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Corporate Governance
Philippine Veterans Bank (PVB) is guided by corporate governance principles anchored on fairness, accountability, transparency, and integrity, which establish a framework for the governance of its Board of Directors and its Management.
Its Corporate Governance Manual was revised in June 2018 to align its governance principles with the Bangko Sentral ng Pilipinas Circular 969 or the Enhanced Corporate Governance Guidelines for BSP-Supervised Financial Institutions. The Bank is prepared to fully comply with the provisions of this regulation.
The Bank, through its Compliance Division, remains dedicated in strengthening its money laundering prevention risk management framework to address regulatory compliance and adopt best practices. Among its initiatives are:
Risk Management
Risk management at PVB is performed as an oversight function that remains part of the second line of defense tasked to establish, maintain and lead the continuing development of the Risk Management Framework, Standards and Policies. First line of defense rests with the Business Units and Line Management responsible to identify, mitigate and manage risks while the third line is Internal Audit, which provides independent assurance on risk assessment and processes.
2018 marked the initial implementation of an Enterprise Risk Management (ERM) at PVB. ERM refers to the culture, capabilities and practices, integrated with strategy setting and its execution, that PVB relies on to manage risk in creating, preserving and realizing its strategic objectives. The Framework provides for a comprehensive management of risks through the process of identifying, measuring, evaluating, mitigating and controlling, monitoring and reporting, as well as stress testing the PVB Group’s material risk exposures. It encompasses the setting of risk appetite and its thresholds.
The Risk Management Division is comprised of four departments: Credit Risk, Market and Liquidity Risk, Operational Risk, and Information Security. While the efficient operation of the division was hampered by a number of vacancies in 2017, the Bank’s onboarding in 2018 of experienced professionals in key risk management positions has raised the bar for PVB. The Bank continues to exert efforts in attracting new and experienced personnel to complete its manpower complement. Furthermore, the Bank always seeks to align with regulatory developments, best practices , and overall good governance.
Internal Audit
Internal Audit provides:
Key Focus in 2018:
The Bank’s Remuneration Committee assists the Board by recommending and overseeing the implementation of programs for the remuneration of the members of the Board of Directors and Senior Management. Directors receive per diems for attendance in meetings of the Board and its committees in accordance with the Bank’s By-Laws but do not receive compensation for services rendered. The Bank’s key executives and officers receive salaries, bonuses, and other standard bank benefits and fringe benefit loan program, as approved by the BSP, in accordance with the performance management philosophy of the Bank based on meritocracy or pay for performance.
...PVB strives to be agile and responsive in providing financial services to its clients. It strictly adheres to the BSP Regulation on Financial Consumer Protection (BSP Circular No. 857) in providing “an enabling environment that protects the interest of financial consumers and institutionalizes the responsibilities of all stakeholders." As such, the Bank upholds the following consumer rights, as provided for under the Circular:
Right to information. The consumer has the right to be protected against fraudulent, dishonest or misleading advertising, labelling, promotion and the right to be given the facts and information needed to make an informed choice and to guide him in his dealings with the bank. Full disclosure and utmost transparency through ready access to information shall be a critical part in every transaction.
Right to choose. The consumer has the right to choose products at competitive prices with an assurance of satisfactory quality.
Right to redress. The consumer has the right to seek redress for misrepresentation, breach of contractual obligations, shoddy goods or unsatisfactory services.
Right to education. The consumer has the right to be adequately educated regarding features, terms, systems and procedures, and inherent risks of bank products and services, and his responsibilities as well.
PVB has a customer assistance mechanism that handles customer feedback and complaints towards improved customer experience. This mechanism covers processes and procedures in receiving, processing, evaluating, monitoring, interpreting, and resolving customer feedback and
complaints sent received through the following channels: branch, email, phone, and website,
All customer-facing departments are in charge of undertaking all necessary activities to address, resolve and report customer complaints within the prescribed turn-around-time of the Bank.
...1. Santiago*
2. Baliuag*
3. Lipa
4. Baguio*
5. Cabanatuan
6. Timog
7. Pasay*
8. Dumaguete*
9. San Fernando
10. Imus*
*Consistent awardees
...In 2018, PVB Management shifted to high gear in operationalizing the newly created Veterans Affairs Office (VAO). With the appointment of a VAO Head, the Bank sought out World War II veterans and/or their heirs/descendants who had remained inactive stockholders of the Bank, numbering more than 200,000.
In October 2018, in line with its Stock Rights Offerings, PVB undertook roadshow presentations in seven cities/provinces in coordination with the Bank branches, the Veterans Federation of the Philippines (VFP), and Sons and Daughters Association, Inc. (SDAI).The seven areas were: Iloilo City, Iloilo; Paniqui, Tarlac; Davao City, Davao; Tacloban City, Leyte; Dasmarinas City, Cavite; Lucena City, Quezon; and Cebu City, Cebu.
As a result of these efforts, PVB was able to locate 218 inactive stockholders from January to December 2018, and updated their or their heirs/descendants’ current addresses.
Over the long term, the Bank hopes to establish an updated database that contains more useful information about the veterans and/or their heirs/descendants. Through the database, the Bank will be able to strengthen its relationship with its veteran-stockholders through a more personal interaction with their respective families and by engaging them in Bank activities and programs to maximize the benefits they receive as WWII veterans.
...The Bank continuously provides financial assistance to the Board of Trustees of the Veterans of World War II (BTVWWII). This fund shall be available for “grants-in-aid” to veterans, their heirs, orphans and compulsory heirs, for educational, social, charitable and rehabilitation purposes, as well as to organizations doing service for the cause of the veterans, and for such other purposes beneficial to the veterans. It is also used to sustain the continuous operation of the BTVWWII Out-patient Clinic, Museum, Archives and Theater.
...PVB respects the rights of shareholders, as provided for in the Corporation Code, to wit:
The Bank announces in advance the venue, date, time, and agenda of the annual shareholders’ meeting, discussion of each agenda item requiring shareholders’ approval, provides opportunities to ask questions and/or raise issues. It has a method of voting, including disclosure of voting results.
Recognizing the need of shareholders for accurate and updated information, the PVB corporate web site (www.veteransbank.com.ph) contains information about the Bank’s financial condition, product and services, annual reports, news, announcements, and other valuable information. Through this website, shareholders (and other stakeholders for that matter) may request/inquire relevant information; raise questions or concerns through the contact details provided for in the website.
...As a matter of policy, the Bank treats all its shareholders equally or without discrimination. Likewise, the Bank gives its shareholders the right to participate in shareholders meetings and to be informed of matters that relate directly to the business of the Bank.
The Bank owes its very existence to the hundreds of thousands of World War II veterans and their families, who are also the Bank’s shareholders. In upholding its unique legacy, PVB has embraced as part of its values and beliefs the principles of moral integrity, professionalism, and honor as demonstrated by our Filipino veterans of World War II, our nation’s heroes.
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