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Solar Philippines Nueva Ecija Corporation
MANUAL ON CORPORATE
GOVERNANCE
MANUAL ON CORPORATE GOVERNANCE
Table of Contents
Introduction……………………………………………………………………………………………………….. 4
A. Commitment to Good Corporate Governance ……………………………………………........ 5
B. The Compliance System ……………………………………………………………....…………………… 5
C. The Board of Directors and Corporate Officers ……………………………....…….…………. 5
1. Composition and Board Size …………………………………………………………..…….. 6
2. The Chairman, Chief Executive Officer (CEO)/President ………………………… 7
i. Chairman ………………………………………………………………………….…....... 7
ii. CEO/President …………………………………………………………………..……... 8
3. Qualifications and Disqualifications of a Director …………………………………. 8
4. Independent Directors …………………………………………………………………………. 10
5. Nomination and Election of Directors ………………….………………………………. 11
6. Mission and General Responsibility of the Board ………………………………….. 11
7. Board Authority, Duties and Functions ……………………………………..………….. 11
8. Specific Duties and Responsibilities of a Director ………………………………….. 14
9. Financial Reporting, Disclosure, Transparency and Internal Control
Responsibilities of the Board ………………………………………………..…………….... 14
10. Board Meetings ………………………………………………………………………..………...… 15
11. Board and Officers’ Remuneration …………………………..….……………………….. 15
12. Board Committees ………………………………………………………………..……………... 15
i. Audit and Risk Management Committee …………..…………………….…. 16
ii. Corporate Governance Committee ………………………………..…….…… 18
iii. Related Party Transactions Committee ………………………………..…… 18
13. The Corporate Secretary ………………………………………………………………….…… 19
14. The Compliance Officer …………………………………………………………………..…… 19
D. Fiscal Responsibilities ……………………………………………………………………………............ 20
i. Financial Reporting, Disclosure, Transparency and Internal Control ……… 20
ii. Head of the Finance Division …………………………………………………................. 21
iii. Accountability and Audit …………………….………………………………………………… 21
1. Accountability ……………………………..……………………………................. 21
2. External Auditor ………………………….……………………………………………. 22
iv. Related Party Transactions (RPTS) …………..…………………………………………… 23
E. Rights of Stockholders and Protection of Minority Stockholders’ Interest …....... 24
i. Rights of Stockholders ………………………………………………..……………………….. 24
1. Voting Right ………………………………………………..……………………………. 24
2. Right of Inspection …………………………………………………………........... 24
3. Right to Information ……………………………..…………………………………. 24
SOLAR PHILIPPINES NUEVA ECIJA CORPORATION
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MANUAL ON CORPORATE GOVERNANCE
4. Right to Dividends ………………………………….………………………........... 24
5. Appraisal Right …………………………………….…………………………………… 25
ii. Duties of the Board of Directors …………………………………………………........... 25
F. Sustainability and Social Responsibility ………………….………………………….…............ 25
G. Communication, Dissemination, Monitoring and Sanctions …………………............ 25
i. Adequate and Timely Information …………………………..………………………….. 25
ii. Monitoring and Assessment …………………………………..…………………........... 26
iii. Penalties for Non-Compliance …………………………….……………………........... 26
H. Anti-Corruption Program……………………………………………………………………………….. 26
Signature Page……………………………………………………………………………………………….. 27
SOLAR PHILIPPINES NUEVA ECIJA CORPORATION
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MANUAL ON CORPORATE GOVERNANCE
INTRODUCTION
The Manual aims at defining the responsibilities and accountabilities of the Board of Directors
and Officers of Solar Philippines Nueva Ecija Corporation (hereinafter referred to as the
“Corporation”). It is the primary source of guidance on all aspects of governance including
statutory guidance under which the Corporation operates, and sets the rules governing Board
meetings.
The Manual is designed to be an active, flexible and practical document; thus, some information
may be duplicated between certain sections. This is to make changes in the Manual easier
whenever some sections are modified, amended, revised or updated as the need arises.
SOLAR PHILIPPINES NUEVA ECIJA CORPORATION
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