2015 Annual Report

Our People

The Compensation and Remuneration Committee is composed of the Chairman of the Board and two (2) members, one (1) of whom shall be an Independent Director. The chairman of the committee is Independent Director Tony Tan Caktiong, and its members are Directors Federico R. Lopez and Peter D. Garrucho, Jr.

Pursuant to the Compensation and Remuneration Committee Charter, the committee has the principal function of studying and recommending an appropriate compensation and/or reward system. It shall exercise powers and functions over the compensation and remuneration of the corporate officers other than the Chairman, whose compensation and remuneration shall be determined by the President and two (2) Directors, one of whom shall be an Independent Director. The committee shall establish a policy on remuneration of Directors and officers, to ensure that their compensation is consistent with the Corporation’s culture, strategy, and the business environment in which it operates. Further, it is tasked to review the Corporation’s human resources development or personnel handbook, in order to strengthen provisions on conflict of interest, policies on salaries and benefits, and directives on promotion and career advancement.

The Audit Committee is headed by Independent Director Jaime I. Ayala, with Independent Director Tony Tan Caktiong and Directors Peter D. Garrucho, Jr. and Elpidio L. Ibañez as members.

Under the provisions of The Audit Committee Charter, the committee’s primary function is to assist the Board of Directors in fulfilling its oversight responsibilities for financial reporting, internal control systems, internal audit activities, compliance with key regulatory requirements, and enforcement of the Corporate Code of Conduct.

Among the Audit Committee’s other functions are monitoring and evaluating the Company’s internal control systems which include the Company’s financial reporting control and information technology security. The Committee likewise recommends the appointment of the Company’s external auditor and ensures that the Company has an effective internal auditing system. To this end, the Committee is in charge of reviewing reports of the Company’s internal and external auditors and taking corrective action when necessary. The Committee is likewise tasked to review any unusual or complex transaction, and the accuracy of disclosures of material information, including subsequent events and related-party transactions.

The committee shall conduct an annual self-assessment of its performance and effectiveness, and recommend, if necessary, changes to The Audit Committee Charter. The self-assessment activity shall be based on the completeness of The Audit Committee Charter as to its compliance with regulatory requirements and actual implementation.

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The Compensation and Remuneration Committee is composed of the Chairman of the Board and two (2) members, one (1) of whom shall be an Independent Director. The chairman of the committee is Independent Director Tony Tan Caktiong, and its members are Directors Federico R. Lopez and Peter D. Garrucho, Jr.

Pursuant to the Compensation and Remuneration Committee Charter, the committee has the principal function of studying and recommending an appropriate compensation and/or reward system. It shall exercise powers and functions over the compensation and remuneration of the corporate officers other than the Chairman, whose compensation and remuneration shall be determined by the President and two (2) Directors, one of whom shall be an Independent Director. The committee shall establish a policy on remuneration of Directors and officers, to ensure that their compensation is consistent with the Corporation’s culture, strategy, and the business environment in which it operates. Further, it is tasked to review the Corporation’s human resources development or personnel handbook, in order to strengthen provisions on conflict of interest, policies on salaries and benefits, and directives on promotion and career advancement.

The Audit Committee is headed by Independent Director Jaime I. Ayala, with Independent Director Tony Tan Caktiong and Directors Peter D. Garrucho, Jr. and Elpidio L. Ibañez as members.

Under the provisions of The Audit Committee Charter, the committee’s primary function is to assist the Board of Directors in fulfilling its oversight responsibilities for financial reporting, internal control systems, internal audit activities, compliance with key regulatory requirements, and enforcement of the Corporate Code of Conduct.

Among the Audit Committee’s other functions are monitoring and evaluating the Company’s internal control systems which include the Company’s financial reporting control and information technology security. The Committee likewise recommends the appointment of the Company’s external auditor and ensures that the Company has an effective internal auditing system. To this end, the Committee is in charge of reviewing reports of the Company’s internal and external auditors and taking corrective action when necessary. The Committee is likewise tasked to review any unusual or complex transaction, and the accuracy of disclosures of material information, including subsequent events and related-party transactions.

The committee shall conduct an annual self-assessment of its performance and effectiveness, and recommend, if necessary, changes to The Audit Committee Charter. The self-assessment activity shall be based on the completeness of The Audit Committee Charter as to its compliance with regulatory requirements and actual implementation.

Pages: 1 2 3 4