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Corporate Governance

Corporate Governance Focus in 2018

  1. Strengthening and alignment of Board governance framework: Alignment of composition and structure of the Board of Directors to BSP Circular No. 969 on Enhanced Corporate Governance Guidelines. In 2018, the number of independent directors increased to five from three. The Chairpersons of Oversight Units (RMOC, AC and CGCOC/RPTCOM) are all independent directors.
     
  2. Adoption of an oversight mechanism for PVB subsidiaries in the areas of Audit, Risk, Compliance, RPT, financial reports and programs of subsidiaries.
     
  3. Communication between Board and Management: Improved the communication line between the Board and the Management to ensure that actions to be taken are properly cascaded and implemented.
     
  4. Strengthening of Anti-Money Laundering (AML) supervision, with the acquisition of AML Base 60.
     
  5. Outsourcing Framework: Expanding the monitoring of outsourcing contracts and ensuring that these contracts are aligned with the outsourcing framework and Manual of Regulation for Banks of the BSP.
     
  6. Enhancing Communication for Effective Governance: Strengthened and enhanced the communication to internal stakeholders via newsletters and review of PVB website to ensure that the Bank is transparent in disclosing information to the public.
     
  7. Increase in client/consumer engagement, website, and through Consumer Affairs and Service Quality Department (CASQD).
     
  8. RPT mechanism for effective oversight, transparency, strong checks and balances, collective accountability: monitoring and creating an RPT database.
     
  9. Manuals upgrade: 58 manuals approved by the Board, of which eight are BSP ROE, six are mission critical, and 44 are others.
     
  10. Self-assessment by and of the Board: setting the tone for accountability and transparency.
     
  11. Board remuneration with the industry and or similar institutions: alignment with actual/measurable Board work and performance (vs. lump-sum allowances, etc.)
     
  12. Social responsibility: Financial assistance to the WWII Veterans’ Federation.

CONTACT US

101 V.A Rufino corner Dela Rosa Street

Legazpi Village, Makati City, Philippines 1229

pvbcares@veteransbank.com.ph

(02) 7 902-1700 or (02) 7 902-1600

Regulated by the Bangko Sentral ng Pilipinas

Philippine Veterans Bank is a proud member of
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