Philam Life Annual Report 2012

CORPORATE GOVERNANCE REPORTImplementing sound corporate governance principles is apriority of Philam Life. Accordingly, it made various stepsnecessary to bring the Company in compliance with ICCircular Letter No. 31-2005 issued by the Insurance Commissionon September 26, 2005. Following the submissionof the manual of Corporate Governance in 2009, Philam Lifesubmits annually its Corporate Governance Scorecard incompliance with IC Circular Letter No. 21-2009. Philam Lifeaims to adhere to best practices in Corporate Governance.Board ChairmanThe Board Chairman’s other significant commitments areas follows:- Non-Executive Chairman, AIA Group Limited- Non-Executive Director, PCCW Ltd.- Non-Executive Director, PICC Property &Casualty Co. Ltd.- Director & President, AIA Foundation- Non-Executive Chairman, PineBridgeInvestments Asia Limited- Advisor - Asia-Pacific Advisory Council,Chartis Singapore Insurance Pte. Ltd.Board CommitteesExecutive CommitteeGordon T. Watson-ChairmanRex Ma. A. Mendoza-Vice-ChairmanReynaldo C. CentenoCesar A. BuenaventuraAtty. Ricardo J. RomuloInvestment CommitteeJohn Chu – Ex-Officio ChairmanJose L. Cuisia, Jr.Rex Ma. A. MendozaCesar A. BuenaventuraFrancis G. EstradaOmar T. CruzReynaldo C. CentenoAndreas RosenthalMaria Victoria C. LimArleen May S. GuevaraAudit CommitteeCesar A. Buenaventura–ChairmanWashington Z. SyCipFrancis G. EstradaCompensation CommitteeEdmund S. W. Tse–ChairmanWashington Z. SyCipGordon T. WatsonNomination & Governance CommitteeEdmund S. W. Tse-ChairmanFrancis G. EstradaJose L. Cuisia, Jr.Gordon T. WatsonBoard Risk CommitteeFrancis G. Estrada–ChairmanAtty. Ricardo J. RomuloRex Ma. A. MendozaReynaldo C. CentenoOmar T. CruzBoard Meetings in 2012The Board meets at least four times a year. The directorsreceive the meeting pack five days in advance. The meetingpack includes information on the Company’s operation andminutes of Board Committee meetings held since the lastBoard meeting.The presence of at least six (6) out of eleven (11) directorsis necessary to have a quorum and the affirmative votes ofthe majority of the directors present are required to decidea matter except where the law or the by-laws require ahigher number.The Board exercises the discretionary powers and overseesthe management of the Company.The number of meetings held in 2012 and the overallattendance rate are as follows:Board Meeting- met six times with overall attendance rate of 99.97%.Audit Committee- met four times with overall attendance rate of 100%.Nomination and Governance Committee-met twice in 2012 with overall attendance rate of 100%.Remuneration & Compensation Committee- met twice in 2012 with overall attendance rate of 100%.19