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2023 Corporate Governance Seal

Transparency Seal
Corporate Governance
Freedom Of Information
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2023 Corporate Governance Seal (Ongoing update)

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I. Stakeholder Relationships

     1. Does GOCC disclose a policy that:

Question
Link Source
a. Stipulates the existence and scope of its effort to address customer’s welfare?

Yes

See PNOC EC Manual for Corporate Governance, Section 8.3 (f), CORPORATE SOCIAL RESPONSIBILITY AND RELATIONS WITH STAKEHOLDERS (CUSTOMERS), page 35.

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

The Manual of Corporate Governance provided for the Corporate Social Responsibility and Relations with Stakeholders (Communities), Section 8.3 (e) page 34 of the GOCC (PNOC EC). It is guided by the following key principles:


1. Sustainability
2. Self-sufficiency and Empowerment
3. Transparency
4. Gender Sensitivity and Cultural sustainability


See PNOC EC’s Manual of Corporate Governance


PNOC EC also has an approved CSR Policy.


See PNOC EC’s CSR policy

c. Ensure that its value chain is environmentally friendly or is consistent with promoting sustainable development? See PNOC EC Manual for Corporate Governance, Sections 8.4, HEALTH AND SAFETY and 8.5, ENVIRONMENT, page 36-37

 

     2. Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies?

Question
Link Source
a. Customer health and safety

For 2022, the operations of PNOC EC head office and COC 41’s Coal Operations Group and Mine 3 were recipients of Safety Excellence Award granted by the Safety and Health Association of the Philippine Energy Sector (SHAPES) during the 18th Energy Safety, Health and Environment Conference held in Meralco Compound, Pasig City.


PNOC EC consistently complied with the Department of Energy (DOE) COVID-19 Response Protocol which provides additional guidelines for the management of COVID-19 pandemic for the stakeholders of the energy sector. Likewise, government issuances such as the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID), Department of Health (DOH) and as well as from the local government were regularly monitored. Whenever the Company recorded COVID-19 confirmed cases, contact tracing, intensive disinfection and swab testing of close contacts followed.


See 2022 Health, Safety, Security and Environment (HSSE) Annual Report

b. Interaction with the communities

For 2022, PNOC EC adheres to all environmental commitments by strictly complying with the ECC conditions of the Malangas Coal Operations through the conduct of periodic environmental inspections or audits, Multi-Partite Monitoring Team (MMT) meetings, compliance with the Environmental Management and Monitoring Plan (EMMP), and other improvements that include updates on best practices. The EMMP, which includes the continuous monitoring of waste water discharges, ambient air, and noise, is in place to reduce the impacts of the project to the environment. PNOC EC’s environmental performance is regularly check and discuss by the project stakeholders during MMT meetings.


See 2022 Health, Safety, Security and Environment (HSSE) Annual Report

c. Environmentally-friendly value chain

For 2022, PNOC EC affirms its compliance with relevant environmental, economic, and social rules and regulations as evidenced by the acquisition and renewal of pertinent permits, clearances, and accreditations covering the Company’s various activities, and the submission of periodic reports to the Department of Environmental and Natural Resources Environmental Management Bureau (DENR-EMB). In exploration sites, PNOC EC is steadfast in its commitment towards preservation of ecological balance through the following:


(1) Use of environment-friendly and internationally accepted drilling fluids, equipment, and technology in drilling operations;


(2) Safe conduct of seismic survey and suspending activities during migration of marine mammals (e.g., whales and dolphins) and other endangered marine species, and by hiring Marine Mammal Observers (MMO) on board seismic vessels during operation to ensure the safety of these animals;


(3) Conduct of IEC campaigns as well as FPIC activities, as mandated by law, in the affected host communities prior to exploration work;


(4) Strict adherence to the terms and conditions of the ECC and other permits and clearances; and


(5) Keeping up with good oil and coal industry practices.


See 2022 Health, Safety, Security and Environment (HSSE) Annual Report

     3. Does the GOCC have a separate Corporate Social Responsibility (CSR) report/section or sustainability report/section?

Link Source

PNOC EC puts high value on the social component of its projects and operations. It also enhances its social performances through participative engagement and community based social investment projects.

Through the annual conduct of Stakeholder Satisfaction Survey, the Company is able to identify the issues and concerns of the communities and other stakeholders hosting to its projects and operations. PNOC EC established a mechanism to plan and monitor the resolution of these issues and concerns on a regular basis.


See Issues and Concerns Monitoring in COC 122 as of Sept 2022


PNOC EC has a dedicated Corporate Social Responsibility (CSR) section on its official website


See PNOC EC CSR Section

 


     4. Where stakeholder interests are protected by law, stakeholders should have the opportunity to obtain effective redress for violation of their rights.

Question
Link Source
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?

A form is provided in the Contact Us page of the PNOC EC Official Website for stakeholder issues and concerns.


The Company also maintains a mobile number that can be reached thru messaging app (i.e., Viber, Messenger, SMS) and is being monitored real time by the External Relations Department thru its Manager, MS. SHARON H. NER.


The mobile number, including other contact details are also posted on the Company's Annual Reports as well as signages positioned on the field office.

See PNOC EC Official Website Contact Us page and 2021 Annual Report

     5. Performance-enhancing mechanisms for employee participation should be permitted to develop.

Question
Link Source
a. Does the GOCC explicitly mention the health, safety and welfare policy for its  employees? See  2007 EHS Policy and Revised 2018 HSSE Policy Statement.
b. Does the GOCC publish data relating to health, safety and welfare of its employees?

PNOC EC's HSSE Department is submitting a monthly and annual safety performance report to the Management which includes data on occupational injury or illnesses.


For 2022, PNOC EC recorded 823,044 safe man-hours without any lost-time injury.


See 2022 Health, Safety, Security and Environment (HSSE) Annual Report

c. Does the GOCC have training and development programmes for its employees

The PNOC EC has its Manpower Development Program and Competency Development Framework aimed at maintaining and upgrading the quality of its personnel by enhancing their core and technical expertise needed for the efficient and successful delivery of operational activities and strategic programs aimed at achieving business targets and corporate objectives.


See Manpower Development Plan and Competency Development Program

d. Does the GOCC publish data on training and development programmes for its employees? See Training and Development Programs Participated by Employees 2022.

     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.

Question
Link Source
a. Does the GOCC have procedures for complaints  by employees concerning illegal (including corruption) and unethical behavior? PNOC EC has a Whistle Blowing Policy in accordance with GCG Memorandum Circular No. 2014-04, or the Whistle Blowing Policy on the GOCC Sector, among other relevant regulations, and approved by GCG. See PNOC EC Whistle Blowing Policy.
b. Does the GOCC have procedures to protect an employee/person who reveals illegal/unethical behavior from retaliation? PNOC EC has a Whistle Blowing Policy in accordance with GCG Memorandum Circular No. 2014-04, or the Whistle Blowing Policy on the GOCC Sector, among other relevant regulations, and approved by GCG. See PNOC EC Whistle Blowing Policy.

II. Disclosure and Transparency

     7.Quality of Annual Report. Does the GOCC’s annual report disclose the following items:

Question
Link Source
a. Corporate objectives

The PNOC EC has disclosed its Corporate Objectives.


See Strategic Objective and Measurement in the 2022 Performance Scorecard included in PNOC EC's 2022 Annual Report.

b. Financial performance indicators

The PNOC EC has disclosed its Financial Performance Indicators.


See 2022 Financial Highlights based on Unaudited Financial Statement

c. Non-financial performance indicators

The PNOC EC has disclosed its Non-Financial Performance Indicators.


See Non-Financial Indicator in the 2022 Performance Scorecard included in PNOC EC's 2022 Annual Report.

d. Details of whistle blowing policy

See Corporate Governance - Conflict of Interest included in PNOC EC's 2021 Annual Report, page 28

*PNOC EC’s annual report, will be published in June as scheduled after review and approval by COA of its Financial Statement.

e. Biographical details of directors

Yes. See Board of Directors included in PNOC EC's 2021 Annual Report, pages 33-36.

*PNOC EC’s annual report, will be published in June as scheduled after review and approval by COA of its Financial Statement.

f. Training and/or continuing education    programme attended by each director Yes. See Corporate Governance - Collective Knowledge of Highest Governing Body included in PNOC EC's 2021 Annual Report, page 29.

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

Link Source

See PNOC EC's Annual Reports.

     9. Corporate Governance Confirmation Statement

Question
Link Source
Does the Annual Report 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?

PNOC EC’s 2021 Annual Report (page 26) includes a statement which reads: “PNOC EC affirms its full compliance with the provisions of the Code of Corporate Governance (GCG Memorandum Circular No. 2012-07 dated November 2012) and PNOC EC’s Manual of Corporate Governance dated January 2014. As a model GOCC, PNOC EC continuously lives up to such status through practice of good corporate governance towards active promotion and pursuit of corporate governance reforms and conscious observance of the principles of accountability and transparency."

Yes. See 2021 Annual Report, page 26

*PNOC EC’s annual report, will be published in June as scheduled after review and approval by COA of its Financial Statement.

     10. Timely filing/release of annual/financial reports

Question
Link Source
a. Are the audited annual financial report/statement released within 60 days upon receipt from COA?

PNOC EC released its 2022 Annual Audit Report 27 days after receipt from COA.

2022 ANNUAL AUDIT REPORT
Date of Receipt from COA Date Released/Published
May 23, 2023 June 19, 2023
b. Is the annual report released within 90 days from release of audited financial report?

PNOC EC released its 2022 Annual Report 63 days after release of its Annual Audit Report.

2022 ANNUAL REPORT
Date of Receipt from COA Date Released Date Published
May 23, 2023 July 25, 2023 July 25, 2023
c. Is the true and fairness/fair representation of the annual financial statement/reports affirmed by the board of directors and/or the relevant officers of the company?

The true and fair representation of the annual financial statements/reports is affirmed in the Statement of Management's Responsibility signed by the Chairman of the Board, the President and CEO and the Acting Treasurer


See 2022 Annual Report, page. 48

III. Responsibilities of the Board

11. Corporate Vision and Mission/ Strategy

Question
Link Source
a. Has the Board of Directors reviewed the vision and mission/ strategy in the last financial year?

The Board of Directors reviewed the Company's Strategy Map and Performance Scorecard, among others, during PNOC EC's 2022 Strategic Planning Session held from December 20-21, 2021.

See PNOC EC's 2022 Board Planning Session Program

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

PNOC EC regularly holds an Annual Planning Session attended by members of the Board of Directors and Management, where the Company’s Vision and Mission are deliberated on. The Board of Directors and Management also discuss the implementation of the Company’s plans and programs aligned with its corporate strategies.

See 2022 Board Planning Session – Agreed Action Items

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

Link Source

PNOC EC obtained an overall score of 90.32% as evidenced by the GCG validation for its 2022 Performance Scorecard.

See PNOC EC Validated Scorecard

13. Code of ethics or conduct

Question
Link Source
a. Are the details of the code of ethics or conduct disclosed?

The PNOC EC Board of Directors, Management, and employees are covered by and are required to comply with the following: 

1. Republic Act No. 6713
2. Republic Act No. 6713 IRR
3. Company Policy on Discipline
4. Table of Penalties
5. Rules and Regulations on Discipline of Corporate Officers and Secretary Certificate on Board Resolution No. 7-7, S’2012.
6. Republic Act No. 10149
7. GCG Memorandum Circular No. 2012-05
8. Anti-Sexual Harassment Policy


b. Does the GOCC disclose that all Directors, senior management and employees are required to comply with the code?
c. Does the company disclose how it implements  and monitors compliance with the code of  ethics or conduct?

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

Link Source

PNOC EC Board of Directors created a Nomination and Remunerations Committee, whose functions were merged with the existing Compensation, Education and Employee Welfare Committee, and renamed to Nomination, Remuneration, Education, and Employee Welfare Committee.


In 2022, said Committee was composed of the following:

Chairman: Oscar H. Rabena (until 04 September 2022)
                  Franz E. Alvarez (from 08 August 2022)


Members: Rozzano D. Briguez (until 07 August 2022)
                 Carlo Magno D. Aldevera (until 04 September 2022)
                 Farah C. Cañezal (until 04 September 2022)
                 Alejandro A. Cobol (until 04 September 2022)
                 Albert P. Dela Cruz
                 Rafael E. Del Pilar (from 07 September 2022)
                 Arthur S. Sali (from 07 September 2022)
                 Adrian Ferdinand S. Sugay (from 07 September 2022)
                 Avelino M. Tayag (until 04 September 2022)
                 Johnny L. Tuason (until 04 September 2022)
                 Karl Ignatius P. Young (until 04 September 2022)

See Secretary’s Certificate for PNOC EC Board Resolution No. 8-6, Series of 2021 and Secretary’s Certificate for PNOC EC Board Resolution No. 9-1, Series of 2022

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

Link Source

The Nomination, Remuneration, Education and Employee Welfare Committee had six (6) meetings in 2022. The Committee met on February 11, March 24, June 21, September 21, October 10, November 28 and December 14, 2022.


See Board and Committee Meetings Attendance 2022

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

Link Source
See 2022 Nomination, Remuneration, Education and Employee Welfare Committee Report.

17. Does the Board appoint an Audit Committee?

Link Source

PNOC EC formally combined the Audit Committee and Risk Management Committee into the Audit and Risk Management Committee pursuant to Section 16.6 of the GCG Code of Corporate Governance, as well as Section 3.15(f) of the PNOC EC Manual of Corporate Governance.

In 2022, the PNOC EC Audit and Risk Management Committee was composed of the following:

Chairman: Johnny L. Tuason (until 04 September 2022)
                 Edgar Benedict C. Cutiongco (from 07 September 2022)

Members: Carlo Magno D. Aldevera (until 04 September 2022)
                 Farah C. Cañezal (until 04 September 2022)
                 Alejandro A. Cobol (until 04 September 2022)
                 Albert P. Dela Cruz
                 Zenaida Y. Monsada (from 07 September 2022)
                Oscar H. Rabena (until 04 September 2022)
                Romeo O. Solis, Jr. (from 07 September 2022)
                Avelino M. Tayag (until 04 September 2022)
                Johnny L. Tuason (until 04 September 2022)
                Karl Ignatius P. Young (until 04 September 2022)

See Secretary’s Certificate for PNOC EC Board Resolution No. 8-6, Series of 2021 and Secretary’s Certificate for PNOC EC Board Resolution No. 9-1, Series of 2022

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

Link Source
See 2022 Audit and Risk Management Committee Report

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

Link Source              
See Resumé of Director Johnny L. Tuason.

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

Link Source

The Audit and Risk Management Committee had nine (9) meetings in 2022. The Committee met on January 14, January 26, March 24, April 21, May 23, June 8, October 10, November 28 and December 14, 2022.


See Board and Committee Meetings Attendance 2022

21. Does the Board appoint a Risk Management Committee?

Link Source

PNOC EC formally combined the Audit Committee and Risk Management Committee into the Audit and Risk Management Committee pursuant to Section 16.6 of the GCG Code of Corporate Governance, as well as Section 3.15(f) of the PNOC EC Manual of Corporate Governance.

In 2022, the PNOC EC Audit and Risk Management Committee was composed of the following:

Chairman: Johnny L. Tuason (until 04 September 2022)
                 Edgar Benedict C. Cutiongco (from 07 September 2022)

Members: Carlo Magno D. Aldevera (until 04 September 2022)
                 Farah C. Cañezal (until 04 September 2022)
                 Alejandro A. Cobol (until 04 September 2022) 
                 Albert P. Dela Cruz
                 Zenaida Y. Monsada (from 07 September 2022)
                 Oscar H. Rabena (until 04 September 2022)
                 Romeo O. Solis, Jr. (from 07 September 2022)
                 Avelino M. Tayag (until 04 September 2022)
                 Johnny L. Tuason (until 04 September 2022)
                 Karl Ignatius P. Young (until 04 September 2022)

See Secretary’s Certificate for PNOC EC Board Resolution No. 8-6, Series of 2021 and Secretary’s Certificate for PNOC EC Board Resolution No. 9-1, Series of 2022

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

Link Source
See 2022 Audit and Risk Management Committee Report 

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

Link Source
See Resumé of Director Carlo Magno D. Aldevera, and Resumé of Director Johnny L. Tuason.         

24. Board meetings and attendance

Question
Link Source
a. Are the Board of Directors meetings scheduled at the beginning of the year?(end of Q1)

As a practice, the PNOC EC Board of Directors schedules a Board meeting at least once every month, the date of which is subject to the availability of the Secretary of the Department of Energy – PNOC EC’s Ex Officio Chairman of the Board.


See PNOC EC Manual for Corporate Governance, page 8-11, Sec 3.4

b. Does the Board of Directors meet at least monthly?

The Board of Directors hold at least one (1) meeting every month.


See Board and Committee Meetings Attendance 2022

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

The Board of Directors held twenty-three (23) meetings in 2022.


See Board and Committee Meetings Attendance 2022

d. Has each of the directors attended at least 90% of all the board meetings held during the year?

All the appointive Members of the Board attended all the duly-called Board meetings for 2022.


See Board and Committee Meetings Attendance 2022

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

See Board and Committee Meetings Attendance 2022

25. Access to information

Question
Link Source
a. Does the GOCC have a policy that stipulates board papers for Board of Directors  meetings be provided to the Board at least three (3) working days in advance of the board meeting?

Although the By-Laws and existing rules mandate that the Board must be provided the materials two (2 days) before a meeting, as a practice, materials for Board Meetings are provided to the Board at least three (3) working days in advance of all Board Meetings.

See PNOC EC's Lawspages 4-5

b. Is the Board Secretary trained in legal, accountancy or company secretarial practices?

PNOC EC's Corporate Secretary and Assistant Corporate Secretaries, appointed by the Board of Directors as such, are members in good standing of the Philippine Bar.


See PNOC EC Corporate Secretary and Assistant Corporate Secretaries in 2022

26. Internal Audit

Question
Link Source
a. Does the company have a separate internal audit function? PNOC EC has a separate internal audit function. See PNOC EC Table of Organization.
b. Does the appointment and removal of the internal auditor require the approval of the Audit Committee? See PNOC EC Manual for Corporate Governance, pages 17-22

27. Risk Oversight

Question
Link Source
a. Does the company disclose the internal control procedures/risk management systems it has in place?

PNOC EC discloses its internal control procedures/risk management systems in the existing Risk Management Manual that is in place since 1993. Included in the Manual is the Risk Management System/Process which provides for the identification of risks, risk management/analysis, risk selection techniques, implementation of risk management techniques and monitoring and improving the risk management system. Financial Risk and Capital Management is also disclosed in the PNOC EC 2021 Annual Audit Report, pages 84 to 90.

"PNOC EC’s 2022 Annual Report will be published on June 2023 as scheduled, after review and approval by COA of its Financial Statements."

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

As disclosed in the Company’s Annual Report, the Board of Directors oversee the risk management functions, particularly in the areas of managing credit, market liquidity, operational, legal, reputational, and other risks of PNOC EC. The Company’s Management regularly reports to the Audit and Risk Management Committee and to the Board of Directors all matters concerning PNOC EC’s material controls and risk management system.

It is in the policy that PNOC EC’s Board of Directors perform risk management function as mandated and guided in its Manual Corporate Governance series of 2019.

Refer to Corporate Governance section, of the 2021 Annual Report, pages 26 to 31.

Refer to Manual of Corporate Governance, page 21, 3.15e (i)


*PNOC EC’s annual report, will be published in June as scheduled after review and approval by COA of its Financial Statement.

c. Does the company disclose how key risks are managed? Management of key risks affecting PNOC EC are disclosed in the existing Risk Management Manual that is in place since 1993. PNOC EC also has an existing Guidelines on Risk Assessment. See also Risks and Strategies.
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?

The annual report contains a statement that the Board of Directors oversee the risk management functions, particularly in the areas of managing credit, market liquidity, operational, legal, reputational, and other risks of PNOC EC. The Company’s Management regularly reports to the Audit and Risk Management Committee and to the Board of Directors all matters concerning PNOC EC’s material controls and risk management system.

Refer to Corporate Governance section, of the 2021 Annual Report, pages 26 to 31.

Refer to Manual of Corporate Governance, page 21, 3.15e (i)


*PNOC EC’s annual report, will be published in June as scheduled after review and approval by COA of its Financial Statement.

28. Board Chairman

Question
Link Source
Do different persons assume the roles of Chairman and CEO?

For 2022, PNOC EC’s Ex-Officio Chairperson is Alfonso G. Cusi (Secretary, Department of Energy), while its President and CEO is Lt Gen Rozzano D Briguez (Ret) until June 30, 2022. Thereafter, PNOC EC’s Ex-Officio Chairperson is Raphael Perpetuo M. Lotilla (Secretary, Department of Energy), while its President and CEO is Franz Josef George E. Alvarez.


See Executive Order No. 39 and Secretary’s Certificate for Board Resolution No. 2-3, Series of 2020 and Secretary's Certificate for Board Resolution No. 8-1, Series of 2022

29. Board of Directors Development

Question
Link Source
a. Does the GOCC have orientation programs for new Directors?

The Office of the Corporate Secretary holds an orientation session for new directors, covering the following topics: (1) Company overview; (2) Role of PNOC EC Board of Directors; and (3) PNOC EC Operations.

See Briefing Materials for New Directors

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

One of the functions of the Governance Committee is to recommend to the Board the continuing education of Directors.


Furthermore, the Annual Work Program and Budget of PNOC EC contains provision for the attendance of all members of the Board of Directors to training programmes and seminars as part of the continuous professional educational programme.


See PNOC EC Manual for Corporate Governance, page 20, Sec 3.15 (c)(iii)

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

Yes.
See Directors Seminar for Year 2022

30. Board Appraisal

Question
Link Source
a. Is an annual performance assessment conducted of the Board of Directors?

The Board of Directors conducts an annual assessment of its performance for the year based on an appraisal system developed for the purpose. For its performance for the year 2021, the Board of Directors conducted its assessment during the first quarter of 2022.

See Board Assessment Questionnaire.

b. Does the GOCC disclose the process followed in conducting the Board assessment?

The Board of Directors conducts an annual assesment of Its performance for the year based on an appraisal system developed for the purpose, which determines , among others, (a) the adequacy of the Boards structure and composition; (b) whether the Board has fulfilled its responsibilities for PNOC EC's performance; (c) whether the members of the Board work well as a team and communicate properly; and (d) their strenghts and weaknesses.

See Board Assessment Questionnaire.

c. Does the GOCC disclose the criteria used in the Board assessment?

31. Committee Appraisal

Question
Link Source
Is an annual performance assessment conducted of the Board of Directors Committees?

The Board of Directors Committees conducts an annual assessment of its performance for the year based on an appraisal system developed for the purpose which determines, among others, (a) the adequacy of the Committee's structure and composition; (b) whether the Committee has fulfilled its responsibilities for PNOC EC's performance; (c) whether the members of the Board work well as a team and communicate properly; and (d) their strengths and weaknesses.


For the performance of each Board Committees in the year 2021, the respective members of each Board Committee conducted the assessment of their respective Committees during the first quarter of 2022.

See Board Committee Assessment Questionnaire – Audit and Risk Management CommitteeBoard Committee Assessment Questionnaire – Nomination, Remuneration, Education, and Employee Welfare Committee, and  Board Committee Assessment Questionnaire – Project Development and New Ventures Committee.

BONUS

Stakeholder Relationships

Question
Link Source
1. Does the GOCC practice Global Reporting Initiative (GRI) on its annual reports?

For the 2022 PNOC EC Annual Report, the following sections are referenced to the Global Reporting Initiative (GRI) standards: About the Report, About PNOC EC, Report from the President and CEO, Operational Highlights, Corporate Social Responsibility, HSSE, People Development, and Corporate Governance Section.

See Annual Report 2022

Disclosure Transparency

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

PNOC EC released its 2022 Annual Audit Report 25 days
after receipt from COA.

2022 ANNUAL AUDIT REPORT
Date of Receipt from COA Date Released/Published
May 23, 2023 June 19, 2023

 

PENALTY

Responsibilities of the Board

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

No PNOC EC Board Member holds more than five (5) positions in GOCCs and PLCs.


See Secretary's Certificate for Appointive Directors do not hold 5 Positions in any GOCC

2. Is there non-compliance with Good Governance Conditions?

 As far as the Compliance Office is aware, PNOC-EC is awaiting GCG validation for its 2022 Good Governance Conditions.

Projects and Operations

In line with PNOC EC's mandate of providing a stable energy supply for the Philippines, the company is also involved in the exploration, development and production of coal in the country.

PNOC Exploration Corporation’s presence in the Philippine petroleum industry spans over 30 years, with its role evolving from that of a catalyst and promoter of local petroleum exploration to that of

PNOC EC's Trading and Marketing business continue to serve the fuel requirements of its industrial customers with coal supply coming from its own COC 41 small scale mines and other indigenous sources.

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