Corporate Governance

 

The Board of Directors and Management, employees and shareholders of BPI MS Insurance Corporation (BPI MS) believe that sound and effective corporate governance is the cornerstone of the Company’s strength and long-term sustainability. It subscribes to a philosophy of adhering to honesty, integrity, and professionalism in the conduct of its business, exercising prudence in arriving at decisions, enforcing internal discipline and a system of internal control in its operating processes, and providing transparency to its various stakeholders regarding basic management policies and practices, major business strategies and decisions, and its operating results.

 

We work closely with all our  regulators, the Insurance Commission (IC), Securities and Exchange Commission (SEC), the Anti-Money Laundering Council (AMLC) and the National Privacy Commission (NPC), to ensure adherence and consistency to its laws and regulations.

 

The Board of Directors and Management are hereby in full compliance to the principles and practices contained in the Insurance Commission’s (IC) Corporate Governance Principles and Leading Practices (IC Circular Letter No. 31-2005 and all supplementary circulars issued by IC) and BPI MS Corporate Governance Manual and acknowledge that
the same will guide them in pursuing their corporate goals. They shall also undertake every effort necessary to create the necessary awareness of these principles and practices within the organization in order to ensure proper internalization by every member of the organization. Our Board is committed to establishing and maintaining the highest standards of corporate governance.

 

The Manual of Corporate Governance (updated in September 2019) supplements and compliments the BPI MS Articles of Incorporation and By-Laws by setting forth principles of good and transparent governance.

Board and Governance

The Board of Directors (the Board) bears the primary responsibility for creating and enhancing the long-term shareholder value of BPI/MS and ensuring that this objective is achieved in all its business activities.  It must ensure BPI/MS ability to satisfy the needs of its customers, sustain its leadership and competitiveness, and uphold its reputation in order to maintain BPI/MS long-term success and viability as a business entity.  Its mandate consists of setting the strategic business directions of BPI/MS, appointing its senior executive officers, confirming its organizational structure, approving all major strategies and policies, overseeing all major risk-taking activities, monitoring the financial results, measuring and rewarding the performance of management, and generating a reasonable investment return to shareholders. It shall also provide an independent check on management.