Grp

Item

Question

Ans

Supporting Documents

Reference Link

II. Disclosure and Transparency

II

8

Are the annual reports downloadable from the GOCC's website

Y

Annual reports/Financial statements on the year being assessed must be downloadable from the GOCC's website.

II

10.a

Are the audited annual financial report/statement uploaded on the website within 60 days upon receipt from COA

Y

The GOCC must explicitly state the 1.) date of receipt of the AFS from COA and 2.) the date when the AFS was released/published online.

An N/A rating will be given for this item if the COA-audited financial report is not yet available or not yet transmitted to the GOCC, provided that the evidence/ proof of their financial reports have already been submitted for audit and that they disclose their unaudited financial reports instead.

II

10.b

Is the annual report released within 90 days from release of audited financial report

Y

The GOCC must explicitly state the 1.) date of receipt of the AFS from COA and 2.) the date when the Annual Report was released/published online

II

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

Y

There should be a statement online made by the Directors and/or relevant officers confirming the truth/veracity and fairness of the GOCC's financial statements.

III. Responsibilities of the Board

III

12

Did the GOCC achieve 90% in the PES

Y

The GOCC must publish the GCG-validated performance scorecard on the year being assessed.

IV. Bonus

IV

1 Stakeholder Relationship

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

Y

The GOCC must publicly disclose that it has adopted integrated reporting based on the GRI framework for its disclosures.

IV

2 Timely release of annual financial report

Is the audited annual financial report/statement released within 30 days upon receipt from COA

Y

The GOCC must explicitly state the date when the AFS was released from COA and when it was published.

V. Penalty

V

1 Responsibilities of the Board

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

N

The GOCC must name all the directorships of their Appointive Director's to other GOCCs and PLCs. Should the Director have more than 5 positions in other GOCCs and PLCs, the GOCC will be marked N on this item.

V

2 Responsibilities of the Board

Is there non-compliance with Good Governance Conditions

N

The GOCC must disclose the results of GCG's evaluation of its good governance conditions. Should the GOCC fail to comply with two or more conditions, it will be marked N on this item.

Page 15 - Manual of Corporate Governance

Page 22 - 2022 Annual Report

Name of Officials

Page 39 and 44 - 2022 Annual Report
LIBI Board of Directors

http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=39

http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=44

Page 26 - 2022 Annual Report

Transparency Seal -
Corporate Governance

Guidelines for the Board of Directors Self-Assessment and Board-Level Committee Assessment

Page 26 - 2022 Annual Report

Transparency Seal -
Corporate Governance

Guidelines for the Board of Directors Self-Assessment and Board-Level Committee Assessment

http://lbp-insurance.com/images/pdf/2022-annual-report.pdf#page=26

https://nfa.gov.ph/images/files/cgs/gcg_iped_manual.pdf

https://gcg.gov.ph/files/cWh5cDw37KGSsC96giSw.pdf

https://gcg.gov.ph/files/enuLgrUXXF9zdRPjgIts.pdf

https://www.lbp-insurance.com/images/pdf/guidelines-on-board-of-directors-and-board-level-committee-assessments.pdf