the GOCC have procedures to protest an employee/person who reveals illegal/unethical behavior from retaliation?
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Guidelines on Whistle Blowing
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http://lbp-insurance.com/WHISTLEBLOWING.pdf
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II. Disclosure and Transparency (35%)
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7.Quality of Annual Report
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Does the GOCCs annual Report disclose the following items:
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a. Corporate objectives
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2015 Performance Scorecard
Page 4 - Annual Report (Message from the Chairman)
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http://lbp-insurance.com/2015scorecard.pdf
http://www.lbp-insurance.com/ANNUALREP.pdf#page=4
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b. Financial Performance indicators
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Page 9 - 2015 Financial Statement
Page 6-7, 27 - Annual Report (Financial Highlights)
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http://lbp-insurance.com/fs2015.pdf#page=9
http://www.lbp-insurance.com/ANNUALREP.pdf#page=27
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c. Non-financial performance indicators
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2015 Performance Scorecard
Page 13 - Annual Report (2015 Performance Scorecard)
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http://lbp-insurance.com/2015scorecard.pdf
http://www.lbp-insurance.com/ANNUALREP.pdf#page=13
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d. Details of whistle blowing policy
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Whistle Blowing Policy
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http://lbp-insurance.com/WHISTLEBLOWING.pdf
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e. Biographical details (atleast age, qualification, date of first appointment, relevant experiences and any other directorships of listed companies) of directors/commissioners
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Corporate Governance Seal - Board of Directors (Members)
Page 68 - Annual Report (LIBI Board of Directors)
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http://lbp-insurance.com/index6.html
http://www.lbp-insurance.com/ANNUALREP.pdf#page=68
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f. Training and/or continuing education programme attended by each director/commissioner
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Page 15-16 - Annual Report (Trainings and Continuing Education by the Board)
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http://www.lbp-insurance.com/ANNUALREP.pdf#page=15
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8. Is the Annual Report downloadable from the GOCC website?
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Page 2015 Annual Report
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http://www.lbp-insurance.com/ANNUALREP.pdf
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9. Corporate Governance Confirmation Statement
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Does the Annual Report 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 such issue?
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For compliance in CY 2015 Annual Report
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http://www.lbp-insurance.com/ANNUALREP.pdf
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10. Timely filing/release of annual/financial reports
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a. Are the audited annual financial report/statement released within 60 days upon receipt from COA?
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2015 Financial Statement posted on May 4, 2016
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http://www.lbp-insurance.com/fs2015.pdf
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b. Is the annual report released within 90 days from release of audited financial report?
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2015 Annual Report
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http://www.lbp-insurance.com/ANNUALREP.pdf |
c. Is the true and fairness/fair presentation of the annual financial statement/reports affirmed by the board of directors/commissioners and/or the relevant officers of the company?
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Page 5 - 2015 Financial Statement ( Independent Auditor's Report)
Page 39-40 - Annual Report
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http://www.lbp-insurance.com/fs2015.pdf#page=5
http://www.lbp-insurance.com/ANNUALREP.pdf#page=39
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III. Responsibility of the Board (50%)
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11. Corporate Vision/Mission
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a. Has the Board of Directors reviewed the vision and mission/strategy in the last financial year?
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Page 11-12 Annual Report (Board in Action)
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http://www.lbp-insurance.com/ANNUALREP.pdf#page=11
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b. Does the Board of Directors monitor/oversee the implementation of the corporate strategy?
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Page 11-12 Annual Report
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http://www.lbp-insurance.com/ANNUALREP.pdf#page=11 |
12. Did the GOCC achieve 90% in the PES?
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2015 Performance Scorecard
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http://lbp-insurance.com/2015scorecard.pdf
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13. Code of ethics or conduct
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a. Are the details of the code of ethics or conduct disclosed?
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Code of Conduct
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http://lbp-insurance.com/gift.pdf
http://lbp-insurance.com/transparency.html
http://lbp-insurance.com/codeofconduct1.pdf
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b. Does the GOCC disclose that all Directors/Commissioners, senior management and employees are required to comply with the code?
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Page 6 - Manual of Corporate Governance
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http://lbp-insurance.com/CODECORGOV.pdf#page=6
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c. Does the company disclose how it implements and monitors compliance with the code of ethics or conduct?
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Code of Conduct |
http://lbp-insurance.com/codeofconduct1.pdf |
14. Does the Board appoint a Nomination and Compensation/Remuneration Committee?
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Page 14 - Manual of Corporate Governance
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http://lbp-insurance.com/CODECORGOV.pdf#page=14
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15. Did the Nomination and Compensation/Remuneration Committee meet at least twice during the year?
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2015 Nomination & Remuneration Committee Meeting
Page 23 - Annual Report
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http://lbp-insurance.com/2015nomrem.pdf
http://www.lbp-insurance.com/ANNUALREP.pdf#page=23
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16. If yes, is the report of the Nomination and Compensation/Remuneration Committee publicly disclosed?
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2015 Nomination & Remuneration Committee Meeting
Page 23 - Annual Report |
http://lbp-insurance.com/2015nomrem.pdf
http://www.lbp-insurance.com/ANNUALREP.pdf#page=23 |
17. Does the Board appoint an Audit Committee?
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Page 12 - Manual of Corporate Governance
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http://lbp-insurance.com/CODECORGOV.pdf#page=12
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18. If yes, is the report of the Audit Commmittee publicly is closed?
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2015 Audit Committee Activities
Page 20 - Annual Report
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http://lbp-insurance.com/audit.pdf
http://www.lbp-insurance.com/ANNUALREP.pdf#page=20
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19. Does atleast one member of the Audit Committee have an audit, accounting or finance background (qualification or experience)?
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Board of Directors Members
Page 69 - Annual Report
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http://lbp-insurance.com/yolanda.jpg
http://www.lbp-insurance.com/ANNUALREP.pdf#page=69
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20. Did the Audit Committee meet at least four times during the year?
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2015 Audit Committee Meeting
Page 20 - Annual Report
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http://lbp-insurance.com/2014-15auditcomm.pdf
http://www.lbp-insurance.com/ANNUALREP.pdf#page=20
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21. Does the Board appoint a Risk Management Committee?
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Page 15 - Manual of Corporate Governance
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http://lbp-insurance.com/CODECORGOV.pdf#page=15
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22. If yes, is the report on the Risk Management Committee publicly disclosed?
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2015 Risk Committee Activities
Page 24-Annual Report
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http://lbp-insurance.com/risk.pdf
http://www.lbp-insurance.com/ANNUALREP.pdf#page=24
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23. Does atleast one member of the Risk Management Committee have a background in finance and investments?
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Board of Directors Members
Page 73-Annual Report
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http://lbp-insurance.com/teresita.jpg
http://www.lbp-insurance.com/ANNUALREP.pdf#page=73
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24. Board meetings and attendance
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a. Are the Board of Directors meetings scheduled at the beginning of the year? (end of Q1)
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Page 11 - Annual Report
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http://www.lbp-insurance.com/ANNUALREP.pdf#page=11
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b. Does the Board of Directors meet at least monthly?
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GOVERNING BOARD MEETING
Page 14 - Annual Report
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http://lbp-insurance.com/2015attendance.pdf
http://www.lbp-insurance.com/ANNUALREP.pdf#page=14
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c. Did the Board of Directors meet on atleast 75% on their scheduled meetings?
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GOVERNING BOARD MEETING
Page 14 - Annual Report
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http://lbp-insurance.com/2015attendance.pdf
http://www.lbp-insurance.com/ANNUALREP.pdf#page=14 |
d. Has each of the directors/commissioners attended atleast 90% of all the board meetings held during the year?
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GOVERNING BOARD MEETING
Page 14 - Annual Report
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http://lbp-insurance.com/2015attendance.pdf
http://www.lbp-insurance.com/ANNUALREP.pdf#page=14 |
e. Did ther Board of Directors meet separately atleast once during the year without the President/CEO present?
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GOVERNING BOARD MEETING
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http://lbp-insurance.com/2015attendance.pdf
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25. Access to information
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a. Does the GOCC have a policy that stipulates board papers for the Board of Directors/Commissioners meetings be provided to the Board atleast three (3) working days in advance of the board meeting?
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Page 14 - Annual Report
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http://www.lbp-insurance.com/ANNUALREP.pdf#page=14
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b. Is the Board Secretary trained in legal, accountancy or company secretarial practices?
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LIBI CORPORATE OFFICER
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http://lbp-insurance.com/officers.pdf
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26. Internal Audit
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a. Does the company have a separate internal audit function?
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b.Does the appointment and removal of the internal auditor require the approval of the Audit Committee?
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27. Risk Oversight
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a. Does the company disclose the internal control procedures/risk management systems it has in place?
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Transparency Seal - Risk Management Manual
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http://lbp-insurance.com/LIBIriskmgnt.pdf
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b. Does the Annual Report disclose that the Board of Directors/Commissioners has overseen a review of the company's material controls (including operational, financial and compliance controls) and risk management systems?
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Page 24 - Annual Report
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http://www.lbp-insurance.com/ANNUALREP.pdf#page=24
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c. Does the company disclose how key risks are managed?
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Risk Management Manual
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http://lbp-insurance.com/LIBIriskmgnt.pdf
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d. Does the Annual Report contain statement of the Board of Directors or Audit Committee commenting on the adequacy of the GOCC's internal controls/risk management systems?
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Annual Risk & Control Self-Assessment (RCSA)
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http://lbp-insurance.com/2015RCSA.pdf
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28. Board Chairman
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Do different persons assume the roles of the Chairman and CEO?
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LIBI BOD & Corporate Officers
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http://lbp-insurance.com/officers.pdf
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29. Board of Directors Development
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a. Does the GOCC have orientation programmes for new Directors?
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b. Does the GOCC have a policy that encourages directors/Commissioners to attend on-going or continuous professional education programmes?
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Page 15 - Annual Report
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http://www.lbp-insurance.com/ANNUALREP.pdf#page=15
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c. Did all Appointive Directors attend at least one training calendar for the year
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Page 15 - Annual Report |
http://www.lbp-insurance.com/ANNUALREP.pdf#page=15 |
30. Board Appraisal
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a. Is an annual performance assessment conducted of the Board of Directors?
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Complied through GCG IPED
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http://iped.gcg.gov.ph/
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b. Does the GOCC disclose the process followed in conducting the assessment?
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Complied through GCG IPED |
http://iped.gcg.gov.ph/ |
c. Does the GOCC disclose the criteria used in the Board assessment?
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Complied through GCG IPED |
http://iped.gcg.gov.ph/ |
31. Committee Appraisal
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Is an annual performance assessment conducted of the Board of Directors Committees?
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Complied through GCG IPED |
http://iped.gcg.gov.ph/ |
BONUS
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Stakeholder Relationships
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1. Does the GOCC practice Global Reporting Index (GRI) on its annual reports?
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Disclosure and Transparency
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2. Quality of Annual Report
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Are the audited annual financial report/statement released within 30 days upon the receipt from COA?
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Received March 30, 2016 and uploaded May 4, 2016
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PENALTY
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| Responsibilities of the Board |
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1. Are the members of the Board of Directors who hold more than five (5) positions in GOCCs and PLCs?
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| 2. Is there non-compliance with Good Governance Conditions? |
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