Corporate Governance
Corporate Governance Scorecard for GOCCs Questionnaire

Stakeholder Relationships

QUESTION LINK SOURCE

1. Does the GOCC disclosure a policy that:
  • Stipulates the existence and scope of its effort to address customer's welfare?





  • Elaborates its efforts to interact with the communities in which they operate?






  • Ensure that its value chain is environmentally friendly or is consistent with promoting sustainable development.


Yes. Please see entire Section 7 Corporate Social Responsibility (CSR) and Relations with Stakeholders of the Manual of Corporate Governance (pages 24 to 28).

Yes. Please see Section 7.2 CSR Principles of the Manual of Corporate Governance (page 25 to 26) identified PSALM's policy and guidelines on Corporate Social Responsibility.

Yes. Please see link on the promotion of sustainable development policy of PSALM, as stipulated in Section 7.8 Environment of Manual of Corporate Governance (page 28).

2. Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies?
  • Customer health and safety






  • Interaction with the communities






  • Environmentally-friendly value chain



Yes. To ensure the health and safety of its customers, PSALM conducted activities on power plant safety precautions, reflecting Customer Health, Safety and Welfare.

Yes. PSALM held activities involving community interaction relative to policies on Customer Health, Safety and Welfare (please see activities through the links).

Yes. PSALM implemented projects and activities relative to its environmental policy.


3. Does the GOCC have a separate corporate social responsibility (CSR) report/section or sustainability report/section?


Yes. PSALM has activities devoted to CSR and Gender and Development (GAD) pursuits (please see links).



4. Where stakeholder interests are protected by law, stakeholders should have the opportunity to obtain effective redress for violation of their rights
  • Does the GOCC provide contact details via the companys website or Annual Report which stakeholders (e.g. customers, suppliers, general public, etc.) can use to voice their concerns and/or complaints for possible violation of their rights?


Yes. PSALM has a feedback system for addressing issues and complaints. Contact Us section
Concerns routed via infos@psalm.gov.ph are relayed to concerned unit/s.


5. Performance-enhancing mechanisms for employee participation should be permitted to develop.
  • Does the GOCC explicitly mention the health, safety and welfare policy for its employees?





  • Does the GOCC publish data relating to health, safety and welfare of its employees?





  • Does the GOCC have training and development programmes for its employees?

  • Does the GOCC publish data on training and development programs for its employees?




Yes. Please see Section 7.7 (page 28) of the Corporate Governance Manual, identified PSALM''s Health, Safety and Welfare Policy for its employees, outside contractors and visitors.

Yes. Please see link on PSALM's drug testing, COVID immunization, and provision of multivitamins as part of its Health and Wellness Programs in 2021.

Yes. Please see link on various trainings.

Yes. Please see number of participants and learning outcomes data.

6. Stakeholders including individual employee and their representative bodies, should be able to freely communicate their concems about illegal or unethical practices to the board and their rights should not be compromised for doing this.
  • Does the GOCC have procedures for complaints by employees concerning illegal (including corruption) and unethical behavior?






  • Does the GOCC have procedures to protect an employee/person reveals illegal/unethical behavior from retaliation?





Yes. See Section 10 of the Whistleblowing Policy titled: Procedure on Handling Whistleblowing Reports and Section 11, titled: Final Actions on Whistleblowing Reports.


Yes. Please see Section 8 of the Whistleblowing Policy (Protection Against Retaliation).

Disclosure and Transparency

QUESTION LINK SOURCE

7. Quality of the Annual Report.
Does the GOCC’s AR disclose the following items:
  • Corporate Objectives




  • Financial performance indicators




  • Non-financial performance indicators




  • Details of whistleblowing policy





  • Biographical details (at least age, qualifications, date of first appointment, relevant experience, and any other directorships of listed companies) of directors/commissioners

  • Training and/or continuing education programme attended by each director/comomissioner



Yes. Please see PSALM's corporate objectives manifested in the 2023 Performance Scorecard.

Yes. Please see PSALM's 2023 Performance Scorecard inclusive of financial strategic measures.

Yes. Please see PSALM's 2023 Performance Scorecard includes non-financial strategic measures.

Yes. Please see details of the Whistle-Blowing Policy and the actual procedures disclosed in the Whistle-Blowing Manual of PSALM.

Yes. See link on biographical details disclosed in the PSALM website.

Yes. Please see disclosed 2023 Trainings and/or Continuing Education Programme of ex-officio and appointive Directors.


8. Are the Annual Reports downloadable from the GOCC's website?


Yes


9. Corporate Govemance Confirmation Statement
  • Does the Annual Report contain a statement confirming the company's full compliance with the code of corporate govemance and where there is non-compliance, identify and explain reasons for each such issue?



Yes. Please see Corporate Governance Compliance Statement.


10. Timely filing/release of annual/financial report
  • Are the audited annual financial report/statement released within 60 days upon receipt from COA?

  • Is the annual report released within 90 days from release of audited financial report?

  • Is the true and fairness/fair representation of the annual financial statement/reports affirmed by the board of directors/commissioners and/or the relevant officers of the company?





Responsibilities of the Board

QUESTION LINK SOURCE

11. Corporate Vision/Mission
  • Has the Board of Directors reviewed the vision and mission/ strategy in the last financial year?




  • Does the Board of Directors monitor/oversee the implementation of the corporate strategy?

Yes. On 28 September 2022, the PSALM Board, through, Board Resolution 2022-0928-05 approved PSALM’s CY 2023 Charter Statement and Strategy Map (PES Form 1).

Yes. Please refer to Section 3.1(n) of the PSALM Manual of Corporate Governance (page 9).


12. Did the GOCC achieve 90% in the PES?


Performance Evaluation System

13. Code of ethics / conduct
  • Are the details of the code of ethics or conduct disclosed?




  • Does the GOCC disclose that all Directors/Commissioners, senior management and employees are required to comply with the code?

  • Does the company disclose how it implements and monitors compliance wilh the code of ethics or conduct?


Yes. Please see Code of Ethics for plantilla and non-plantilla personnel included in the PSALM Handbook.

Yes. Please see Section 3.2 in page 10 of the Manual on Corporate Governance.

Yes. Please see Handbook on Code of Ethics.


14. Does the Board appoint a Nomination and Compensation / Remuneration Committee?


Yes. Please refer to link.


15. Did the Nomination and Compensation / Remuneration Committee meet at least twice during the year?


Yes. Please see link on attendance posted in the website.


16. lf yes, is the report of the Nomination and Compensation/Renumeration Committee publicly disclosed?


Yes. Please see link on BRC Reports.


17. Does the Board appoint an Audit Committee?


Yes. Please see links on PSALM Board-Audit Committee members.


18. lf yes, is the report of the Audit Committee publicly disclosed?


Yes. Please see Report of the Audit Committee publicly disclosed.


19. Does at least one member of the Audit Committee have an audit, accounting or finance background (qualification or experience)?


Yes. Please see link on Members of the Audit Committee.
DOF, DOE, DBM, DTI NEDA,


20. Did the Audit Committee meet at least four times during the year?


Yes. Please see link on Audit Committee Meetings. DOF, DOE, DBM, NEDA, DOJ, DTI, PSALM


21. Does the Board appoint a Risk Management Committee?


Yes. Please see link on Risk Management Committee.


22 If yes, is the report on Risk Management Committee publicly disclosed?


Yes. Please see Report of the Board Review Committee acting as Risk Management Committee.


23. Does at least one member of the Risk Management Committee have a background in finance and investments?


Yes. Please see link. DOF, NEDA, DTI


24. Board meetings and attendance
  • Are the Board of Directors meetings scheduled at the beginning of the year?(end of Q1)

  • Does the Board of Directors meet at least monthly?




  • Did the Board of Directors meet on at least 75% on their scheduled meetings?

  • Has each of the directors/commissioners attended at least 90% of all the board meetings held during the year?



  • Did the Board of Directors meet separately at least once during the year without the President/CEO present?



Yes. Please see scheduled meetings for CY 2023.

Yes. Please link on monthly meetings held in CY 2023 DOF, DOE, DBM, NEDA, DOJ, DTI, PSALM

Yes. Please see link.


No. Two out of seven attended at least 90% of all the Board Meetings held during the year (see link).

Yes. Please see link on first meeting, held on 24 May 2023 conducted without the PCEO.


25. Access to information
  • Does the GOCC have a policy that stipulates board papers for Board of Directors/Commissioners meetings be provided to the Board atleast three (3) working days in advance of the board meeting?

  • ls the Board Secretary trained in legal, accountancy or company secretarial practices?



Yes. See link and proceed to Item 3.8 of PSALM's Manual for Corporate Governance.


Yes. Please see link on Board Secretary, Atty. Lorenzo Jared J. Briones.


26. Internal Audit
  • Does the company have a separate internal audit function?



  • Does the appointment and removal of the intemal auditor require the approval of the Audit Committee?



Yes. Please see link on separate internal audit function.
Organizational Chart

Yes. See link on Board Resolution No. 07-35 (2007).


27. Risk Oversight
  • Does the company disclose the intemal control procedures/risk management systems it has in place?



  • Does the Annual Report disclose that the Board of Directors/Commissioners has overseen a review of the company's material controls (including operational, financial and compliance controls) and risk management systems?

  • Does the company disclose how key risks are managed?


  • Does the Annual Report contain a statement from the Board of Directors or Audit Committee commenting on the adequacy of the GOCC's internal controls/risk management svstems?



Yes. Please refer to links on PSALM Enterprise Risk Management (ERM) Manual
and ERM System

Yes. Please see link on Board review and comment on PSALM's Risk Management System.

Yes. Please see link on PSALM's management of key risks.

Yes. See link for statement on internal controls / risk management systems.


28. Board Chairman
  • Do different persons assume the roles of Chairman and CEO?



Yes. Please refer to link.


29. Board of Directors Development
  • Does the GOCC have orientation programmes for new Directors?

  • Does the GOCC have a policy that encourages Directors/Commissioners to attend on-going or continuous professional education programmes?

  • Did all Appointive Directors attend at least 1 training for the calendar year?



Yes. Please refer to link on orientation programs.

Yes. Please see link on Section 10.3 of the PSALM Manual of Corporate Governance.

Yes. Please refer to link on training.


30. Board Appraisal
  • Is an annual performance assessment conducted of the Board of Directors?


  • Does the GOCC disclose the process followed in conducting the Board assessment?


  • Does the GOCC disclose the criteria used in the Board assessment?



Yes. See link on annual performance assessment.

Yes. See link on process in Conducting the Board Assessment.

Yes. See link on the criteria used in the assessment.


31. Committee Appraisal
  • Is an annual performance assessment conducted of the Board of Directors Committees?



Yes. Please refer to link on Performance Assessment for the Committees for CY2023.

Bonus

QUESTION LINK SOURCE

Stakeholder Relationships

1. Does the GOCC practice Global Reporting lndex (GRl) on its annual reports?



Disclosure and Transparency

2. Quality of Annual Report
  • Are the audited annual financial report/statement released within 30 days upon the receipt from COA?


Penalty

QUESTION LINK SOURCE

Responsibilities of the Board

1. Are there members of the Board of Directors who hold more than five (5) positions in GOCCs and PLCs?



2. ls there non-compliance with Good Govemance Conditions?


Stakeholder Relationships

QUESTION LINK SOURCE

1. Does the GOCC disclosure a policy that:
  • Stipulates the existence and scope of its effort to address customer's welfare?





  • Elaborates its efforts to interact with the communities in which they operate?






  • Ensure that its value chain is environmentally friendly or is consistent with promoting sustainable development.


Yes. Please see entire Section 7 Corporate Social Responsibility (CSR) and Relations with Stakeholders of the Manual of Corporate Governance (pages 24 to 28).

Yes. Please see Section 7.2 CSR Principles of the Manual of Corporate Governance (page 25 to 26) identified PSALM's policy and guidelines on Corporate Social Responsibility.

Yes. Please see link on the promotion of sustainable development policy of PSALM, as stipulated in Section 7.8 Environment of Manual of Corporate Governance (page 28).

2. Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies?
  • Customer health and safety






  • Interaction with the communities






  • Environmentally-friendly value chain



Yes. To ensure the health and safety of its customers, PSALM conducted activities on power plant safety precautions, reflecting Customer Health, Safety and Welfare.

Yes. PSALM held activities involving community interaction relative to policies on Customer Health, Safety and Welfare (please see activities through the links).

Yes. PSALM implemented projects and activities relative to its environmental policy.


3. Does the GOCC have a separate corporate social responsibility (CSR) report/section or sustainability report/section?


Yes. PSALM has activities devoted to CSR and Gender and Development (GAD) pursuits (please see link).



4. Where stakeholder interests are protected by law, stakeholders should have the opportunity to obtain effective redress for violation of their rights
  • Does the GOCC provide contact details via the companys website or Annual Report which stakeholders (e.g. customers, suppliers, general public, etc.) can use to voice their concerns and/or complaints for possible violation of their rights?


Yes. PSALM has a feedback system for addressing issues and complaints. Contact Us section
Concerns routed via infos@psalm.gov.ph are relayed to concerned unit/s.


5. Performance-enhancing mechanisms for employee participation should be permitted to develop.
  • Does the GOCC explicitly mention the health, safety and welfare policy for its employees?





  • Does the GOCC publish data relating to health, safety and welfare of its employees?





  • Does the GOCC have training and development programmes for its employees?

  • Does the GOCC publish data on training and development programs for its employees?




Yes. Please see Section 7.7 (page 28) of the Corporate Governance Manual, identified PSALM''s Health, Safety and Welfare Policy for its employees, outside contractors and visitors.

Yes. Please see link on PSALM's drug testing, COVID immunization, and provision of multivitamins as part of its Health and Wellness Programs in 2021.

Yes. Please see link on various trainings.

Yes. Please see number of participants and learning outcomes data.

6. Stakeholders including individual employee and their representative bodies, should be able to freely communicate their concems about illegal or unethical practices to the board and their rights should not be compromised for doing this.
  • Does the GOCC have procedures for complaints by employees concerning illegal (including corruption) and unethical behavior?






  • Does the GOCC have procedures to protect an employee/person reveals illegal/unethical behavior from retaliation?





Yes. See Section 10 of the Whistleblowing Policy titled: Procedure on Handling Whistleblowing Reports and Section 11, titled: Final Actions on Whistleblowing Reports.


Yes. Please see Section 8 of the Whistleblowing Policy (Protection Against Retaliation).

Disclosure and Transparency

QUESTION LINK SOURCE

7. Quality of the Annual Report.
Does the GOCC’s AR disclose the following items:
  • Corporate Objectives




  • Financial performance indicators




  • Non-financial performance indicators




  • Details of whistleblowing policy





  • Biographical details (at least age, qualifications, date of first appointment, relevant experience, and any other directorships of listed companies) of directors/commissioners

  • Training and/or continuing education programme attended by each director/comomissioner



Yes. Please see PSALM's corporate objectives manifested in the 2021 Performance Scorecard.

Yes. Please see PSALM's 2021 Performance Scorecard inclusive of financial strategic measures.

Yes. Please see PSALM's 2021 Performance Scorecard includes non-financial strategic measures.

Yes. Please see details of the Whistle-Blowing Policy and the actual procedures disclosed in the Whistle-Blowing Manual of PSALM.

Yes. See link on biographical details disclosed in the PSALM website.

Yes. Please see disclosed 2021 Trainings and/or Continuing Education Programme of ex-officio and appointive Directors.


8. Are the Annual Reports downloadable from the GOCC's website?


Yes


9. Corporate Govemance Confirmation Statement
  • Does the Annual Report contain a statement confirming the company's full compliance with the code of corporate govemance and where there is non-compliance, identify and explain reasons for each such issue?



Yes. Please see Corporate Governance Compliance Statement.


10. Timely filing/release of annual/financial report
  • Are the audited annual financial report/statement released within 60 days upon receipt from COA?

  • Is the annual report released within 90 days from release of audited financial report?

  • Is the true and fairness/fair representation of the annual financial statement/reports affirmed by the board of directors/commissioners and/or the relevant officers of the company?





Responsibilities of the Board

QUESTION LINK SOURCE

11. Corporate Vision/Mission
  • Has the Board of Directors reviewed the vision and mission/ strategy in the last financial year?




  • Does the Board of Directors monitor/oversee the implementation of the corporate strategy?

Yes. On 22 July 2020, the PSALM Board, through, Board Resolution 2020-0722-04 approved PSALM’s CY 2021 Charter Statement and Strategy Map (PES Form 1).

Yes. Please refer to Section 3.1(n) of the PSALM Manual of Corporate Governance (page 9).


12. Did the GOCC achieve 90% in the PES?


Performance Evaluation System

13. Code of ethics / conduct
  • Are the details of the code of ethics or conduct disclosed?




  • Does the GOCC disclose that all Directors/Commissioners, senior management and employees are required to comply with the code?

  • Does the company disclose how it implements and monitors compliance wilh the code of ethics or conduct?


Yes. Please see Code of Ethics for plantilla and non-plantilla personnel included in the PSALM Handbook.

Yes. Please see Section 3.2 in page 10 of the Manual on Corporate Governance.

Yes. Please see Handbook on Code of Ethics.


14. Does the Board appoint a Nomination and Compensation / Remuneration Committee?


Yes. Please refer to link.


15. Did the Nomination and Compensation / Remuneration Committee meet at least twice during the year?


Yes. Please see link on attendance posted in the website.


16. lf yes, is the report of the Nomination and Compensation/Renumeration Committee publicly disclosed?


Yes. Please see link on BRC Reports.


17. Does the Board appoint an Audit Committee?


Yes. Please see links on PSALM Board-Audit Committee members.


18. lf yes, is the report of the Audit Committee publicly disclosed?


Yes. Please see Report of the Audit Committee publicly disclosed.


19. Does at least one member of the Audit Committee have an audit, accounting or finance background (qualification or experience)?


Yes. Please see link on Members of the Audit Committee.
DOF, NEDA, DTI


20. Did the Audit Committee meet at least four times during the year?


Yes. Please see link on Audit Committee Meetings. DOF, DOE, DBM, NEDA, DOJ, DTI, PSALM


21. Does the Board appoint a Risk Management Committee?


Yes. Please see link on Risk Management Committee.


22 If yes, is the report on Risk Management Committee publicly disclosed?


Yes. Please see Report of the Board Review Committee acting as Risk Management Committee.


23. Does at least one member of the Risk Management Committee have a background in finance and investments?


Yes. Please see link. DOF, NEDA, DTI


24. Board meetings and attendance
  • Are the Board of Directors meetings scheduled at the beginning of the year?(end of Q1)

  • Does the Board of Directors meet at least monthly?




  • Did the Board of Directors meet on at least 75% on their scheduled meetings?

  • Has each of the directors/commissioners attended at least 90% of all the board meetings held during the year?


  • Did the Board of Directors meet separately at least once during the year without the President/CEO present?



Yes. Please see scheduled meetings for CY 2021.

Yes. Please link on monthly meetings held in CY 2021 DOF, DOE, DBM, NEDA, DTI, DOJ, PSALM

Yes. Please see link.

No. Four out of seven attended at least 90% of all the Board Meetings held during the year (see link).

Yes. Please see link on first meeting, held on 23 June 2021 conducted without the PCEO.


25. Access to information
  • Does the GOCC have a policy that stipulates board papers for Board of Directors/Commissioners meetings be provided to the Board atleast three (3) working days in advance ofthe board meeting?

  • ls the Board Secretary trained in legal, accountancy or company secretarial practices?



Yes. See link and proceed to Item 3.8 of PSALM's Manual for Corporate Governance.


Yes. Please see link on Board Secretary, Atty. Maria Belen P. Montes-Nera. Board Meeting


26. Internal Audit
  • Does the company have a separate internal audit function?



  • Does the appointment and removal of the intemal auditor require the approval of the Audit Committee?



Yes. Please see link on separate internal audit function.
Organizational Chart

Yes. See link on Board Resolution No. 07-35 (2007).


27. Risk Oversight
  • Does the company disclose the intemal control procedures/risk management systems it has in place?



  • Does the Annual Report disclose that the Board of Directors/Commissioners has overseen a review of the company's material controls (including operational, financial and compliance controls) and risk management systems?



  • Does the company disclose how key risks are managed?


  • Does the Annual Report contain a statement from the Board of Directors or Audit Committee commenting on the adequacy of the GOCC's internal controls/risk management svstems?



Yes. Please refer to links on PSALM Enterprise Risk Management (ERM) Manual
and ERM System

Yes. Please see link on Board Resolution No. 2021-1124-04 showing that the Board reviewed PSALM's Material Controls and Risk Management System.

Yes. Please see link on PSALM's management of key risks.


Yes. See link for statement on internal controls / risk management systems.


28. Board Chairman
  • Do different persons assume the roles of Chairman and CEO?



Yes. Please refer to link.


29. Board of Directors Development
  • Does the GOCC have orientation programmes for new Directors?

  • Does the GOCC have a policy that encourages Directors/Commissioners to attend on-going or continuous professional education programmes?

  • Did all Appointive Directors attend at least 1 training for the calendar year?



Yes. Please refer to link on orientation programs.

Yes. Please see link on Section 10.3 of the PSALM Manual of Corporate Governance.

Yes. Please refer to link on training.


30. Board Appraisal
  • Is an annual performance assessment conducted of the Board of Directors?


  • Does the GOCC disclose the process followed in conducting the Board assessment?


  • Does the GOCC disclose the criteria used in the Board assessment?



Yes. See link on annual performance assessment.


Yes. See link on process in Conducting the Board Assessment.

Yes. See link on the criteria used in the assessment.


31. Committee Appraisal
  • Is an annual performance assessment conducted of the Board of Directors Committees?



Yes. Please refer to link on Performance Assessment for the Committees for CY2021.

Bonus

QUESTION LINK SOURCE

Stakeholder Relationships

1. Does the GOCC practice Global Reporting lndex (GRl) on its annual reports?



Disclosure and Transparency

2. Quality of Annual Report
  • Are the audited annual financial report/statement released within 30 days upon the receipt from COA?


Penalty

QUESTION LINK SOURCE

Responsibilities of the Board

1. Are there members of the Board of Directors who hold more than five (5) positions in GOCCs and PLCs?



2. ls there non-compliance with Good Govemance Conditions?


Stakeholder Relationships

QUESTION LINK SOURCE

1. Does the GOCC disclosure a policy that:
  • Stipulates the existence and scope of its effort to address customer's welfare?





  • Elaborates its efforts to interact with the communities in which they operate?






  • Ensure that its value chain is environmentally friendly or is consistent with promoting sustainable development.


Yes. Please see entire Section 7 Corporate Social Responsibility (CSR) and Relations with Stakeholders of the Manual of Corporate Governance (pages 24 to 28).

Yes. Please see Section 7.2 CSR Principles of the Manual of Corporate Governance (page 25 to 26) identified PSALM's policy and guidelines on Corporate Social Responsibility.

Yes. Please see link on the promotion of sustainable development policy of PSALM, as stipulated in Section 7.8 Environment of Manual of Corporate Governance (page 28).

2. Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies?
  • Customer health and safety






  • Interaction with the communities






  • Environmentally-friendly value chain



Yes. To ensure the health and safety of its customers, PSALM conducted activities on power plant safety precautions, reflecting Customer Health, Safety and Welfare.

Yes. PSALM held activities involving community interaction relative to policies on Customer Health, Safety and Welfare (please see activities through the links).

Yes. PSALM implemented projects and activities relative to its environmental policy.


3. Does the GOCC have a separate corporate social responsibility (CSR) report/section or sustainability report/section?


Yes. PSALM has activities devoted to CSR and Gender and Development (GAD) pursuits (please see link).



4. Where stakeholder interests are protected by law, stakeholders should have the opportunity to obtain effective redress for violation of their rights
  • Does the GOCC provide contact details via the companys website or Annual Report which stakeholders (e.g. customers, suppliers, general public, etc.) can use to voice their concerns and/or complaints for possible violation of their rights?


Yes. PSALM has a feedback system for addressing issues and complaints. Contact Us section
Concerns routed via infos@psalm.gov.ph are relayed to concerned unit/s.


5. Performance-enhancing mechanisms for employee participation should be permitted to develop.
  • Does the GOCC explicitly mention the health, safety and welfare policy for its employees?





  • Does the GOCC publish data relating to health, safety and welfare of its employees?





  • Does the GOCC have training and development programmes for its employees?

  • Does the GOCC publish data on training and development programs for its employees?




Yes. Please see Section 7.7 (page 28) of the Corporate Governance Manual, identified PSALM''s Health, Safety and Welfare Policy for its employees, outside contractors and visitors.

Yes. Please see link on PSALM's drug testing, COVID immunization, and provision of multivitamins as part of its Health and Wellness Programs in 2021.

Yes. Please see link on various trainings.

Yes. Please see number of participants and learning outcomes data.

6. Stakeholders including individual employee and their representative bodies, should be able to freely communicate their concems about illegal or unethical practices to the board and their rights should not be compromised for doing this.
  • Does the GOCC have procedures for complaints by employees concerning illegal (including corruption) and unethical behavior?






  • Does the GOCC have procedures to protect an employee/person reveals illegal/unethical behavior from retaliation?





Yes. See Section 10 of the Whistleblowing Policy titled: Procedure on Handling Whistleblowing Reports and Section 11, titled: Final Actions on Whistleblowing Reports.


Yes. Please see Section 8 of the Whistleblowing Policy (Protection Against Retaliation).

Disclosure and Transparency

QUESTION LINK SOURCE

7. Quality of the Annual Report.
Does the GOCC’s AR disclose the following items:
  • Corporate Objectives




  • Financial performance indicators




  • Non-financial performance indicators




  • Details of whistleblowing policy





  • Biographical details (at least age, qualifications, date of first appointment, relevant experience, and any other directorships of listed companies) of directors/commissioners

  • Training and/or continuing education programme attended by each director/comomissioner



Yes. Please see PSALM's corporate objectives manifested in the 2021 Performance Scorecard.

Yes. Please see PSALM's 2021 Performance Scorecard inclusive of financial strategic measures.

Yes. Please see PSALM's 2021 Performance Scorecard includes non-financial strategic measures.

Yes. Please see details of the Whistle-Blowing Policy and the actual procedures disclosed in the Whistle-Blowing Manual of PSALM.

Yes. See link on biographical details disclosed in the PSALM website.

Yes. Please see disclosed 2021 Trainings and/or Continuing Education Programme of ex-officio and appointive Directors.


8. Are the Annual Reports downloadable from the GOCC's website?


Yes


9. Corporate Govemance Confirmation Statement
  • Does the Annual Report contain a statement confirming the company's full compliance with the code of corporate govemance and where there is non-compliance, identify and explain reasons for each such issue?



Yes. Please see Corporate Governance Compliance Statement.


10. Timely filing/release of annual/financial report
  • Are the audited annual financial report/statement released within 60 days upon receipt from COA?

  • Is the annual report released within 90 days from release of audited financial report?

  • Is the true and fairness/fair representation of the annual financial statement/reports affirmed by the board of directors/commissioners and/or the relevant officers of the company?





Responsibilities of the Board

QUESTION LINK SOURCE

11. Corporate Vision/Mission
  • Has the Board of Directors reviewed the vision and mission/ strategy in the last financial year?




  • Does the Board of Directors monitor/oversee the implementation of the corporate strategy?

Yes. On 22 July 2020, the PSALM Board, through, Board Resolution 2020-0722-04 approved PSALM’s CY 2021 Charter Statement and Strategy Map (PES Form 1).

Yes. Please refer to Section 3.1(n) of the PSALM Manual of Corporate Governance (page 9).


12. Did the GOCC achieve 90% in the PES?


Performance Evaluation System

13. Code of ethics / conduct
  • Are the details of the code of ethics or conduct disclosed?




  • Does the GOCC disclose that all Directors/Commissioners, senior management and employees are required to comply with the code?

  • Does the company disclose how it implements and monitors compliance wilh the code of ethics or conduct?


Yes. Please see Code of Ethics for plantilla and non-plantilla personnel included in the PSALM Handbook.

Yes. Please see Section 3.2 in page 10 of the Manual on Corporate Governance.

Yes. Please see Handbook on Code of Ethics.


14. Does the Board appoint a Nomination and Compensation / Remuneration Committee?


Yes. Please refer to link.


15. Did the Nomination and Compensation / Remuneration Committee meet at least twice during the year?


Yes. Please see link on attendance posted in the website.


16. lf yes, is the report of the Nomination and Compensation/Renumeration Committee publicly disclosed?


Yes. Please see link on BRC Reports.


17. Does the Board appoint an Audit Committee?


Yes. Please see links on PSALM Board-Audit Committee members.


18. lf yes, is the report of the Audit Committee publicly disclosed?


Yes. Please see Report of the Audit Committee publicly disclosed.


19. Does at least one member of the Audit Committee have an audit, accounting or finance background (qualification or experience)?


Yes. Please see link on Members of the Audit Committee.
DOF, NEDA, DTI


20. Did the Audit Committee meet at least four times during the year?


Yes. Please see link on Audit Committee Meetings. DOF, DOE, DBM, NEDA, DOJ, DTI, PSALM


21. Does the Board appoint a Risk Management Committee?


Yes. Please see link on Risk Management Committee.


22 If yes, is the report on Risk Management Committee publicly disclosed?


Yes. Please see Report of the Board Review Committee acting as Risk Management Committee.


23. Does at least one member of the Risk Management Committee have a background in finance and investments?


Yes. Please see link. DOF, NEDA, DTI


24. Board meetings and attendance
  • Are the Board of Directors meetings scheduled at the beginning of the year?(end of Q1)

  • Does the Board of Directors meet at least monthly?




  • Did the Board of Directors meet on at least 75% on their scheduled meetings?

  • Has each of the directors/commissioners attended at least 90% of all the board meetings held during the year?


  • Did the Board of Directors meet separately at least once during the year without the President/CEO present?



Yes. Please see scheduled meetings for CY 2021.

Yes. Please link on monthly meetings held in CY 2021 DOF, DOE, DBM, NEDA, DTI, DOJ, PSALM

Yes. Please see link.

No. Four out of seven attended at least 90% of all the Board Meetings held during the year (see link).

Yes. Please see link on first meeting, held on 23 June 2021 conducted without the PCEO.


25. Access to information
  • Does the GOCC have a policy that stipulates board papers for Board of Directors/Commissioners meetings be provided to the Board atleast three (3) working days in advance ofthe board meeting?

  • ls the Board Secretary trained in legal, accountancy or company secretarial practices?



Yes. See link and proceed to Item 3.8 of PSALM's Manual for Corporate Governance.


Yes. Please see link on Board Secretary, Atty. Maria Belen P. Montes-Nera. Board Meeting


26. Internal Audit
  • Does the company have a separate internal audit function?



  • Does the appointment and removal of the intemal auditor require the approval of the Audit Committee?



Yes. Please see link on separate internal audit function.
Organizational Chart

Yes. See link on Board Resolution No. 07-35 (2007).


27. Risk Oversight
  • Does the company disclose the intemal control procedures/risk management systems it has in place?



  • Does the Annual Report disclose that the Board of Directors/Commissioners has overseen a review of the company's material controls (including operational, financial and compliance controls) and risk management systems?



  • Does the company disclose how key risks are managed?


  • Does the Annual Report contain a statement from the Board of Directors or Audit Committee commenting on the adequacy of the GOCC's internal controls/risk management svstems?



Yes. Please refer to links on PSALM Enterprise Risk Management (ERM) Manual
and ERM System

Yes. Please see link on Board Resolution No. 2021-1124-04 showing that the Board reviewed PSALM's Material Controls and Risk Management System.

Yes. Please see link on PSALM's management of key risks.


Yes. See link for statement on internal controls / risk management systems.


28. Board Chairman
  • Do different persons assume the roles of Chairman and CEO?



Yes. Please refer to link.


29. Board of Directors Development
  • Does the GOCC have orientation programmes for new Directors?

  • Does the GOCC have a policy that encourages Directors/Commissioners to attend on-going or continuous professional education programmes?

  • Did all Appointive Directors attend at least 1 training for the calendar year?



Yes. Please refer to link on orientation programs.

Yes. Please see link on Section 10.3 of the PSALM Manual of Corporate Governance.

Yes. Please refer to link on training.


30. Board Appraisal
  • Is an annual performance assessment conducted of the Board of Directors?


  • Does the GOCC disclose the process followed in conducting the Board assessment?


  • Does the GOCC disclose the criteria used in the Board assessment?



Yes. See link on annual performance assessment.

Yes. See link on process in Conducting the Board Assessment.

Yes. See link on the criteria used in the assessment.


31. Committee Appraisal
  • Is an annual performance assessment conducted of the Board of Directors Committees?



Yes. Please refer to link on Performance Assessment for the Committees for CY2021.

Bonus

QUESTION LINK SOURCE

Stakeholder Relationships

1. Does the GOCC practice Global Reporting lndex (GRl) on its annual reports?



Disclosure and Transparency

2. Quality of Annual Report
  • Are the audited annual financial report/statement released within 30 days upon the receipt from COA?


Penalty

QUESTION LINK SOURCE

Responsibilities of the Board

1. Are there members of the Board of Directors who hold more than five (5) positions in GOCCs and PLCs?



2. ls there non-compliance with Good Govemance Conditions?


Stakeholder Relationships

QUESTION LINK SOURCE

1. Does the GOCC disclosure a policy that:
  • Stipulates the existence and scope of its effort to address customer's welfare?


  • Elaborates its efforts to interact with the communities in which they operate?


  • Ensure that its value chain is environmentally friendly or is consistent with promoting sustainable development.


See page 27, Manual of Corporate Governance, Customer Welfare Policy

See page 25, Manual of Corporate Governance, Corporate Social Responsibility

See page 28, Manual of Corporate Governance

2. Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies?
  • Customer health and safety

  • Interaction with the communities

  • Environmentally-friendly value chain



Customer Welfare Activity

Corporate Social Responsibility

Corporate Welfare Activity


3. Does the GOCC have a separate corporate social responsibility (CSR) report/section or sustainability report/section?


Corporate Social Responsibility


4. Where stakeholder interests are protected by law, stakeholders should have the opportunity to obtain effective redress for violation of their rights
  • Does the GOCC provide contact details via the companys website or Annual Report which stakeholders (e.g. customers, suppliers, general public, etc.) can use to voice their concerns and/or complaints for possible violation of their rights?




Contact Us section


5. Performance-enhancing mechanisms for employee participation should be permitted to develop.
  • Does the GOCC explicitly mention the health, safety and welfare policy for its employees?

  • Does the GOCC publish data relating to health, safety and welfare of its employees?

  • Does the GOCC have training and development programmes for its employees?

  • Does the GOCC publish data on training and development programs for its employees?




See page 28, Manual of Corporate Governance

Employee, Health, Safety and Welfare data

See page 27, Manual of Corporate Governance

Employee Training and Development Programs data

6. Stakeholders including individual employee and their representative bodies, should be able to freely communicate their concems about illegal or unethical practices to the board and their rights should not be compromised for doing this.
  • Does the GOCC have procedures for complaints by employees concerning illegal (including corruption) and unethical behavior?

  • Does the GOCC have procedures to protect an employee/person reveals illegal/unethical behavior from retaliation?





Whistleblowing Policy


Whistleblowing Policy

Disclosure and Transparency

QUESTION LINK SOURCE

7. Quality of the Annual Report.
Does the GOCC’s AR disclose the following items:
  • Corporate Objectives


  • Financial performance indicators


  • Non-financial performance indicators


  • Details of whistleblowing policy


  • Biographical details (at least age, qualifications, date of first appointment, relevant experience, and any other directorships of listed companies) of directors/commissioners

  • Training and/or continuing education programme attended by each director/comomissioner



Corporate Strategic Plans and Annual Financial Reports

Statement of Financial Performance

Corporate Accomplishment Report

Whistleblowing Policy


PSALM Board of Directors Profile


Trainings and Continuing Professional Education


8. Are the Annual Reports downloadable from the GOCC's website?


Yes


9. Corporate Govemance Confirmation Statement
  • Does the Annual Report contain a statement confirming the company's full compliance with the code of corporate govemance and where there is non-compliance, identify and explain reasons for each such issue?



Statement of Compliance with Corporate Governance


10. Timely filing/release of annual/financial report
  • Are the audited annual financial report/statement released within 60 days upon receipt from COA?

  • Is the annual report released within 90 days from release of audited financial report?

  • Is the true and fairness/fair representation of the annual financial statement/reports affirmed by the board of directors/commissioners and/or the relevant officers of the company?





Responsibilities of the Board

QUESTION LINK SOURCE

11. Corporate Vision/Mission
  • Has the Board of Directors reviewed the vision and mission/ strategy in the last financial year?

  • Does the Board of Directors monitor/oversee the implementation of the corporate strategy?

Board Review of PSALM’s Vision, Mission and Corporate Strategies

See page 9, Manual of Corporate Governance


12. Did the GOCC achieve 90% in the PES?


Performance Evaluation System

13. Code of ethics / conduct
  • Are the details of the code of ethics or conduct disclosed?

  • Does the GOCC disclose that all Directors/Commissioners, senior management and employees are required to comply with the code?


  • Does the company disclose how it implements and monitors compliance wilh the code of ethics or conduct?


Code of ethics

Compliance of PSALM Board of Directors, Management and Employees

Code of ethics


14. Does the Board appoint a Nomination and Compensation / Remuneration Committee?


Board Committees


15. Did the Nomination and Compensation / Remuneration Committee meet at least twice during the year?


Board Review Committee Reports


16. lf yes, is the report of the Nomination and Compensation/Renumeration Committee publicly disclosed?


Board Review Committee Reports


17. Does the Board appoint an Audit Committee?


Board Committees


18. lf yes, is the report of the Audit Committee publicly disclosed?


Board Audit Committee Reports


19. Does at least one member of the Audit Committee have an audit, accounting or finance background (qualification or experience)?


Board Directors
Board Review Committee Reports


20. Did the Audit Committee meet at least four times during the year?


Board Audit Committee Reports


21. Does the Board appoint a Risk Management Committee?


Board Committees


22 If yes, is the report on Risk Management Committee publicly disclosed?


Board Review Committee Reports


23. Does at least one member of the Risk Management Committee have a background in finance and investments?


Board Directors
Board Review Committee Reports


24. Board meetings and attendance
  • Are the Board of Directors meetings scheduled at the beginning of the year?(end of Q1)

  • Does the Board of Directors meet at least monthly?


  • Did the Board of Directors meet on at least 75% on their scheduled meetings?

  • Has each of the directors/commissioners attended at least 90% of all the board meetings held during the year?

  • Did the Board of Directors meet separately at least once during the year without the President/CEO present?



Policy on Board Meeting


Policy on Board Meeting

Attendance of Directors in Board and Committee Meetings

Attendance of Directors in Board and Committee Meetings

Attendance of Directors in Board and Committee Meetings


25. Access to information
  • Does the GOCC have a policy that stipulates board papers for Board of Directors/Commissioners meetings be provided to the Board atleast three (3) working days in advance ofthe board meeting?

  • ls the Board Secretary trained in legal, accountancy or company secretarial practices?



Policy on Board Meeting



Corporate Secretary Profile


26. Internal Audit
  • Does the company have a separate internal audit function?

  • Does the appointment and removal of the intemal auditor require the approval of the Audit Committee?



Organizational Chart

Appointment and Approval


27. Risk Oversight
  • Does the company disclose the intemal control procedures/risk management systems it has in place?

  • Does the Annual Report disclose that the Board of Directors/Commissioners has overseen a review of the company's material controls (including operational, financial and compliance controls) and risk management systems?

  • Does the company disclose how key risks are managed?


  • Does the Annual Report contain a statement from the Board of Directors or Audit Committee commenting on the adequacy of the GOCC's internal controls/risk management svstems?



Risk Factors and Risk Management

PSALM Board Review of the company’s material controls and risk management systems

Significant Risks Exposure to PSALM

AuditCom Report on the Adequacy of PSALM's Material Controls / Risk Management Systems


28. Board Chairman
  • Do different persons assume the roles of Chairman and CEO?



Board Directors


29. Board of Directors Development
  • Does the GOCC have orientation programmes for new Directors?


  • Does the GOCC have a policy that encourages Directors/Commissioners to attend on-going or continuous professional education programmes?

  • Did all Appointive Directors attend at least 1 training for the calendar year?



Trainings and Continuing Professional Education

Trainings and Continuing Professional Education

Trainings and Continuing Professional Education


30. Board Appraisal
  • Is an annual performance assessment conducted of the Board of Directors?


  • Does the GOCC disclose the process followed in conducting the Board assessment?


  • Does the GOCC disclose the criteria used in the Board assessment?



Performance Assessment for the PSALM Board and Board Committees

Performance Assessment for the PSALM Board and Board Committees

Performance Assessment for the PSALM Board and Board Committees


31. Committee Appraisal
  • Is an annual performance assessment conducted of the Board of Directors Committees?



Performance Assessment for the PSALM Board and Board Committeest

Bonus

QUESTION LINK SOURCE

Stakeholder Relationships

1. Does the GOCC practice Global Reporting lndex (GRl) on its annual reports?



Disclosure and Transparency

2. Quality of Annual Report
  • Are the audited annual financial report/statement released within 30 days upon the receipt from COA?


Penalty

QUESTION LINK SOURCE

Responsibilities of the Board

1. Are there members of the Board of Directors who hold more than five (5) positions in GOCCs and PLCs?



2. ls there non-compliance with Good Govemance Conditions?