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Corporate Governance

The Company and its respective directors, officers, and employees strive to comply with the best practices and principles of good corporate governance as embodied in its Corporate Governance Manual. The Board of Directors conducts an annual self-assessment of its performance, including the performance of the Chairman, individual members, and committees. This self-assessment is supported by an external facilitator every three (3) years.

The Board of Directors is primarily responsible for the governance of the Company. In addition to setting the policies for the accomplishment of corporate objectives, it has the duty to provide an independent check on the Management. The Board is mandated to attend its regular and special meetings in person or through teleconferencing. The Company’s board’s independent directors are aware of their duties and are expected to look after the interests of minority shareholders.

The Company continues to monitor compliance with the SEC Rules on Corporate Governance and remains committed to ensuring the adoption of other practices of good corporate governance to enhance its value for its shareholders.

In adopting its Corporate Governance Manual, the Company understands the responsibilities of the Board and its members, in governing the conduct of the business of the Company and the Board Committees, in ensuring adherence to corporate principles and best practices.

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