PETRON CORPORATION CR06048-2017
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Petron Corporation PCORPSE Disclosure Form ACGR-2 - Update on Annual Corporate Governance Report
Reference: Revised Code of Corporate Governance of the Securities and Exchange Commission and SEC Memorandum Circular
No. 1 and 12 Series of 2014
Description of the Disclosure
Please see attached letter dated August 14, 2017, together with the updated version of the Annual Corporate Governance Report of Petron Corporation (the "Company") to be posted on the Company website, as updated with information covered by the Company's SEC Form 17-Cs until August 14, 2017, including the matters approved by the Board of Directors at its meeting held on August 8, 2017 and the attendance of certain directors and officers at corporate governance seminars.
Filed on behalf by:
Name | Jhoanna Jasmine Javier-Elacio |
Designation | Legal Manager and Assistant Corporate Secretary |
August 14, 2017
PHILIPPINE STOCK EXCHANGE, INC.Disclosure Department
3rd Floor, Philippine Stock Exchange Center Ayala Triangle, Ayala Avenue
Makati City
Attention: Mr. Jose Valeriano B. Zuño III
OIC, Head, Disclosure Department
PHILIPPINE DEALING & EXCHANGE CORP.37th Floor, Tower 1, The Enterprise Center 6766 Ayala Avenue cor. Paseo de Roxas Makati City
Attention: Ms. Vina Vanessa S. Salonga
Head - Issuer Compliance and Disclosure Department
Gentlemen:
Please see attached updated version of the Annual Corporate Governance Report of Petron Corporation (the "Company") to be posted on the Company website, as updated with information covered by the Company's SEC Form 17-Cs until August 14, 2017, including the matters approved by the Board of Directors at its meeting held on August 8, 2017 and the attendance of certain directors and officers at corporate governance seminars.
Very truly yours,
JOEL ANGELO C. CRUZVP - General Counsel & Corporate Secretary
SECURITIES AND EXCHANGE COMMISSION SEC FORM - ACGR ANNUAL CORPORATE GOVERNANCE REPORTReport is Filed for the Year December 31, 20121
Exact Name of Registrant as Specified in its Charter Petron Corporation
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SMC Head Office Complex, 40 San Miguel Avenue, Mandaluyong City 1550
Address of Principal Office Postal Code
SEC Identification Number 31171 5. (SEC Use Only) Industry Classification Code
6. BIR Tax Identification Number 000-168-801
7. (632) 886.3888
Issuer's Telephone number, including area code
8. N/A
Former name or former address, if changed from the last report
1 Updated with information subject of SEC Form 17-Cs, advisement letters, and other filings, reports and disclosures filed by the Company with the SEC and dated until August 14, 2017 in accordance with SEC Memorandum Circular Number 1, Series of 2014. Any subsequent update will be reflected in a revised report which will be posted in the Company's website in compliance with the aforementioned SEC Memorandum Circular and other circulars from the Securities and Exchange Commission.
TABLE OF CONTENTSA. BOARD MATTERS ...................................................................................................................................................... 1) BOARD OF DIRECTORS (a) Composition of the Board ………………………………………………………………………………….………………….. (b) Corporate Governance Policy ………………………………………………………………………………………………… (c) Review and Approval of Vision, Mission and Strategy ……………………………………………………………. (d) Directorship in Other Companies ………………………………………………………………………………………….… (e) Shareholding in the Company ……………………………………….…………………………………………................ 2) CHAIRMAN AND CEO …………………………………………………………………………………………………………………………….. 3) SUCCESSION PLANNING …………………………………………………………………………………………………………………………. 4) OTHER EXECUTIVE, NON-EXECUTIVE AND INDEPENDENT DIRECTORS ……………………………………………………. 5) CHANGES IN THE BOARD OF DIRECTORS ………………………………………………………………………………………………… 6) ORIENTATION AND EDUCATION PROGRAM …………………………………………………………………………………………… | 3 3 4 12 13 18 20 21 22 28 50 |
B. CODE OF BUSINESS CONDUCT & ETHICS ……………………………………………………………………………………………………………. 1) POLICIES ………………………………………………………………………………………………………………………………………………… 2) DISSEMINATION OF CODE ……………………………………………………………………………………………………………………… 3) COMPLIANCE WITH CODE ……………………………………………………………………………………………………………………… 4) RELATED PARTY TRANSACTIONS ……………………………………………………………………………………………………………. (a) Policies and Procedures ……………………………………………………………………………………..………………….. (b) Conflict of Interest ……………………………………………………………………………………………….………………… 5) FAMILY, COMMERCIAL AND CONTRACTUAL RELATIONS ……………………………………………………..………………… 6) ALTERNATIVE DISPUTE RESOLUTION …………………………………………………………………………………….………………… | 62 62 80 80 81 81 85 88 88 |
C. BOARD MEETINGS & ATTENDANCE ……………………………………………………………………………………………….….………………… 1) SCHEDULE OF MEETINGS ………………………………………………………………………………………………………………………… 2) DETAILS OF ATTENDANCE OF DIRECTORS …………………………………………………………………………….………………… 3) SEPARATE MEETING OF NON-EXECUTIVE DIRECTORS …………………………………………………………………………… 4) ACCESS TO INFORMATION ……………………………………………………………………………………………………………………… 5) EXTERNAL ADVICE ……………………………………………………………………………………………………………….………………… 6) CHANGES IN EXISTING POLICIES …………………………………………………………………………………………………………… | 89 89 90 92 93 95 95 |
D. REMUNERATION MATTERS ………………………………………………………………………………………………………………………………… 1) REMUNERATION PROCESS ……………………………………………………………………………………………………………………… 2) REMUNERATION POLICY AND STRUCTURE FOR DIRECTORS …………………………………………………………………… 3) AGGREGATE REMUNERATION ……………………………………………………………………………………………………………….. 4) STOCK RIGHTS, OPTIONS AND WARRANTS …………………………………………………………………………………………….. 5) REMUNERATION OF MANAGEMENT ……………………………………………………………………………………………………… | 97 98 98 99 104 104 |
E. BOARD COMMITTEES ………………………………………………………………………………………………………………………………………… 1) NUMBER OF MEMBERS, FUNCTIONS AND RESPONSIBILITIES ………………………………………………………………… 2) COMMITTEE MEMBERS …………………………………………………………………………………………………………………………… 3) CHANGES IN COMMITTEE MEMBERS ……………………………………………………………………………………………………… 4) WORK DONE AND ISSUES ADDRESSED …………………………………………………………………………………………………… 5) COMMITTEE PROGRAM ……………………………………………………………………………………………………………………….… | 106 106 126 137 139 146 |
ANNUAL CORPORATE GOVERNANCE REPORT
(Updated as of August 14, 2017) Petron Corporation
Page 1
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