BOARD COMMITTEES

CORPORATE GOVERNANCE > BOARD COMMITTEES

The Committees will monitor activities and will undertake regular review of matters under their respective areas.

The Audit Committee has oversight of financial reporting and internal controls of the Company. It is responsible for recommending the external auditor and ensuring that non-audit work does not compromise their independence. The Audit Committee also approves the Internal Audit function and its scope of work.

Composition:

Chairman:
Pedro E. Roxas

Members:
Artemio V. Panganiban
Francisco C. Sebastian

The Risk Management Committee assists the Board in fulfilling its oversight responsibilities over the Company’s enterprise risk management policy and execution of risk management strategies and practices including regulatory and ethical compliance monitoring. The Committee investigates the risk exposures of the Company and evaluates the steps the management is taking in managing and controlling such exposures. 

Composition:

Chairman:
Artemio V. Panganiban

Members:
Pedro E. Roxas
Alfred V. Ty
Manuel V. Pangilinan (non-voting member)

The Corporate Governance Committee ensures overall governance framework is robust and compares favorably with the best in class practices. An integral part of that is the annual review and implementation of the Company’s Revised Manual on Corporate Governance and sponsorship of any improvements for the Board of Director’s approval. Pursuant to the mandate of its Charter, the Corporate Governance Committee designed an orientation program for new directors to brief and update them on important details and processes relating to the Company’s board committees and the dealings of the Company with its investors and business partners.

Composition:

  1. Mr. Artemio V. Panganiban – Chairman
  2. Ms. Lydia B. Echauz – Member
  3. Mr. Edward S. Go – Member

The Compensation Committee directly oversees compensation and bonus of senior executives and overall compensation framework for all employees. They ensure bonus targets are set aggressively and management is motivated for the long term. As mandated by its Charter, the Compensation Committee also exercises functional oversight on matters pertaining to the areas of leadership development, including but not limited to the development and administration of leadership/ succession.

Composition:

Chairman:
Albert F. Del Rosario 

Members:
Pedro E. Roxas
Manuel V. Pangilinan

The Nomination Committee is responsible for vetting and recommending members for nomination to the Board of Directors, including membership in the various Board Committees. The Nomination Committee has the authority to utilize professional search firms or other external sources of candidates when searching for candidates to the board of directors pursuant to its Charter which provides that the Nomination Committee has the authority to avail of resources and authorities appropriate to discharge its functions, duties and responsibilities including the authority to obtain advice from external consultants and functional specialists within the Corporation. The Nomination Committee regularly meets prior to the scheduled Annual Stockholders’ Meeting to review the qualifications of the individuals nominated as the Corporation’s regular and independent directors. Particularly for the latter, the Committee assesses the independence of the Independent Directors.

Composition:

Chairman:
Christopher H. Young

Members:

Albert F. del Rosario
Roberto C. Yap S.J.
Manuel V. Pangilinan (non-voting member)

The Finance Committee (FC) was established to review the Company’s key financial and investment strategies, including capital allocation decisions and monitoring investment performances. It also identifies any related matters for referral to the Board for review and further consideration. Its creation was approved by the Board on February 4, 2020.

Composition:

Chairman:
Oscar J. Hilado

Members:
Artemio V. Panganiban
Chris H. Young
Francisco C. Sebastian
Manuel V. Pangilinan
June Cheryl A. Cabal-Revilla (alternate member)

The Governance and Sustainability Committee shall assist the Board of Directors in establishing the Company’s overall governance and sustainability framework and policies. It is also tasked with ensuring that these policies are aligned with the internally recognized practices and are consistent throughout the MPIC Group. An integral task of the Committee is the annual review and implementation of the Company’s Revised Manual on Corporate Governance as well as its sustainability programs and reports in order to sponsor improvements for the Board of Director’s approval.

Composition:

Chairman:
Roberto C. Yap SJ

Members:
Artemio V. Panganiban
Oscar J. Hilado

The Data Privacy and Information Security Committee shall assist the Board in fulfilling its functions to perform oversight of and give strategic direction to the governance functions relating to data privacy and information security related matters. Its creation was approved by the Board on August 03, 2022.

 

Composition:

Chairman:
Artemio V. Panganiban

Members:
Alfred V. Ty
Pedro E. Roxas

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Philippines

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