Induction and Continuing Education

Along with the demand for greater disclosure and transparency, corporate boards continue to face more and more complex oversight challenges. It is therefore incumbent on our directors to conduct the business and operations of the bank consistent with the highest professional and regulatory standards and to guide bank policy and direction with a superior degree of wisdom, prudence, good business judgment and competence. Relevant and continuing training, therefore, is a necessity to enable our directors to have a robust understanding of the business of banking, to keep abreast with current issues and regulatory changes in the sector and to strengthen their ability to meet these governance responsibilities.

Induction of New Directors. Our board, together with the Corporate Secretary, ensures that there is a deliberate, systematic and rapid familiarization of new directors with the organization and the operations of the board. New directors are apprised of the bank’s governance framework, Manual on Corporate Governance and Code of Conduct, board operations, i.e., schedules, procedures and processes, and the availability of information and support from the Corporate Secretary and senior management. The formal and tailored induction program is based on a director’s needs and varies accordingly with the skills, experience and background of each director. Basic to the program, however, are the board’s philosophy and vision for the bank as well as the board’s culture and operating style. The induction process also tests the capability and dynamics of the newly reconstituted boardroom team by giving the board, as a whole, an opportunity to review its assumptions and positions on key issues and processes.

New directors are also briefed on the bank’s background, Table of Organization, and, in compliance with BSP Cir. No. 758, the general and specific duties and responsibilities of the board. They are also informed of the relevant polices and rules governing their roles as directors and given an overview of the industry, regulatory environment, business of banking and annual and medium-term strategic plans of the bank, as needed as well as any current issues affecting the bank or the industry. This includes regulatory initiatives on Anti-Money Laundering & Terrorist Financing Prevention Program, Foreign Account Tax Compliance Act (“FATCA”), Basel III, Securities Regulations Code and new BIR regulations. Finally, we also arrange that all directors annually undergo the requisite corporate governance seminar as provided by an SEC or BSP-accredited institution.

Director Education. The bank, through its various units, provides continuing Director Education in relation to current developments, such as FATCA, Basel III and new BIR regulations. Other in-bank courses that are available to senior management as well include briefings, seminars and courses on:

• Cyber risk and Cyber security
• Data Privacy and Protection
• Anti-money laundering
• Business continuity management
• Conflict of interest
• Risk Management Overview
• Information Security Awareness

The bank also conducts two courses in partnership with Harvard Business School, the Advance Management Program and the Leadership Excellence Acceleration Program.

Board members also regularly attend governance forums, conferences and summits organized in partnership with the Institute of Corporate Directors such as the Ayala Group Integrated Corporate Governance, Risk Management, and Sustainability Summit 2021.

¹ Elected as BPI Director on May 19, 2021

² Elected as BPI Director on Aug. 18, 2021

³ Resigned as of Aug. 18, 2021

⁴ Resigned as of May 19, 2021

⁵ Resigned as of Dec. 16, 2021

Corporate Secretary

Senior Management Team

Heads of Control, Risk Management, and Compliance