Item VIII - Disclosure and Transparency Requirements
Section 43. Mandatory Website – In accordance with Section 25 of the Act, all GOCCs shall maintain a website and post therein for unrestricted public access.
| 43.1. Institutional Matters a. LIBI Citizens Charter b. Government Information Sheet (GIS) 2025 2024 2023 2022 2021 2020 2019 2018 | 2017 | 2016 | 2013-2015
43.2. The Board and Officers a. Complete listing of the Directors and Officers with attached resume, and their membership in Board Committees. b. Compensation Package of Board of Directors and Officers c. Information of Board Committees and their activities 2024 (Page 20-29 of 2024 Annual Report) d. Attendance record of Directors and their committee meetings 2024 (Page 20-29 of 2024 Annual Report) 43.3. Financial and Operational Matters |
c.3. Detailed Statement of Comprehensive Income 2024 2024 c. Organizational Chart e. Corporate Social Responsibility (CSR) g. Training Programs Attended by the Board of Directors |
CY 2024
| Corporate Governance Scorecard for CY 2024 | |||||
| Grp | Item | Questions | Ans | Supporting Documents | Reference Link |
| I. Stakeholder Relationship | |||||
| I | 1.a | Does the GOCC disclose a policy that: Stipulates the existence and scope of its effort to address customer's welfare? | Yes | Page 25 - Manual on Corporate Governance Section 11 - Corporate Social Responsibility (CSR) and Relations with Stakeholders c. Formal Recognition of Stakeholders 4. Customers |
http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=25 |
| I | 1.b | Does the GOCC disclose a policy that: Elaborates its efforts to interact with the communities in which they operate? | Yes | Page 25 - Manual on Corporate Governance Section 11 - Corporate Social Responsibility (CSR) and Relations with Stakeholders C. Formal Recognition of Stakeholders 3. Community |
http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=25 |
| I | 1.c | Does the GOCC disclose a policy that: Ensure that its value chain is environmentally friendly or is consistent with promoting sustainable development? | Yes | Page 26 - Manual on Corporate Governance Section 11 - Corporate Social Responsibility (CSR) and Relations with Stakeholders C. Formal Recognition of Stakeholders 8. Environment |
http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=26 |
| I | 2.a | Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies? (Customer health and safety) | Yes |
Page 38 - Annual Report (Corporate Social Responsibility) Page 33 - Annual Report (MANAGEMENT AND |
http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=38 http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=33 |
| I | 2.b | Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies? (Interaction with the communities) | Yes | Page 36 - 2024 Annual Report (Corporate Social Responsibility) A. ENVIRONMENT |
http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=36 |
| I | 2.c | Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies? (Environmentally-friendly value chain) | Yes | Page 36 - 2024 Annual Report (Corporate Social Responsibility) A. ENVIRONMENT |
http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=36 |
| I | 3 | Does the GOCC have a separate corporate social responsibility (CSR) report/section or sustainability report/section? | Yes | Page 35 - 2024 Annual Report (Corporate Social Responsibility) | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=35 |
| I | 4 | 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? | Yes | Page 53 - Citizens Charter | http://lbp-insurance.com/images/pdf/citizens-charter.pdf#page=53 |
| I | 5.a | Performance-enhancing mechanisms for employee participation should be permitted to develop. Does the GOCC explicitly mention the health, safety and welfare policy for its employees? | Yes | Page 26 - Manual of Corporate Governance Page 33 - 2024 Annual Report |
http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=26 http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=33 |
| I | 5.b | Does the GOCC publish data relating to health, safety and welfare of its employees? | Yes | Page 33 - 2024 Annual Report | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=33 |
| I | 5.c | Does the GOCC have training and development programmes for its employees? | Yes |
Page 28 - Personnel Manual
|
http://lbp-insurance.com/images/pdf/personnel-manual.pdf#page=28 http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=32 |
| I | 5.d | Does the GOCC publish data on training and development programms for its employees? | Yes | Page 32 - 2024 Annual Report (LIBI Seminars and Training Program) | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=32 |
| I | 6.a | 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. Does the GOCC have procedures for complaints by employees concerning illegal (including corruption) and unethical behavior? | Yes | Guidelines on Whistle Blowing | http://lbp-insurance.com/images/pdf/whistleblowing-policy.pdf |
| I | 6.b | Does the GOCC have procedures to protect an employee/person who reveals illegal/unethical behavior from retaliation? | Yes | Guidelines on Whistle Blowing | http://lbp-insurance.com/images/pdf/whistleblowing-policy.pdf |
| Grp | Item | Questions | Ans | Supporting Documents | Reference Link |
| II. Disclosure Transparency | |||||
| II | 7.a | Does the GOCC's website disclose the following items: Corporate objectives | Yes | 2024 Strategy Map Page 3 - 2024 Annual Report (Mission and Vision) |
http://lbp-insurance.com/images/pdf/2024-strategy-map.pdf http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=3 |
| II | 7.b | Does the GOCC's website disclose the following items: Financial performance indicators | Yes | Page 13 - 2024 Annual Report Highlights of Activities | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=4 http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=5 http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=7 http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=14 |
| II | 7.c | Does the GOCC's website disclose the following items: Non-financial performance indicators | Yes | Performance Scorecard SO-4; SM-4 Page 38 - 2024 Annual Report D. ANNUAL CUSTOMER SATISFACTION SURVEY |
http://lbp-insurance.com/images/pdf/2024-strategy_map.pdf http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=18 http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=38 |
| II | 7.d | Does the GOCC's website disclose the following items: Details of whistle-blowing policy | Yes | Guidelines on Whistleblowing and Reporting | http://lbp-insurance.com/images/pdf/whistleblowing-policy.pdf |
| II | 7.e | Does the GOCC's website disclose the following items: Biographical details (at least age, qualifications, date of first appointment, relevant experience, and any other directorships of listed companies) of directors/commissioners | Yes | About Us - Name of Officials Page 40 - 2024 Annual Report (Board of Directors) |
http://lbp-insurance.com/about-us/name-of-officials http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=40 |
| II | 7.f | Does the GOCC's website disclose the following items: Training and/or continuing education programme attended by each director/commissioner | Yes | Page 22 - 2024 Annual Report (Trainings and Continuing Education of the Board) | https://www.lbp-insurance.com/images/pdf/2024-annual-report.pdf#page==22 https://lbp-insurance.com/images/pdf/2024-list-of-trainings-attended-by-the-board-of-directors.pdf |
| II | 9 | 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 | Page 34 - 2024 Annual Report | http://www.lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=34 |
| Grp | Item | Questions | Ans | Supporting Documents | Reference Link |
| II. Board Responsibility | |||||
| III | 11.a | Has the Board of Directors reviewed the vision and mission/ strategy in the last financial year? | Yes | Page 20 - 2024 Annual Report | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=20 |
| III | 11.b | Does the Board of Directors monitor/oversee the implementation of the corporate strategy? | Yes | Page 8 - Manual on Corporate Governance Page 17 - 2024 Annual Report Institutional Viability and Vitality i. LIBI Corporate Governance Structure b. Responsibilities, Duties and Functions of the Board 2. Duties and Functions |
http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=8 https://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=17 |
| III | 13.a | Are the details of the code of ethics or conduct disclosed? | Yes | Page 9 - Manual on Corporate Governance Code of Conduct No Gift Policy Page 29 - Personnel Manual, VI. Administrative Discipline |
http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=9 https://www.lbp-insurance.com/images/pdf/code-of-conduct.pdf http://lbp-insurance.com/images/pdf/no-gift-policy.pdf http://lbp-insurance.com/images/pdf/personnel-manual.pdf#page=29 |
| III | 13.b | Does the GOCC disclose that all Directors/Commissioners, senior management and employees are required to comply with the code? | Yes | Page 32 - 2024 Annual Report | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=32 |
| III | 13.c | Does the company disclose how it implements and monitors compliance with the code of ethics or conduct? | Yes | Page 32 - 2024 Annual Report | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=32 |
| III | 14 | Does the Board appoint a Nomination Compensation / Remuneration Committee? | Yes | Page 28 - 2024 Annual Report | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=28 |
| III | 15 | Did the Nomination Compensation/Remuneration Committee meet at least twice during the year? | Yes | Page 28 - 2024 Annual Report | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=28 |
| III | 16 | If yes, is the report of the Nomination Compensation/Remuneration Committee publicly disclosed? | Yes | Page 29 - 2024 Annual Report | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=29 |
| III | 17 | Does the Board appoint an Audit Committee? | Yes | Page 26 - 2024 Annual Report | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=26 |
| III | 18 | If yes, is the report of the Audit Committee publicly disclosed? | Yes | Page 27 - 2024 Annual Report | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=27 |
| III | 19 | Does at least one member of the Audit Committee have an audit, accounting or finance background (qualification or experience)? | Yes | Page 48 - 2024 Annual Report | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=48 |
| III | 20 | Did the Audit Committee meet at least four times during the year? | Yes | Page 26 - 2024 Annual Report | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=26 |
| III | 21 | Does the Board appoint a Risk Management Committee? | Yes |
Page 26 - 2024 Annual Report |
http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=26 |
| III | 22 | If yes, is the report on Risk Management Committee publicly disclosed? | Yes | Page 27 - 2024 Annual Report | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=27 |
| III | 23 | Does at least one member of the Risk Management Committee have a background in finance and investments? | Yes | Page 48 - 2024 Annual Report | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=48 |
| III | 24.a | Are the Board of Directors meetings scheduled at the beginning of the year? (end of Q1) | Yes | Page 20 - 2024 Annual Report | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=20 |
| III | 24.b | Does the Board of Directors meet at least monthly? | Yes | Page 20 - 2024 Annual Report | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=20 |
| III | 24.c | Did the Board of Directors meet on at least 75% on their scheduled meetings? | Yes | Page 20 - 2024 Annual Report | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=20 |
| III | 24.d | Has each of the directors/commissioners attended at least 90% of all the board meetings held during the year? | Yes | Page 21 - 2024 Annual Report | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=21 |
| III | 24.e | Did the Board of Directors meet separately at least once during the year without the President/CEO present? | Yes | Page 20 - 2024 Annual Report | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=20 |
| III | 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? | Yes | Page 20 - 2024 Annual Report SUBMISSION / DELIVERY OF BOARD MATERIALS |
http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=20 |
| III | 25.b | Is the Board Secretary trained in legal, accountancy or company secretarial practices? | Yes | Name of Officials - Corporate Officers Corporate Secretary |
http://lbp-insurance.com/about-us/name-of-officials |
| III | 26.a | Does the company have a separate internal audit function? | Yes | Page 26 - 2024 Annual Report GCG Memorandum Order No. 2019-03 |
http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=26 https://gcg.gov.ph/files/4LQ9KlXQy7dCYQWKPOwOsNVKVXA2zfqqlH1Xn8dgPsyS59Usap.pdf |
| III | 26.b | Does the appointment and removal of the internal auditor require the recommendation of the Audit Committee? | Yes | Page 25 - 2024 Annual Report | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=25 |
| III | 27.a | Does the company disclose the internal control procedures/risk management systems it has in place? | Yes | Transparency Seal - Risk Management Manual |
http://lbp-insurance.com/images/pdf/risk-management-manual.pdf |
| III | 27.b | Does the Annual Report disclose that the board of directors/commissioners has conducted a review of the company's material controls (including operational, financial and compliance controls) and risk management systems? | Yes | Page 26-27 - 2024 Annual Report | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=26 |
| III | 27.c | Does the company disclose how key risks are managed? | Yes | See Risk Management Manual | http://lbp-insurance.com/images/pdf/risk-management-manual.pdf |
| III | 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? | Yes | Page 26 - 2024 Annual Report | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=26 |
| III | 28 | Do different persons assume the roles of Chairman and CEO? | Yes |
Name of Officials Page 41 and 42 - 2024 Annual Report |
http://lbp-insurance.com/about-us/name-of-officials http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=41 http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=42 |
| III | 29.a | Does the GOCC have orientation programs for new Directors? | Yes | Orientation Materials | https://icrs.gcg.gov.ph/public_files/GCGMC%202012-07.pdf https://lbp-insurance.com/images/gcg-disclosure/ICD-for-2021-May-25-26-GCG-Law-and-Regulatory-Framework-2020.pdf |
| III | 29.b | Does the GOCC have a policy that encourages Directors/Commissioners to attend on-going or continuous professional education programs? | Yes | Page 22 - 2024 Annual Report | http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=22 2024-list-of-trainings-attended-by-the-board-of-directors.pdf |
| III | 29.c | Did all Appointive Directors attend at least 1 training for the calendar year? | Yes | Page 18 - 2024 Annual Report Transparency Seal - Corporate Governance |
http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=18 https://www.lbp-insurance.com/images/pdf/2024-annual-report.pdf |
| III | 30.a | Is an annual performance assessment conducted of the Board of Directors? | Yes | Page 30 - 2024 Annual Report Disclosures - Corporate Governance Guidelines for the Board of Directors Self-Assessment and Board-Level Committee Assessment |
http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=30 https://www.lbp-insurance.com/images/pdf/guidelines-on-board-of-directors-and-board-level-committee-assessments.pdf https://www.lbp-insurance.com/disclosures/corporate-governance |
| III | 30.b | Does the GOCC disclose the process followed in conducting the Board assessment? | Yes |
Page 30 - 2024 Annual Report Disclosures - Guidelines for the Board of Directors Self-Assessment and Board-Level Committee Assessment |
http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=30 https://www.lbp-insurance.com/images/pdf/guidelines-on-board-of-directors-and-board-level-committee-assessments.pdf https://www.lbp-insurance.com/disclosures/corporate-governance |
| III | 30.c | Does the GOCC disclose the criteria used in the Board assessment? | Yes |
Page 30 - 2024 Annual Report Disclosures - Guidelines for the Board of Directors Self-Assessment and Board-Level Committee Assessment |
http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=30 https://www.lbp-insurance.com/images/pdf/guidelines-on-board-of-directors-and-board-level-committee-assessments.pdf https://www.lbp-insurance.com/disclosures/corporate-governance |
| III | 31 | Is an annual performance assessment conducted of the Board of Directors Committees? | Yes |
Page 30 - 2024 Annual Report Transparency Seal - Guidelines for the Board of Directors Self-Assessment and Board-Level Committee Assessment |
http://lbp-insurance.com/images/pdf/2024-annual-report.pdf#page=30 |
