Corporate Governance Scorecard for GOCCs Questionnaire (2023)

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PFDA CORPORATE GOVERNANCE SCORECARD FOR CY 2023
QUESTION	YES	NO	LINK SOURCE
1. Does the GOCC disclose a policy that:
a. Stipulates the existence and scope of its effort to address customer’s welfare?			Yes. See this link.
b. Elaborates its efforts to interact with the communities in which they operate?			Yes. See this link.
c. Ensure that its value chain is environmentally friendly or is consistent with promoting sustainable development?			Yes. See this link.
2. Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies?
a. Customer health and safety			Yes. See this link.
b. Interaction with the communities			Yes. See this link.
c. Environmentally-friendly value chain			Yes. See this link.
3. Does the GOCC have a separate Corporate Social Responsibility (CSR) report/section or sustainability report/section?			Yes. See this link.
4. Where stakeholders interests are protected by law, stakeholders should have the opportunity to obtain effective redress for violation of their rights
a. Does the GOCC provide contact details via the company’s 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. See this link.
5. Performance-enhancing mechanisms for employee participation should be permitted to develop.
a. Does the GOCC explicitly mention the health, safety and welfare policy for its employees?			Yes. See this link.
b. Does the GOCC publish data relating to health, safety and welfare of its employees?			Yes. See this link.
c. Does the GOCC have training and development programmes for its employees?			Yes. See this link.
d. Does the GOCC publish data on training and development programs for its employees?			Yes. See this link.
6. Stakeholders including individual employee and their representative bodies should be able to freely communicate their concerns about illegal or unethical practices to the board and their rights should not be compromised for doing this.
a. Does the GOCC have procedures for complaints by employees concerning illegal (including corruption) and unethical behavior?			Yes. See this link.
b. Does the GOCC have procedures to protect an employee/person who reveals illegal/unethical behavior from retaliation?			Yes. See this link.
7. Quality of the Annual Report. Does the GOCC’s AR disclose the following items:
a. Corporate Objectives			Yes. See this link.
b. Financial performance indicators			Yes. See this link.
c. Non-financial performance indicators			Yes. See this link.
d. Details of whistleblowing policy			Yes. See this link.
e. Biographical details (directors)			Yes. See this link.
f. Trainings or continuing education (directors)
8.
9. Corporate Governance Confirmation Statement
a. Does the GOCC's website contain a statement confirming the company’s full compliance with the code of corporate governance and where there is non-compliance, identify and explain reasons for each such issue?			Yes. See this link.
10.
11. Corporate Vision/Mission
a. Has the Board of Directors reviewed the vision and mission/ strategy in the last financial year?			Yes. See this link.
b. Does the Board of Directors monitor/oversee the implementation of the corporate strategy?			Yes. See this link.
12. Did the GOCC achieve 90% in the PES?		N/A	Pending/Under Evaluation of GCG
13. Code of ethics or conduct
a. Are the details of the code of ethics or conduct disclosed?			Yes. See this link.
b. Does the GOCC disclose that all Directors/Commissioners, senior management and employees are required to comply with the code?			Yes. See this link.
c. Does the company disclose how it implements and monitors compliance with the code of ethics or conduct?			Yes. See this link.
14. Does the Board appoint a Nomination Compensation/Renumeration Committee?			Yes. See this link.
15. Did the Nomination Compensation/Remuneration Committee meet at least twice during the year?
16. If yes, is the report of the Nomination Compensation/Renumeration Committee publicly disclosed?
17. Does the Board appoint an Audit Committee?			Yes. See this link.
18. If yes, is the 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. See this link.
20. Did the Audit Committee meet at least four times during the year?
21. Does the Board appoint a Risk Management Committee?			Yes. See this link.
22. If yes, is the report on Risk Management Committee publicly disclosed?
23. Does at least one member of the Risk Management Committee have a background in finance and investments?			Yes. See this link.
24. Board meetings and attendance
a. Are the Board of Directors meetings scheduled at the beginning of the year? (end of Q1)			Yes. See this link.
b. Does the Board of Directors meet at least monthly?			Yes. See this link.
c. Did the Board of Directors meet on at least 75% on their scheduled meetings?			Yes. See this link.
d. Has each of the directors/commissioners attended at least 90% of all the board meetings held during the year?			Yes. See this link.
e. Did the Board of Directors meet separately at least once during the year without the President/CEO present?			Yes. See this link.
25. Access to information
a. Does the GOCC have a policy that stipulates board papers for Board of Directors/Commissioners meetings be provided to the Board at least three (3) working days in advance of the board meeting?			Yes. See this link.
b. Is the Board Secretary trained in legal, accountancy or company secretarial practices?			Yes. See this link.
26. Internal Audit
a. Does the company have a separate internal audit function?			Yes. See this link.
b. Does the appointment and removal of the internal auditor require the approval of the Audit Committee?
27. Risk Oversight
a. Does the company disclose the internal control procedures/risk management systems it has in place?			Yes. See this link.
b. Does the Annual Report disclose that the board of Directors/Commissioners have conducted a review of the company's material controls (including operational, financial and compliance controls) and risk management systems?
c. Does the company disclose how key risks are managed?			Yes. See this link.
d. 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 systems?
28. Board Chairman
a. Do different persons assume the roles of Chairman and CEO?			Yes. See this link.
29. Board of Directors Development
a. Does the GOCC have orientation programmes for new Directors?			Yes. See this link.
b. Does the GOCC have a policy that encourages Directors/Commissioners to attend on-going or continuous professional education programmes?			Yes. See this link.
c. Did all Appointive Directors attend at least 1 training for the calendar year?
30. Board Appraisal
a. Is an annual performance assessment conducted of the Board of Directors assessment?			Yes. See this link.
b. Does the GOCC disclose the process followed in conducting the Board?			Yes. See this link.
c. Does the GOCC disclose the criteria used in the Board assessment?			Yes. See this link.
31. Committee Appraisal
a. Is an annual performance assessment conducted of the Board of Directors Committees?			Yes. See this link.

CORPORATE GOVERNANCE SCORECARD REPORT B
II. Disclosure and Transparency
a. Are the annual reports downloadable from the GOCC's website?			The PFDA Annual Reports/Financial Statements are accessible and downloadable from the official PFDA website through the Transparency Seal. See this link.
b. Are the audited annual financial report/statement uploaded on the website within 60 days upon receipt from COA?			The PFDA Audited Financial Statement/ Report received on June 21, 2024 was uploaded on the PFDA website on June 27, 2024. See this link.
c. Is the annual report released within 90 days from release of audited financial report?			The Annual Report 2023 was posted on the PFDA official website on September 17, 2024, 88 days from the release and receipt of AAFS from COA. See this link.
d. 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?			Please refer to the Statement of Management Responsibity for the Financial Statements for 2023 on Page 74 of thePFDA Annual Report 2023. See this link.
III. Responsibilities of the Board
a. Did the GOCC achieve 90% in the PES?		N/A	The GCG-validated performance scorecard is yet to be furnished to PFDA.
IV. Bonus
a. Does the GOCC practice Global Reporting Index (GRI) on its annual reports?			N/A
b. Is the audited annual financial report/statement released within 30 days upon receipt from COA?			Audited Financial Statement/ Report received on June 21, 2024 was uploaded on PFDA website on June 27, 2024. See this link.
V. Penalty
a. Are there members of the Board of Directors who hold more than five (5) positions in GOCCs and PLCs?			During CY 2023, PFDA's Appointive Director is Atty. Glen A. Pangapalan. No appointive member of the PFDA Board of Directors currently holds more than five (5) positions in any Governtment-Owned and Controlled Corporations (GOCCs) as well as public listed companies during Calendar Year 2023. See this link.
b. Is there non-compliance with Good Governance Conditions?		N/A	The PFDA has yet to receive the result of its GCG evaluation of good governance conditions for CY 2023 .

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Corporate Governance Scorecard for GOCCs Questionnaire (2023)