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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.

 

Engagement of an External Facilitator in the Conduct of its Board, Committee, Chairman, and Directors assessment and Commencing Conduct of these Assessments

In 2019, the Corporation engaged the Institute of Corporate Directors (“ICD”) as its external facilitator in the conduct of the Board, Director, and Committee Self-Assessments, as well the Chairman’s Assessment. In furtherance of this initiative self-assessment forms were distributed to directors, followed by the conduct of interviews by ICD of select number of directors of the Corporation.

  

Ensuring continued compliance with the Data Privacy Act and its Implementing Rules and Regulation

The Corporation ensures continued compliance with the Data Privacy Act and its Implementing Rules and Regulations through constant monitoring of updates and new issuances by the National Privacy Commission, and the enhancement and implementation of its organizational, physical, and technical security measures.

 

Establishment of a process for the Board of Directors to Review, Monitor, and Oversee the Implementation of GT Capital's Corporate Strategy

In 2019, the Board of Directors approved a process for the Board of Directors to review, monitor, and oversee the implementation of GT Capital’s corporate strategy, to be implemented by the Investor Relations Strategic Planning and Corporate Communications (IRSPCC) Department.

 

Codification of Company Policies on Customer Welfare, Sustainable Value Chain Policy, and Interaction with Community

To supplement GT Capital’s ongoing practices on customer welfare, sustainable value chain policy and its interactions with communities, the Board of Directors approved in 2019 an amendment to the Corporation’s Manual on Corporate Governance to codify GT Capital’s policies. The amendment provides that “[t]he Corporation shall, at the parent level, encourage the exploration and development of businesses that increase customer value, improve customer experience and enhance its sustainable value chain. The Corporation shall also encourage the creation of initiatives and advocacies that reflect the Corporation’s efforts to interact with communities in which it operates.

The Corporation shall also promote among its subsidiaries concern for customer welfare, an environmentally friendly value chain consistent with sustainable development, and efforts to interact with communities in which they operate. To this end, Management shall annually monitor policies and practices of each of the Corporation’s subsidiaries on such matters.”

 

Conduct of a Mentorship Program for Junior Officers in Relation to the Corporation's Succession Planning Initiative

In line with GT Capital’s initiative to strengthen succession planning, officers, and employees were given developmental interventions in 2019 based on the results of their individual evaluations, which focused on closing their competency gaps and enhancing leadership skills. A mentorship program was also established and implemented.

 

Release of First Sustainability Report in accordance with Global Reporting Initiative ("GRI") Standards and with Materiality Disclosure Check by GRI

On May 8, 2019, GT Capital released its maiden Sustainability Report with information for the reporting period January 1 to December 31, 2018, adopting the Global Reporting Initiative (“GRI”) Standards, an internationally recognized framework for sustainability. The Sustainability Report covers sixteen (16) material topics under the GRI Standards.

The Sustainability Report presents globally comparable information affecting GT Capital’s triple bottom line, a vital component of stakeholder relations. Moreover, the focus on sustainability allows GT Capital to identify potential opportunities or trends, and to evaluate emerging risks, making the endeavor a risk management and strategic initiative for the Corporation.

GT Capital availed of GRI’s Materiality Disclosure Service for its maiden Sustainability Report.

 

Adoption of Material Related Party Transaction Policy

In 2019, the Board approved the adoption of GT Capital’s Material Related Party Transactions Policy to strengthen GT Capital’s existing policy on Related Party Transactions ("RPT") so as to prevent or mitigate abusive transactions with Related Parties and avoid risks of conflict of interest, in accordance with the regulations of the Securities and Exchange Commission ("SEC"), including SEC Memorandum Circular No. 10 Series of 2019 (re: Rules on Material Related Party Transactions for Publicly-Listed Companies.

 

 

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