ASEAN Corporate Governance Scorecard

Level 1 PRIMARY CGS SECTIONS
B.4.2

Does the company have a policy requiring a committee of independent directors/commissioners to review material/significant RPTs to determine whether they are in the best interests of the company and shareholders?

Response

YES. The Company’s Policy on Related Party Transactions provides the procedures and clearly defined thresholds for the review, approval and disclosure of related party transactions in order to ensure that they are fair, on arm’s length terms, and in the best interest of the Company and its shareholders, as a whole.

Material related party transactions are reviewed by the Audit Committee, which is composed of the Chairman and two (2) members, all of whom are non-executive and/or independent directors, and subject to the approval by the Board and, as applicable, the shareholders.

Related party transactions are disclosed in the relevant financial reports of the Company as required under Philippine Accounting Standard 24 on Related Party Disclosures and other applicable disclosure requirements.

 

Reference:

1. Website - Corporate Governance/Company Policies/Related Party Transactions Policy, Item 4.2 

2. 2015 Annual Report - Corpporate Governance Section, Related Party Transactions, Page 106

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