Alsons Consolidated Resources Stead Fast For Mindanao

CorporateGovernance

Alsons Consolidated Resources, Inc. (ACR) adopted its latest revised Corporate Governance Manual last 31 July 2014. The Manual was submitted to the Philippine Stock Exchange (PSE) and the Securities and Exchange Commission (SEC) and posted on the Company’s website (www.acr.com.ph). The revised Manual incorporates provisions from SEC Memorandum Circular No. 9, Series of 2014 amending SEC’s Revised Manual on Corporate Governance to include references to stakeholders.

The Board of Directors, management, employees, and shareholders believe that corporate governance is a necessary component of what constitutes sound strategic business management and will therefore undertake every effort necessary to institutionalize the principles of good corporate governance in the entire organization.

The Board of Directors respects the rights of stockholders, particularly, the right to vote on all matters that require their consent or approval, right to inspect corporate books and records, the right to information, the right to dividends, and appraisal right. All stockholders are encouraged to personally attend the meetings. Although all stockholders are treated equally and without discrimination, minority stockholders may request in writing the holding of meetings and the particular items that they want to be taken up in the agenda relating to a legitimate purpose and business of the Company subject to the requirements of the By-Laws.

To ensure high standard of best practice for the Company, the Board should conduct itself with honesty and integrity in the performance of its duties characterized by transparency, accountability, and fairness. Included in its duties and functions are:

i. Implement a process for the selection of directors who can add value and contribute independent judgment to the formulation of sound corporate strategies and policies. Appoint competent, professional, honest, and highly-motivated management officers. Adopt an effective succession planning program for management.

ii. Establish and maintain an investor relations program that will keep the shareholders and other stakeholders informed of important developments in the Company.

iii. Identify the sectors in the community in which the Company operates or are directly affected by its operations, and formulate clear policy of accurate, timely, and effective communication with them.

iv. Adopt a system of check and balance within the Board of Directors. A regular review of the effectiveness of such system should be conducted to ensure the integrity of the decision making and reporting process at all times.

As a commitment to the standards of full Disclosure and Transparency, as contained in the Revised Manual of Corporate Governance of the Company, the board shall therefore commit at all times to fully disclose material information dealings. It shall cause the filing of all required information through the appropriate Exchange mechanisms for listed companies and submission to the Commission for the interest of its stockholders and other stakeholders.
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