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Corporate Governance Updates

GT Capital aspires to be a corporate governance frontrunner in the Philippines and in the ASEAN Region. To this end, GT Capital undertakes CG Initiatives on a yearly basis. 

Updates on the Corporate Governance Initiatives are provided below to provide the Corporation’s stakeholders with up-to-date information on the measures taken by the Corporation to align its corporate governance standards with best practices in the country and in the region as well as to consequently improve its visibility and appeal to global investors.

 

Use of Professional Search Firms when searching for Candidates to the Board of Directors

In March 2017, GT Capital requested from the Institute of Corporate Directors a list of recommended candidates as independent directors of GT Capital. The recommended candidates should have the qualifications and none of the disqualifications embodied in relevant Securities and Exchange Commission regulations and should have prior working experience in the sector or broad industry group to which the Corporation belongs.

 

Meeting of Non-Executive Directors

A meeting of GT Capital’s non-executive directors was held on May 16, 2017. The meeting was attended by seven (7) of the Corporation’s non-executive directors.

 

Orientation Program for New Directors

New Directors are oriented regarding GT Capital’s core businesses. In 2017, Mr. Renato C. Valencia, a new director of GT Capital, was oriented by the Corporation’s President, Mr. Carmelo Maria Luza Bautista, and the Investor Relations and Corporate Communications Department. 

 

Members of the Nominations Committee to be all Independent Directors

Mr. Renato C. Valencia, the Chairman of the Nominations Committee, is an independent director of GT Capital. Mr. Wilfredo A. Paras and Mr. Jaime Miguel G. Belmonte , members of the Nominations Committee, are both independent directors of GT Capital. Mr. Valencia and Mr. Paras were appointed to the Nominations Committee during the organizational board meeting held on May 10, 2017. Mr. Belmonte was appointed to the Nominations Committee during the regular board meeting held on August 08, 2017.

 

Performance Assessment of the President by the Board

The President’s Assessment Questionnaire is a tool to evaluate the performance of the President of GT Capital and to identify areas of improvement. The 2016 President’s Assessment was distributed to the directors for accomplishment on May 16, 2017 and the results were collated by the Legal and Compliance Department and thereafter provided to the President. 

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