CORPORATE GOVERNANCE


Question

CIAC Compliance

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I. STAKEHOLDER RELATIONSHIP

1. Policy disclosure

Does the GOCC disclose a policy that:

1.a. Stipulates the existence and scope of the effort to address customer’s welfare?

The existence and scope of the efforts of CIAC to address customer welfare are evidenced by the following:

  • Procedure for addressing Customer Feedback that was adopted since 2016 to present.
  • Passenger Survey Feedback Mechanism Procedure. and
  • CRK Passenger Survey 2017
  • Compliance with the Anti Red Tape Act.
  • Certificte of 22nd Best Asian Airport for 2017.


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

The posting of CIAC's Corporate Social Responsibility (CSR) statement in its website in a clear and manifest disclosure of its effor to interact with its communities and other stake holders.

In addition, the CSR Statements is reflected in the CIAC Manual on Corporate Governance.

Further, CIAC has a dedicated department called the Community Relations Department which is mandated to plan, implement and monitor holistic programs for specific groups and communities affected by operating the Clark International Airport.

CSR Statement

1.c. Policy ensuring that the CIAC value chain is environmentally friendly or is consistent with promoting sustainable development.

CIAC has an approved Environmental Policy.

There is also a provision in the CIAC Manual on Corporate Governance which states:

Environment — CIAC should consider that there are investable environmental impacts associated with daily operations. It shall be the goal of CIAC to minimize harmful effects and consider the development and implementation of environmental standards to achieve this to be a of great importance. As such, CIAC should strongly encourage 3 R’s: “Reduce”, “re- use”, and “recycle”.

In the course of the operations of CIAC, it should identify opportunities to reduce consumption of energy, water and other natural resources. CIAC should also strive to re-use and recycle where possible and dispose non-recyclable items responsibility, thereby minimizing our impact on the environment. In doing so, by adopting simple, environmentally friendly initiatives, CIAC shall raise awareness among the members of the communities it affects.

Environmental Policy

CIAC Manual on Corporate Governance (Page 29)

2. Activities implementing abovementioned policies

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

2.a. Customer health and safety

CIAC has Health and Safety Policy.

CIAC has committed and achieved 100% percent target on Safety and Security at the Clark Civil Aviation Complex:

  • 3-minute response time to aircraft emergencies
  • 3minutes response time to medical emergencies within the Aircraft Movement Area (AMA)
  • 10-minutes response time to security-related airport incidents.

Health and Safety Policy

CIAC Annual Report for CY 2017

2.b. Interaction with the communities

The accomplishments and activities pertaining to customer welfare, community relations and sustainable development are integrated into the CIAC Annual Report.

The Clark International Airport Corporation (CIAC), amidst its fast-developing pace towards expansion remains faithful to its core values of Corporate Citizenship and Inclusiveness. It has been involved in projects envisioned to contribute towards poverty alleviation.

To showcase Filipino craft and talent, a series of tourism, culture and art activities were held at the CRK Passenger Terminal Building (PTB). The Human Resources Department also conducted a number of health-related programs all year, including a medical mission at Brgy. Sta. Teresita.

CIAC has provided a space at the passenger terminal building free of lease charges to qualified visually impaired women and men to allow them to do massage services to passengers awaiting their flight. This program has helped address the issue of lack of access of women with disabilities to livelihood and economic empowerment.

Moreover, the Clark International Airport, being a gateway is always the first or the last contact of any traveller. Any impression created, therefore, is made to last. Hence, tourism-related activities are being showcased at the airport such as the Lubenes Parul every Christmas season and the Bonsai that are constantly displayed at the terminal. These activities do not only promote the rich heritage of Filipino and Kapampangan culture, they also support the livelihood of poor but talented local artists.

CIAC is a partner in fostering health and wellness of its communities. Medical mission activities were held in partnership with the local government unit to help address issue of vulnerability of low income women/mothers to illnesses due to multiple roles/multiple burden they assume. Within the 18/59 y/o age group of patients availing of medical mission, 66% are women. This is the age that parenting to raise children into becoming responsible adults typically happens.

Furthermore, the Clark International Airport Corporation has launched in recent years the Ama na Magaling Mag-Aruga sa Anak (AMMA) Program as a gender-mainstreaming corporate social responsibility project for husband and children left behind by OFW-mothers. This AMMA program was designed to address the social costs of feminization of migration that brings a phenomenon where the “Ilaw ng Tahanan” among Filipino Families are now leaving the home to work abroad. It is a five-phase program ranging from Phase I: Social Preparation; Phase II: Leadership Development and Capacity Building; Phase III: Organizational Development and Management; Phase IV: Expansion; Phase V: Consolidation and Turn-Over. CIAC in collaboration with partner-institutions has accomplished all necessary organizing, linkages and other substantive support from Phase I to Phase V. As of this date, the AMMA which is now mainstreamed in the community, is already an independently functioning workers’ association operating a start-up of a hog-raising livelihood. This is a dream come-true for these left-behind husbands that will enable them to support their vision to help similarly situated fathers as a formal organization and pave the way for their transformation on a sustainable basis. This is an intervention that has been seen to create positive holistic effects on all levels: individual, family and community.

Activities - Communities

CIAC Annual Report (page 45-46)

2.c. Environmentally-friendly value chain

CIAC undertakes the following activities in compliance with its Environmental Policy:

  • Annual Monitoring of Air, Noise, Smoke Emission of Generator Sets and Drinking Water Quality; and
  • Annual Self Monitoring Report being submitted to the Department of Environment and Natural Resources (DENR) – Environmental Management Bureau (EMB)

Activities - Environment

3. Corporate Social Responsibility

Does the GOCC have a separate corporate social responsibility (CSR) report/section or sustainability report/section?

Yes, CIAC has a distinct department called the Community Relations Department created to deliver the following mandate as a matter of regular course of operations:

Mandate:

“We take the lead to promote and project a welcoming environment for the Clark International Airport and its stakeholders (particularly passengers, airlines and locators, local governments, media, and other aviation-related entities) and spearhead the conceptualization, development and implementation of programs and projects reflective of the corporate social responsibilities (CSR) of the Corporation toward its stakeholders and host communities. The “welcoming environment” covers provision of passenger assistance desk services designed to help enhance the integrity of operations and services at the Airport and the facilitation of cultural and tourism-related activities, both accomplished through a strategic collaboration with partner-agencies to meet customer satisfaction. The “corporate social responsibilities” cover airport facilities and services responsive to the needs of women, men and children passengers and those travelling with special needs. CSR likewise covers socio-economic programs for families left behind by OFW-mothers, victims of human trafficking, communities, marginalized group and other socially-inclusive initiatives.

CSR Statement

4. Stakeholders' effective redress for violation of rights

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

CIAC has Feedback and Redress Mechanisms as embodied in its Citizen Charter.

Also, the following information can be obtained at CIAC's official website:

  1. Flight Information
    • Flight Schedule
    • Airlines and Destinations
    • Departure
    • Arrival
  2. Transportation Services
    • Driving Directions
    • Rental Cars & Taxi Services
    • Shuttle & Bus Services
    • Trinoma Lounge
  3. Business
    • Bid Opportunities
    • Request for quotation
    • Procurement Monitoring
    • List of observers
    • OWWA Processing Center
    • Park and Fly
    • 5 Steps to be a locator of CIAC
    • Things to do
  4. Clark Airport
    • About CRK
    • Vision Mission
    • Contact CRK
    • Passenger Guide
    • Careers
    • Frequently asked questions
    • Feedback
    • Developments
    • News
    • Operational Statistics
  5. Transparency Seal
  6. Corporate Governance

Citizens Charter

www.clarkairport.com

5. Performance-enhancing mechanisms for employee participation

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

5.a. Does the GOCC explicitly mention the health, safety and welfare policy for its employees?

CIAC has Board-approved Health and Safety Policy, as well as Employee Welfare Policy. The same is cascaded to the employees in the form of Inter-Office Memorandum.

Employee Health, Safety and Welfare Policy

5.b. Does the GOCC publish data relating to health, safety and welfare of its employees?

The Human Resources Department (HRD) conducted a number of health-related programs all year round, including Health Alert About Hypertension; Cardio Metabolic Workplace Wellness Program; Lecture on Hypertension; Voluntary Blood Donation Program; Flu, Pneumococcal and Cervical Cancer Vaccination; Lecture on Human Papillomavirus (HPV) and Cervical Cancer; Annual Physical Examination; Drug Free Secretariat; and Lactation Program.

In compliance with the CIAC Drug-Free Workplace Policy, HRD in coordination with the CIAC Drug Assessment Team successfully facilitated drug testing to a total of 206 employees on 30 June 2017.

CIAC 2017 Annual Report (page 46)

Activities - health, safety and welfare.

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

CIAC-Human Resources Department (HRD) has a Training Calendar for 2017.

CIAC 2017 training calendar for HRD

5.d. Does the GOCC publish data on training and development programs for its employees?

In 2017, CIAC facilitated and participated in in-house and external trainings, respectively.

In-house trainings
The Human Resources Department developed and facilitated the CIAC Customer Service Training for frontline employees entitled Soaring high through Excellent Customer Services Training where 83 frontline employees from Airport Security Department, Airport Operations Department, Marketing Department, Quality Office, Corporate Communications Office, Human Resources Department, Procurement Department, Treasury Department, and BAC Secretariat Office attended from January to May 2017.

Other in-house trainings facilitated for CIAC employees include Financial Literacy Seminar from 22 to 24 March, Process-Based Auditing Training for CIAC’s Internal Quality Auditors from 06 to 07 June, Safety Management System Orientation from 20 to 24 July, AVSEC Refresher from 15 to 20 May, Gender Sensitivity Training on 12 December, Integrity Management Program Workshop on 08 to 10 February, Orientation on Custodianship Utilization of Government Properties on 22 November, and Risk-Based Thinking in ISO 9001:2015 (Approaches and Tools) on 5 December.

A total of 236 employees attended nine (9) in-house trainings in 2017.

External Trainings
CIAC employees also participated in a number of external trainings in 2017. External trainings include Video Surveillance Course, Qualilty Control in Civil Aviation Security Course, Certificate in Terminal and Landside Operations, Credit and Collection Seminar, Risk Assessment For Internal Auditors, Safety Management System Training, Operations and Management Audit, MCLE, Seminar on Sex Disaggregated Data, DOTr GAD Air Transport Sector Technical Working Group Series of Activities, Total Quality Management, 5S of Good Housekeeping, Cash Management and Its Internal Control System, Gender Sensitivity Training, Competency-Based HR, EM Technician Training, Risk Management, Integrity Management Program- Workshop on the Development of the Integrity Management Plan, Philippines Financial Reporting Standards (PFRS) and the Revised Chart of Accounts (RCA) for Government Corporations classified as Government Business Enterprises (GBEs), 3rd PAGBA Quarterly Seminar & Meeting, How to Become an Effective ISO 9001:2015 Document Controller, Central Luzon Association of Labor Management Cooperation Practitioners, Corporate Governance Orientation Program for Government-Owned or Controlled Corporations, the 67th IECEP Annual Membership Meeting and Convention, and Skills Enhancement Training Program for ASEAN 2017.

A total of 25 external training programs were attended by 44 employees in 2017.

CIAC 2017 Annual Report (page 43)

6. Whistleblowing Policy

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.

6.a. Does the GOCC have procedures for complaints by employees concerning illegal (including corruption) and unethical behavior?

CIAC has a Whistleblowing Policy approved by the Board of Directors.

CIAC Whistleblowing Policy

6.b. Does the GOCC have procedures to protect an employee/person who reveals illegal/unethical behavior from retaliation?

The procedures to protect an employee/person who reveals illegal/unethical behaviour from retaliation are stipulated in the CIAC Whistleblowing Policy.

CIAC Whistleblowing Policy

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CIAC Compliance

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II. DISCLOSURE AND TRANSPARENCY

7. Quality of Annual Report

Does the GOCC's annual report disclose the following items:

7.a. Corporate objectives

Pages 25-28 of the CIAC 2017 Annual Report discuss in detail the strategic objectives of CIAC.

CIAC 2017 Annual report (page 25-28)

7.b. Financial performance indicators

Pages 5-6 of the CIAC 2017 Annual Report contain the financial highlights

CIAC 2017 Annual report (page 05-06)

7.c. Non-financial performance indicators

Pages 9-22 of CIAC 2017 Annual Report contain the non-financial performance indicators of the company

CIAC 2017 Annual report (page 09-22)

7.d. Details of whistle-blowing policy

CIAC Whistleblowing Policy is uploaded in the CIAC website.

CIAC Whistleblowing Policy

7.e. Biographical details (at least age, qualifications, date of first appointment, relevant experience, and any other directorships of listed companies) of directors/commissioners

The profiles of the CIAC Board of Directors are uploaded in the Transparency Seal and in the Corporate Governance sections of the CIAC website, which contains biographical details of the directors, appointment date and the number of board meetings attended in 2017.

CIAC 2017 Annual Report (pages 48-53)

8. Downloadable Annual Reports

Are the annual reports downloadable from the GOCC's website?

CIAC Annual Reports are available at the CIAC website.

Annual Report CY 2017

9. Corporate Governance Confirmation Statement

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?

Yes

Statement Confirming CIAC’s full compliance with the Code of Corporate Governance.

10. Timely filing/release of annual/financial reports

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

On 9 July 2018, CIAC received its Audited Annual Financial Statement for CY 2017 from COA. This was subsequently released or disseminated to all of the employees on 17 August 2018.

Its date of publication at CIAC's website was on 16 July 2018.

Audited AFS 2017

10.b. Is the annual report released within 90 days from release of audited financial report?

The Annual Report for CY 2017 was released or disseminated to all of the employees on 25 October 2018.

Its date of publication at CIAC's website was on 16 October 2018.

Annual Report 2017

10.c. 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?

The CIAC Board issued a Statement Confirming the Truth and Fairness of the CY 2016 Financial Statement of CIAC.

Statement confirming the Truth and fairness of the CY 2017 FS

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CIAC Compliance

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III. RESPONSIBILITIES OF THE BOARD

11. Corporate Vision/Mission

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

With the intent of cascading updates on the internal-external environment of CIAC, status of CIAC relative to its vision, accomplishment of the CIAC Strategic Plan for CY 2017, and further understanding of the strategic planning process, including each departments and offices responsibility to the realization of the plan, the following were disseminated to all executive offices and departments of CIAC:

  1. CIAC Vision-Mission-Core Values
  2. Definition of CIAC TIES
  3. Updated CIAC SWOT
  4. Updated List of Identified CIAC Risk Factors.
  5. 1st Half Status of the CIAC Vision’s KPIs
  6. 1st Half Status of the CIAC Strategic Plan for CY 2017.
  7. Status of the Top 3 Identified CIAC Risk Factors

Activities-CorPlan

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

Section 3.5.c of the CIAC Manual on Corporate Governance states the following as one of the specific functions of the Board: “Monitor and evaluate on a regular basis the implementation of corporate strategies and policies, business plans and operating budgets, as well as Management’s over-all performance to ensure optimum results”

CIAC Manual on Corporate Governance (Page 8)

12. Performance Evaluation System

Did the GOCC achieve 90% in the PES?

CIAC achieves a PES rating of 94.61% for 2016.

CIAC 2017 Interim Performance Scorecard

13. Code of Ethics/Conduct

13.a. Are the details of the code of ethics or conduct disclosed?

Standards of conduct are embodied in the CIAC Table of Offenses and Corrective Actions.

Table of Offenses

13.b. Does the GOCC disclose that all Directors/Commissioners, senior management and employees are required to comply with the code?

Section 10.1 of the CIAC Manual on Corporate Governance provides that the CIAC Board of Directors, the senior management officers and employees shall stricly observe and adhere to the CIAC Employee's Conduct and Discipline and the Table of Offenses and Corrective Actions.

CIAC Manual on Corporate Governance (Page 31)

13.c. Does the company disclose how it implements and monitors compliance with the code of ethics or conduct?

Administration and enforcement of employee discipline, the procedures in imposing disciplinary action and the application of disciplinary/corrective action may be found at the CIAC Table of Offenses.

Table of Offenses

Nomination and Compensation/Remuneration Committee

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

Section 4.2.1 of the CIAC Manual on Corporate Governance states that “The Executive Committee shall also function as the Governance Committee, Nomination and Remunerations Committee and Risk Management Committee.”

In 2016, the Board created a separate Nomination and Remunerations Committee

CIAC Manual on Corporate Governance (Page 15)

List of Committees as of 01 August 2017 approved by the Board.

Charter of Nomination and Remunerations Committee

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

Yes, The Nomination and Remuneration Committee met four (4) times in 2017.

Nomination and Remuneration Committee meetings in 2017

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

Yes, the minutes of the meetings were uploaded in the CIAC website
- Transparency Seal.

Activities – Nomination and Remuneration Committee 2017.

Audit Committee

17. Does the Board appoint an Audit Committee?

The Board appointed an Audit Committee. The members of the Audit Committee are as follows:

  • Edgardo B. Panlilio
  • Manuel C. Morales
  • Atty. Anne Lorraine C. Adorable-Inton

Board Committees and their Composition

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

Yes, the summarized activities of the Audit Committee for 2017 are posted in the CIAC's website -- Transparency Seal.

GCG-Corporate Website
Activities – AuditCom 2017

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

Dir. Edgardo B. Panlilio is a graduate of AB Economics and he was engaged in banking and finance for over forty (40) years. He became the Assistant Vice President of Prudential Bank of Angeles, Clark and San Fernando Branch.

Dir. Panlilio's Profile

20. Did the Audit Committee meet at least four (4) times during the year?

The Audit Committee conducted five (5) meetings in 2017.

Attendance Ledger of Audit Committee

Risk Management Committee

21. Does the Board appoint a Risk Management Committee?

Section 4.2.1 of the CIAC Manual on Corporate Governance states that “The Executive Committee shall also function as the Governance Committee, Nomination and Remunerations Committee and Risk Management Committee.”

CIAC Manual on Corporate Governance (Page 15)

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

Yes, the Executive Committee met ten (10) times in 2017..

Activities of the Executive Committee.

23. Does at least one (1) member of the Risk Management Committee have a background in finance and investments?

Dir. Anne Lorraine C. Adorable-Inton was a former member of the Committee on Small Business and Entrepreneurship Development and the Committee on Banks and Financial Intermediate. She was instrumental in the drafting of landmark legislations like the Magna Carta for Micro, Small, and Medium Enterprises and the Credit Surety Fund Act.

Dir. Inton's profile.

24. Board meetings and attendance

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

Article IV Section 6 of the Amended By-Laws of CIAC states that “the regular meetings of the Board of Directors shall be held once a month, preferably on the first week of every month.”

CIAC Amended by-laws 19 March 2015 (Page 7 of 16)

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

In 2017, a total of eleven (11) Board meetings were held. No meeting was conducted in July due to the conflict in the schedule of the directors.

Attendance Ledger – Board meetings for CY 2017.

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

In 2017, a total of eleven (11) Board meetings were held. No meeting was conducted in July due to the conflict in the schedule of the directors.

Attendance Ledger – Board meetings for CY 2017.

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

Ten (10) directors has attended at least 90% of all the Board meetings in 2017.

Summary of Attendance-Board and Committee Meetings CY 2017.

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

On 20 September 2017, the Board of Directors met while the President and CEO was on leave.

25. Access to information

25.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?

The said policy is stipulated under Sec. 3.13.3 of the Manual on Corporate Governance

CIAC Manual on Corporate Governance (Page 13)

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

Atty. Misheena Joyce Tiatco, the Acting Corporate Secretary is a Juris Doctor graduate and an Attorney-at-law.

Profile - Atty. Misheena Joyce Tiatco

26. Internal Audit

26.a. Does the company have a separate internal audit function?

CIAC has a separate internal audit function as evidenced in its Organizational Chart.

Organizational Chart

26.b. Does the appointment and removal of the internal auditor require the approval of the Audit Committee?

One of the functions of the Audit Committee include the approval of the appointment and removal of the internal auditors of the Internal Audit Department.

Audit Committee Charter (Page 1)

27. Risk Oversight

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

CIAC has a procedure in addressing observation and opportunities for improvement.

QMS-P-005

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

The contents of the Annual Report were reviewed by the members of the Board prior to its publication.

Board Resolution RM-08-07, Series of 2018

27.c. Does the company disclose how key risks are managed?

Yes. Mechanisms on risk management are posted in the CIAC's website
-- Transparency Seal.

Risk Management Mechanism

27.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?

No

28. Board Chairman

Do different persons assume the roles of Chairman and CEO?

Per Exective Order No. 14, Series of 2017, the Secretary of the Department of Transportation (DOTr) acts as the Ex-Officio Chairperson of the Board

Board Chairman

For 2017, CIAC Chairman is Atty. Arthur P. Tugate. His designated alternate is Capt. Manuel Antonio L. Tamayo. The Acting President and CEO / Officer-in-charge, on the other hand, is Alexander S. Cauguiran.

29. Board of Directors Development

29.a. Does the GOCC have orientation program for new Directors?

CIAC has an Orientation Program for newly-appointed directors.

CIAC Directors' Orientation Program

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

Sec. 3.11 and Sec 3.12 of the CIAC Manual on Corporate Governance provides the policy on director's attendance to on-going or continuous professional education programs.

CIAC Manual on Corporate Governance Page 12.

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

In 2017, the following Appointive Directors attended a Corporate Governance Orientation Program for GOCCs, conducted by the Institute of Corporate Directors (ICD):

  • Dir. Anne Lorraine C. Adoralbe-Inton
  • Dir. Charlie G. Chua
  • Dir. Goldwin Z. Posadas
  • Dir. Manuel C. Morales
  • Dir. Edgardo B. Panlilio

Certificate of Training

30. Board Appraisal

30.a. Is an annual performance assessment conducted of the Board of Directors?

The CIAC Board of Directors conducts an annual performance assessment through the Performance Evaluation for Directors (PED).

CIAC Manual on Corporate Governance (Page 17)

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

The performance of the members of the CIAC Board are evaluated based on based on the criteria set forth under the GCG Memorandum Circular No. 2014-03 [Performance Evaluation for Directors (PED) in the GOCC Sector].

CIAC Manual on Corporate Governance (Page 17)

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

The GCG MC 2014-03, which sets out the criteria in the evaluation of the performance of the directors, is also being published in CIAC's website

GCG MC 2014-03

31. Committee Appraisal

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

Secion 4.7 of the CIAC Manual on Corporate Governance stipulates the provision on Annual Committee Appraisal.

CIAC Manual on Corporate Governance (Page 17)

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CIAC Compliance

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IV. STAKEHOLDER RELATIONSHIPS AND DISCLOSURE & TRANSPARENCY

Stakeholder Relationships

1. Does the GOCC practice Global Reporting Index (GRI) on its annual reports?

For 2017, CIAC did not practice Global Reporting Index (GRI) on its annual reports.

Disclosure and Transparency

2. Quality of Annual Report:

Are the Audited financial report/statement released within 30 days upon the receipt from COA?

Yes, the Audited Annual Financial Statemenet for FY 2017 was published on 16 July 2018, after having received the same from COA on 09 July 2018.

Audited Financial Statement 2017

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CIAC Compliance

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V. RESPONSIBILITIES OF THE BOARD

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

No member of the CIAC Board of Directors is holding more than five (5) positions in GOCCs and PLCs.

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

CIAC is compliant with all GCG Good Governance Conditions resulting to a rating of 94.00% in the PES.