ASEAN Corporate Governance Scorecard

Level 1 PRIMARY CGS SECTIONS
E.3.12

Does the company disclose its remuneration (fees, allowances, benefit-in-kind and other emoluments) policy/practices (i.e. the use of short term and long term incentives and performance measures) for its executive directors and CEO?

Response

YES. The Company discloses the remuneration of its executive directors and CEO, inlcuding the salary and per diem allowance for directors in aggregate amount.

Each director shall receive a reasonable per diem for his attendance at every meeting of the Board.  Subject to the approval of the stockholders owning at least a majority of the outstanding capital stock, directors may also be granted such compensation (other than per diems) provided however, that the total yearly compensation of directors, as such directors, shall not exceed ten (10%) percent of the net income before income tax of the Corporation during the preceding year . 

The form and amount of Directors’ compensation will be determined and approved by the Compensation and Remuneration Committee in accordance with the policies and principles set forth in its charter, and the Compensation and Remuneration Committee will conduct an annual review of Directors’ compensation.   The remuneration report will differentiate between executive and non-executive compensation.

Likewise, the company and its subsidiaries do not grant personal loans, guarantees or the like to board members. 

 

Reference:

1. 2015 SEC Form 17-A, Executive Compensation, Pages 53-54.

2. Board Charter, Section 9

3. Manual on Corporate Governance, Section 3.2.6

Office of the Chief Compliance Officer
Tel. (632) 888 3000
Fax. (632) 816 7362
Email: dmcihicorpgov@gmail.com