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» A message from LBPEA Visayas Director SONIA D. BROTARLO
Governance Commission for GOCCs Icon_minitime1Thu Nov 16, 2017 10:30 am by sonia

A message from LBPEA Visayas Director SONIA D. BROTARLO
Governance Commission for GOCCs Icon_minitime1Thu Nov 16, 2017 10:30 am by sonia
Governance Commission for GOCCs Sonia10

It has been two (2) years and six (6) months that this website was closed.  Many were disappointed with the closure but we have to keep up with the fast changing technology - facebook and twitter, among others.  
 
With the remaining one month and a half of my stint as Director for Visayas, I have been ruminative as to the manner of my “consummatum est” in LBPEA.  Thus  here I am re-opening the website pro hac vice for my grand exit. 
 
This is the medium where you first knew me and this is where I want to personally reach out to you to express my deepest and heartfelt “THANK YOU” for all the years that you trusted me. 
 


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 Governance Commission for GOCCs

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PostSubject: Governance Commission for GOCCs   Governance Commission for GOCCs Icon_minitime1Tue Feb 08, 2011 8:40 am

AN ACT TO PROMOTE FINANCIAL VIABILITY AND FISCAL DISCIPLINE IN GOVERNMENT-OWNED OR CONTROLLED CORPORATIONS AND TO STRENGTHEN THE ROLE OF THE STATE IN ITS GOVERNANCE AND MANAGEMENT TO MAKE THEM MORE RESPONSIVE TO THE NEEDS OF PUBLIC INTEREST AND FOR OTHER PURPOSES
# here shall be created a Governance Commission for GOCCs (GCG) as an advisory, monitoring, recommendatory, and policy-implementing body composed of DOF Secretary, DBM Secretary, NEDA Director-General and two (2) private sector representatives.
# The GCG is tasked to develop a Compensation and Position Classification System which shall apply to all officers and employees of the GOCCs.
# The grant of additional allowances and bonuses shall be subject to the approval of the President, upon recommendation of the GCG. All profits and bonuses received in excess of that authorized are to be held in trust by such member of the Board or Officer for the GOCC they represent.
# An appointive director shall be appointed by the President from a shortlist prepared by the GCG.
# All the members of the Board and the CEO shall be qualified by the “fit and proper” test to be determined by the GCG in consultation and coordination with the relevant government agencies to which the GOCC is attached and approved by the President.
# As fiduciaries of the State, members of the Board of DirectorslTrustees and the Officers of GOCCs have the legal obligation and duty to always act in the best interest of the GOCC, with utmost good faith in all its dealings with the property and monies of the GOCC.
# The members of the Board and the Officers must exercise extraordinary diligence in the conduct of the business and in dealing with the properties of the GOCC. Such degree of diligence requires using the utmost diligence of very cautious person with due regard for all the circumstances.
# A Government Agency seeking to establish a GOCC or Related Corporation under The Corporation Code of the Philippines shall submit its proposal to the GCG for review and recommendation to the President for his approval before registering the same with the Securities and Exchange Commission (SEC).
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