Alsons Consolidated Resources, Inc. (ACR) formally adopted its Manual of Corporate Governance during the organizational meeting of its Board of Directors held on 19 June 2002. It was then filed per a directive from the Securities and Exchange Commission (SEC) and took effect on 1 January 2003. The Manual is basically patterned after the model formulated by the SEC which was issued pursuant to SEC Circular No. 2 that took effect on 3 May 2002.
Evaluation System to Measure Compliance with the Manual of Corporate Governance
The Company has adopted and complies with a Securities Exchange Commission (SEC) mandated Self-Rating Assessment System to determine the level of compliance of the Company's Board of Directors and Executive Officers to its Manual of Corporate Governance. There has been no substantive deviation from the Manual since its adoption.
Measures Undertaken to Fully Comply with Leading Practices on Good Corporate Governance
Aside from adopting a Manual of Corporate Governance and monitoring the Company's compliance with the same, the Company has created the audit, nomination and compensation committees and designated compliance officers for corporate governance matters. All of the Company's directors and executive officers have already attended an SEC-accredited seminar on Corporate Governance. The Company believes that constant monitoring of its compliance with the manual will improve the Company's corporate governance.
Plans to Improve Corporate Governance
The Company belonged to the twenty (20) top-ranked companies in the 2007 Corporate Governance Scorecard Project for Publicly Listed Companies in the Philippines. The ranking was undertaken by the Institute of Corporate Directors (ICD), in partnership with the Securities & Exchange Commission (SEC), The Philippine Stock Exchange (PSE), and the Ateneo de Manila Law School. Scoring in Quartile 1 of 138 respondents spoke highly of the Company's commitment to raise its standards of corporate governance and its continued efforts to comply with the provisions embodied in its Manual on Corporate Governance.