To help focus on specific corporate governance responsibilities and to aid in the optimal performance of its roles and functions, the Board created six (6) Committees namely the Executive Committee; the Audit Committee; the Corporate Governance Committee; the Risk Oversight Committee; the Related Party Transactions Committee; and the Compensation and Remuneration Committee.
2023 Summary of Committee Meetings
EXECUTIVE COMMITTEE
The Executive Committee oversees the management of the Company and is responsible for the Company’s finances, goals, and policies. Further, it is also tasked to foster the long-term success of the Company and sustain its competitiveness and profitability in a manner consistent with its corporate objectives and the best interests of its stockholders through sound strategic directions and policies, guidelines and programs that can sustain the Company’s long-term viability and strength.
From April 24, 2023 to May 31, 2024
Willy N. Ocier – Chairperson
Elizabeth Anne C. Uychaco – Vice Chairperson
Jackson T. Ongsip – Member
Jacinto C. Ng, Jr. – Member
Armin Antonio B. Raquel Santos - Member
Virginia A. Yap – Member
Beginning May 31, 2024
Willy N. Ocier – Chairperson
Armin Antonio B. Raquel Santos – Member
Gregory L. Domingo – Member
Jacinto C. Ng, Jr. – Member
To view the Executive Committee Charter, click here.
AUDIT COMMITTEE
The Audit Committee directly interfaces with the internal and external auditors in the conduct of their duties and responsibilities. Its mandate includes the review of the Company’s financial reports and subsequent recommendation to the Board for approval. The Committee also reviews the Company’s Internal Control System, its audit plans and audit processes, and the Internal Audit Charter. The Chief Executive Officer and the Chief Audit Executive attest that a sound internal audit, control and compliance system is in place and working effectively. View the attestation here.
From April 24, 2023 to May 31, 2024
Amando M. Tetangco, Jr. (ID) – Chairperson
Jacinto C. Ng, Jr. – Member
Maria Gracia P. Tan (ID) – Member
Beginning May 31, 2024
Laurito E. Serrano (ID) – Chairperson
Jacinto C. Ng, Jr. – Member
Maria Gracia P. Tan (ID) – Member
To view the Audit Committee Charter, click here.
CORPORATE GOVERNANCE COMMITTEE
The Corporate Governance Committee is tasked to advise and assist the Board of Directors in performing its responsibilities with regard to corporate governance compliance in relation to the Company’s Manual on Corporate Governance, PSE’s rules on disclosures and corporate governance guidelines of the SEC. Likewise, it shall also be responsible for monitoring the trends on corporate governance and for making the appropriate recommendations to the Board of Directors.
NOTE: The functions of the Nomination Committee, the Corporate Social Responsibility Committee and the Environmental and Social Committee were merged with the Corporate Governance Committee's.
From April 24, 2023 to May 31, 2024
Joseph T. Chua (ID) – Chairperson
Maria Gracia P. Tan (ID) – Member
Amando M. Tetangco, Jr. (ID) – Member
Beginning May 31, 2024
Paquito N. Ochoa, Jr. (ID) – Chairperson
Laurito E. Serrano (ID) – Member
Maria Gracia P. Tan (ID) – Member
To view the Corporate Governance Committee Charter, click here.
RISK OVERSIGHT COMMITTEE
The Risk Oversight Committee reviews and assesses the effectiveness of the Company’s risk management system in the mitigation of financial and non-financial risks.
NOTE: The Risk Management Committee was renamed as Risk Oversight Committee.
From April 24, 2023 to May 31, 2024
Maria Gracia P. Tan (ID) – Chairperson
Jacinto C. Ng, Jr. – Member
Amando M. Tetangco, Jr. (ID) – Member
Beginning May 31, 2024
Maria Gracia P. Tan (ID) – Chairperson
Gregory L. Domingo – Member
Laurito E. Serrano (ID) – Member
To view the Risk Oversight Committee Charter, click here.
RELATED PARTY TRANSACTIONS COMMITTEE
The Related Party Transactions (RPT) Committee shall assist the Board in assessing material agreements with a related party to determine whether to approve, ratify, disapprove or reject a RPT. The Committee shall take into account whether the RPT is entered into on terms favorable to the Corporation than terms generally available to an unaffiliated third party under the same or similar circumstances.
From April 24, 2023 to May 31, 2024
Joseph T. Chua (ID) – Chairperson
Maria Gracia P. Tan (ID) – Member
Amando M. Tetangco, Jr. (ID) – Member
Beginning May 31, 2024
Paquito N. Ochoa, Jr. (ID) – Chairperson
Laurito E. Serrano (ID) – Member
Maria Gracia P. Tan (ID) – Member
To view the Related Party Transactions (RPT) Committee Charter, click here.
COMPENSATION AND REMUNERATION COMMITTEE
The Compensation and Remuneration Committee is tasked with the oversight of policies on salaries and benefits, as well as promotions and other forms of career advancement. The Committee also reviews existing human resource policies to ensure the continued growth and development of the Company’s workforce.
From April 24, 2023 to May 31, 2024
Elizabeth Anne C. Uychaco (NED) – Chairperson
Jackson T. Ongsip – Member
Amando M. Tetangco, Jr. (ID) – Member
Beginning May 31, 2024
Willy N. Ocier – Chairperson
Armin Antonio B. Raquel Santos – Member
Jacinto C. Ng, Jr. – Member
To view the Compensation and Renumeration Committee Charter, click here.
The Nomination Committee was merged with the Corporate Governance Committee in Apri 2017. The Corporate Social Responsibility and Environmental-Social Committees were integrated with the Corporate Governance Committee on June 25, 2021.
SUMMARY OF BOARD ACTIVITIES FOR 2023 and 2022
To view the Summary of Board Activities for 2023, click here. Meanwhile, the Summary of Board Activities for 2022 can be accessed here.