Disclosures
Corporate Governance Scorecard
| QUESTION | COMPLIANCE | ANS | SUPPORTING DOCUMENTS |
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| 1.a Does the GOCC disclose a policy that: Stipulates the existence and scope of its effort to address customer's welfare? |
LLFC Corporate Governance Manual (LLC-COO-PM-003.04), pages 56 to 57 C. Formal Recognition of Stakeholders, D. Employees, E. Customers, F. Suppliers |
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| 1.b Does the GOCC disclose a policy that: Elaborates its efforts to interact with the communities in which they operate? |
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| 1.c Does the GOCC disclose a policy that: Ensure that its value chain is environmentally friendly or is consistent with promoting sustainable development? |
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| 2.a Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies? (Customer health and safety) |
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| 2.b Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies? (Interaction with the communities) |
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| 2.c Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies? (Environmentally friendly value chain) |
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| 3. Does the GOCC have a separate corporate social responsibility (CSR) report/section or sustainability report/section? |
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| 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? |
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| 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? |
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| 5.b Does the GOCC publish data relating to health, safety and welfare of its employees? |
LLFC Annual Report 2024 page 31 - Customer and Employee Safety, Health and Wellness |
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| 5.c Does the GOCC have training and development programs for its employees? |
Human Resources Management Policies and Procedures Manual - Part II Chapter II Personnel Development |
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| 5.d Does the GOCC publish data on training and development programs for its employees? |
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| 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? |
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| 6.b Does the GOCC have procedures to protect an employee/person who reveals illegal/unethical behavior from retaliation? |
Revised Whistleblowing Policy OC 23-018, page 5 F.2. Rights of Whistleblower |
| QUESTION | COMPLIANCE | ANS | SUPPORTING DOCUMENTS |
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| 7.a Does the GOCC's website disclose the following items: Corporate objectives |
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| 7.b Does the GOCC's website disclose the following items: Financial performance indicators |
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| 7.c Does the GOCC's website disclose the following items: Non-financial performance indicators |
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| 7.d Does the GOCC's website disclose the following items: Details of whistle-blowing policy |
Revised Guidelines on Whistleblowing Policy (OC No. 23-018) Section F.1 page 4 |
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| 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 |
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| 7.f Does the GOCC's website disclose the following items: Training and/or continuing education program attended by each director/commissioner |
Disclosed in LLFC website - Board of Directors' Trainings for the year ending December 31, 2024 Previous' year trainings are also disclosed in the website under the Corporate Governance Seal (Board of Directors Trainings) |
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| 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? |
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| QUESTION | COMPLIANCE | ANS | SUPPORTING DOCUMENTS |
|---|---|---|---|
| 11.a Has the Board of Directors reviewed the vision and mission/ strategy in the last financial year? |
LLFC Annual Report page 4 Prior to submission to GCG, the Vision, Mission and Strategy as part of the 2024 Annual Performance Scorecard was discussed, reviewed and approved by the Board of Directors during its regular meeting on 18 August 2023 which include its Charter Statement, Strategy Map and Targets. |
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| 11.b Does the Board of Directors monitor/oversee the implementation of the corporate strategy? |
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| 13.a Are the details of the code of ethics or conduct disclosed? |
LLFC 2024 Annual Report page 23 - Code of Ethics and Conduct, No Gift Policy
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| 13.b Does the GOCC disclose that all Directors/Commissioners, senior management and employees are required to comply with the code? |
Human Resource Management Policies and Procedures Manual (LLC-CSG-PM-018.01) - Chapter IX - Employee Relations and Compliance - Code of Conduct and Employee Discipline - Statement of Policy |
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| 13.c Does the company disclose how it implements and monitors compliance with the code of ethics or conduct? |
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| 14. Does the Board appoint a Nomination Compensation / Remuneration Committee? |
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| 15. Did the Nomination Compensation/Remuneration Committee meet at least twice during the year? |
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| 16. If yes, is the report of the Nomination Compensation/ Remuneration Committee publicly disclosed? |
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| 17. Does the Board appoint an Audit Committee? |
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| 18. If yes, is the report of the Audit Committee publicly disclosed? |
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| 19. Does at least one member of the Audit Committee have an audit, accounting or finance background (qualification or experience)? |
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| 20. Did the Audit Committee meet at least four times during the year? |
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| 21. Does the Board appoint a Risk Management Committee? |
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| 22. If yes, is the report on Risk Management Committee publicly disclosed? |
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| 23. Does at least one member of the Risk Management Committee have a background in finance and investments? |
LLFC Annual Report page 16, 105, 107, and 110 3 out 4 members of the Risk Management Committee has a background in finance namely Dir. Sangutan, Dir. Kong, and Dir. Damasco |
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| 24.a Are the Board of Directors meetings scheduled at the beginning of the year? (end of Q1) |
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| 24.b Does the Board of Directors meet at least monthly? |
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| 24.c Did the Board of Directors meet on at least 75% on their scheduled meetings? |
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| 24.d Has each of the directors/commissioners attended at least 90% of all the board meetings held during the year? |
Disclosed in LLFC website - Board of Directors Attendance 2024 |
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| 24.e Did the Board of Directors meet separately at least once during the year without the President/CEO present? |
LLFC Annual Report 2024 page 8 During its December 17, 2024 meeting, the BOD held a meeting without the President/CEO, Mr. Michael P. Arañas present. |
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| 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? |
LLFC Annual Report 2024 page 8 Release of Materials and Conduct of Meeting |
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| 25.b Is the Board Secretary trained in legal, accountancy or company secretarial practices? |
Atty. Reo S. Andarino - Corporate Secretary (January 1 to September 19, 2024) Holds a degree in Bachelor of Laws/Juris Doctor from Adamson University School of Law. He also holds a degree in Master's in Mass Communication. Currently, he is the Officer-In-Charge of Overseaas Filipino Bank. Atty. Maximillian King Z. Fernandez - Corporate Secretary (assumed on September 19, 2024) Atty. Fernandez holds a degree in A.B. Psychology, with a minor in Literature, from Ateneo de Manila University. He then earned his Bachelor of Laws from San Beda College of Law and currently serves as the Legal Officer at the Bank. |
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| 26.a Does the company have a separate internal audit function? |
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| 26.b Does the appointment and removal of the internal auditor require the recommendation of the Audit Committee? |
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| 27.a Does the company disclose the internal control procedures/risk management systems it has in place? |
LLFC Annual Report 2024 page 21 - Risk Management Certification on the Adequacy of LLFC Internal Control, Risk Assessment and Governance |
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| 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? |
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| 27.c Does the company disclose how key risks are managed? |
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| 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? |
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| 28. Do different persons assume the roles of Chairman and CEO? |
Disclosed in LLFC Website - About Us |
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| 29.a Does the GOCC have orientation programs for new Directors? |
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| 29.b Does the GOCC have a policy that encourages Directors/Commissioners to attend on-going or continuous professional education programs? |
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| 29.c Did all Appointive Directors attend at least 1 training for the calendar year? |
Disclosed in LLFC website - Board of Directors Trainings 2024 |
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| 30.a Is an annual performance assessment conducted of the Board of Directors? |
Disclosed in LLFC website - Result of Board Self-Assessment |
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| 30.b Does the GOCC disclose the process followed in conducting the Board assessment? |
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| 30.c Does the GOCC disclose the criteria used in the Board assessment? |
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| 31. Is an annual performance assessment conducted of the Board of Directors Committees? |
Disclosed in LLFC website under Corporate Governance Seal - Board Level Committee Assessment 2024 - Executive Committee - Corporate Governance Commiittee - Audit Committee - Risk Management Committee - Related Party Transactions Committee |