Audit Committee

Committee Roles and Responsibilities


The Audit Committee monitors and evaluates the adequacy and effectiveness of the Bank’s systems of internal controls, risk management and governance processes. It provides oversight on the integrity of the Bank’s financial statements and financial reporting process, performance of the internal and external audit functions and compliance with bank policies, applicable laws and regulatory requirements.


In addition, the Audit Committee reviews the external independent auditor’s annual audit plan and scope of work and assesses the independent auditor's overall performance and effectiveness. In consultation with Management, the Committee also approves the independent auditor's terms of engagement and audit fees.



Committee Composition and Meetings (Current)

Chairman

Xavier P. Loinaz (Independent)


Members

Octavio V. Espiritu (Independent)

Maria Dolores B. Yuvienco (Independent)*


During 2019, the committee members attended meetings as set out in the following table:

OfficeNameDate of AppointmentNo. of Meetings Attended%Years of Service in the Committee
 Chairman (ID) Xavier P. Loinaz15-Apr-1016/16100%9.7
 Member (ID) Octavio V. Espiritu15-Apr-1016/16100%9.7
 Member (ID) Maria Dolores B. Yuvienco14-Apr-1616/16100%3.7
 Member (NED)10-Apr-1413/13100%2

*Regular member until April 19, 2017


Committee Performance


As part of the annual Board effectiveness review, a separate exercise was conducted to assess the Committee’s 2019 performance. The survey found the Committee to have performed its duties and responsibilities effectively.


Committee Charter


Click here to read the Audit Committee charter.