The Board conducts an annual self-assessment of its performance, including the performance of the President/CEO, Chairman, individual members and committees. It periodically evaluates and monitors the implementation of such policies and strategies, including the business plans and operating budgets and monitors and assesses the Management's overall performance based on established performance standards that are consistent with the Company’s strategic objectives.

 

Such self-assessment consists of accomplishing an evaluation and assessment questionnaire, whereby the directors rate their performance on Board responsibilities, Board composition, Board meetings and activities, dealings with Management and Company processes. Directors likewise assess the performance of the President/CEO, with respect to his/her duties and responsibilities.

 

An evaluation and assessment questionnaire is likewise accomplished by the Chairman with respect to the performance of his duties and responsibilities under the Manual on Corporate Governance.

 

Each Committee member accomplishes an evaluation and assessment questionnaire on Committee functions and responsibilities.

 

The aforesaid assessments are conducted on an annual basis, and such assessments have been done for the year 2025.

 

For year 2025, the Company engaged the Institute of Corporate Directors to conduct a third-party Board evaluation of the structure, compositions, responsibilities and duties, board processes, dynamics and relationships, and corporate governance practices related to the strategy, policy oversight and accountability functions giving insights on the effectiveness of the Board, the Committee, the Chairperson, and the Directors.