ASEAN Corporate Governance Scorecard

Level 1 PRIMARY CGS SECTIONS
E.2.5

Are the independent directors/commissioners independent of management and major/ substantial shareholders?

Response

YES.  The independent directors are independent of management and major shareholders.  To further ensure independence from substantial shareholders, the Board of Directors of the Company approved the amendment of the By-Laws last May 14, 2015 to specifically provide that an independent director should be independent of management and substantial shareholders. The foregoing amendment has been ratified by the stockholders last on July 29, 2015. 

The incumbent independent directors of the Company have never been part of the management and are independent of, and have no business or other relationship with, the substantial shareholders of the company. 

 

References:

1. Website/Corporate Governance/Manual on Corporate Governance

2. Website/Corporate Governance/Board Charter, Section 1 Item 5, Page 2 – Independence

3. PSE EDGE Disclosure - Board Meeting Results, May 14, 2015.

Office of the Chief Compliance Officer
Tel. (632) 888 3000
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Email: dmcihicorpgov@gmail.com