CY 2021
| Corporate Governance Scorecard for CY 2021 | |||||
| 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 34 - 2021 Annual Report (Corporate Social Responsibility) B. Customer's Health & Safety |
http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=34 |
| I | 2.b | Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies? (Interaction with the communities) | Yes | Page 33 - 2021 Annual Report (Corporate Social Responsibility) | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=33 |
| I | 2.c | Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies? (Environmentally-friendly value chain) | Yes | Page 33 - 2021 Annual Report (Corporate Social Responsibility) | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=33 |
| I | 3 | Does the GOCC have a separate corporate social responsibility (CSR) report/section or sustainability report/section? | Yes | Page 32 - 2021 Annual Report (Corporate Social Responsibility) | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=32 |
| 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 29 - 2021 Annual Report |
http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=26 http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=29 |
| I | 5.b | Does the GOCC publish data relating to health, safety and welfare of its employees? | Yes | Page 29 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=29 |
| I | 5.c | Does the GOCC have training and development programmes for its employees? | Yes | Page 28 - Personnel Manual General, Identification of Training, Training Invitations and Offers Page 28 - 2021 Annual Report (LIBI Seminars and Trainings) |
http://lbp-insurance.com/images/pdf/personnel-manual.pdf#page=28 http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=28 |
| I | 5.d | Does the GOCC publish data on training and development programms for its employees? | Yes | Page 27 - 2021 Annual Report (LIBI Seminars and Trainings) | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=27 |
| 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 | 2021 Strategy Map Performance Agreement Negotiation (PAN) Page 3 - 2021 Annual Report (Mission and Vision) |
http://lbp-insurance.com/images/pdf/2021-strategy-map.pdf http://lbp-insurance.com/images/pdf/pan-2021.pdf http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=3 |
| II | 7.b | Does the GOCC's website disclose the following items: Financial performance indicators | Yes | Page 31 - 2021 Annual Report Highlights of Activities | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=31 |
| II | 7.c | Does the GOCC's website disclose the following items: Non-financial performance indicators | Yes | Performance Scorecard SO-2; SM-2 Page 34 - 2021 Annual Report D. ANNUAL CUSTOMER SATISFACTION SURVEY |
http://lbp-insurance.com/images/pdf/pan-2021.pdf http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=34 |
| 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 37 - 2021 Annual Report (Board of Director |
http://lbp-insurance.com/about-us/name-of-officials http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=37 |
| 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 18 - 2021 Annual Report (Trainings and Continuing Education by the Board) | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=18 https://www.lbp-insurance.com/images/pdf/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 28 - 2021 Annual Report | http://www.lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=28 |
| 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 16 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=16 |
| III | 11.b | Does the Board of Directors monitor/oversee the implementation of the corporate strategy? | Yes | Page 8 - Manual on Corporate Governance | http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=8 |
| III | 13.a | Are the details of the code of ethics or conduct disclosed? | Yes | No Gift Policy Page 9 - Manual on Corporate Governance Page 29 - Personnel Manual |
http://lbp-insurance.com/images/pdf/no-gift-policy.pdf http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=9 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 | No Gift Policy Page 9 - Manual on Corporate Governance Page 29 - Personnel Manual |
http://lbp-insurance.com/images/pdf/no-gift-policy.pdf http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=9 http://lbp-insurance.com/images/pdf/personnel-manual.pdf#page=29 |
| III | 13.c | Does the company disclose how it implements and monitors compliance with the code of ethics or conduct? | Yes | Page 28 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=28 |
| III | 14 | Does the Board appoint a Nomination Compensation / Remuneration Committee? | Yes | Page 23 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=23 |
| III | 15 | Did the Nomination Compensation/Remuneration Committee meet at least twice during the year? | Yes | Page 23 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=23 |
| III | 16 | If yes, is the report of the Nomination Compensation/Remuneration Committee publicly disclosed? | Yes | Page 24 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=24 |
| III | 17 | Does the Board appoint an Audit Committee? | Yes | Page 21 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=21 |
| III | 18 | If yes, is the report of the Audit Committee publicly disclosed? | Yes | Page 21 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=21 |
| III | 19 | Does at least one member of the Audit Committee have an audit, accounting or finance background (qualification or experience)? | Yes | Page 40 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=40 |
| III | 20 | Did the Audit Committee meet at least four times during the year? | Yes | Page 21 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=21 |
| III | 21 | Does the Board appoint a Risk Management Committee? | Yes |
Page 15 - Manual of Corporate Governance
|
http://lbp-insurance.com/images/pdf/manual-on-corporate-governance.pdf#page=15 http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=21 |
| III | 22 | If yes, is the report on Risk Management Committee publicly disclosed? | Yes | Page 21 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=21 |
| III | 23 | Does at least one member of the Risk Management Committee have a background in finance and investments? | Yes | Page 40 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=40 |
| III | 24.a | Are the Board of Directors meetings scheduled at the beginning of the year? (end of Q1) | Yes | Page 16 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=16 |
| III | 24.b | Does the Board of Directors meet at least monthly? | Yes | Page 17 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=17 |
| III | 24.c | Did the Board of Directors meet on at least 75% on their scheduled meetings? | Yes | Page 17 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=17 |
| III | 24.d | Has each of the directors/commissioners attended at least 90% of all the board meetings held during the year? | Yes | Page 17 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=17 |
| III | 24.e | Did the Board of Directors meet separately at least once during the year without the President/CEO present? | Yes | Page 17 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=17 |
| 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 16 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=16 |
| 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 21 - 2021 Annual Report GCG Memorandum Order No. 2019-03 |
http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=21 https://gcg.gov.ph/files/4LQ9KlXQy7dCYQWKPOwO.pdf |
| III | 26.b | Does the appointment and removal of the internal auditor require the recommendation of the Audit Committee? | Yes | Page 20 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=20 |
| 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 22 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=22 |
| 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 21 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=21 |
| III | 28 | Do different persons assume the roles of Chairman and CEO? | Yes | See Name of Officials | http://lbp-insurance.com/about-us/name-of-officials |
| III | 29.a | Does the GOCC have orientation programs for new Directors? | Yes | Orientation Materials | |
| III | 29.b | Does the GOCC have a policy that encourages Directors/Commissioners to attend on-going or continuous professional education programs? | Yes | Page 18 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=18 |
| III | 29.c | Did all Appointive Directors attend at least 1 training for the calendar year? | Yes | Page 18 - 2021 Annual Report | http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=18 https://www.lbp-insurance.com/images/pdf/list-of-trainings-attended-by-the-board-of-directors.pdf |
| III | 30.a | Is an annual performance assessment conducted of the Board of Directors? | Yes | Page 25 - 2021 Annual Report Complied through GCG IPED |
http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=25 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 |
| III | 30.b | Does the GOCC disclose the process followed in conducting the Board assessment? | Yes | Page 25 - 2021 Annual Report Complied through GCG IPED |
http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=25 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 |
| III | 30.c | Does the GOCC disclose the criteria used in the Board assessment? | Yes | Page 25 - 2021 Annual Report Complied through GCG IPED |
http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=25 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 |
| III | 31 | Is an annual performance assessment conducted of the Board of Directors Committees? | Yes |
Page 25 - 2021 Annual Report |
http://lbp-insurance.com/images/pdf/2021-annual-report.pdf#page=25 |
