The Company adheres to the corporate governance rules as promulgated by the Philippine Congress, the Philippine Securities and Exchange Commission and the Philippine Stock Exchange (PSE). These rules are embodied in the Philippine Revised Corporation Code; SEC Memorandum Circular No. 19, series of 2016 or the Code of Corporate Governance for Publicly-Listed Companies; and the PSE Listing and Disclosure Rules, among others. The Company also abides with its Manual on Corporate Governance (revised as of 30 May 2017), which incorporates the established governance policies and practices in accordance with SEC Memorandum Circular No. 19, series of 2016.

The Audit Committee is composed of three members, two of whom must be independent directors, including the Chairman, and is tasked to oversee and review financial and accounting matters.

The Corporate Governance Committee is composed of three members, two of whom must be independent directors, including the Chairman, and is tasked to oversee the corporate governance framework of the Company.

The Board Risk Oversight Committee is composed of three members, two of whom must be independent directors, including the Chairman, and oversees the management of the Company’s enterprise risk management system to ensure its functionality and effectiveness.

The Related Party Transaction Committee is composed of three members, two of whom must be independent directors, including the Chairman, and is tasked with reviewing all material RPTs and interested person transactions of the Company.

The Company’s By-laws require it to have two independent directors in its Board of Directors while the Manual requires that majority shall be independent directors voting in the Audit Committee, Corporate Governance Committee, Board Risk Oversight Committee and Related Party Transaction Committee.

To measure the level of compliance with its Manual of Corporate Governance, the Company has established an evaluation system consisting of a self-rating assessment and performance system by management and submission of certifications on the Company’s compliance with the provisions of the Manual. Furthermore, to ensure adherence to the adopted leading practices on good corporate governance, the Company has designated a Compliance Officer reporting directly to the Chairman of the Board.

There are no material deviations to date from the Corporation’s Manual of Corporate Governance.