Corporate Governance Flashcards
True or false. The revised code of corporate governance also applies to non-registered corporations
false
The revised code of corporate governance also applies to branches or subsidiaries of foreign corporations operating in the philippines that
1. sell equity and or or debt securities to the _______ that are required to be registered with the sec or
2. have assets in excess of ___________ and at least _____ stockholders who own at least _________ shares each of equity securities
3. Whose equity securities are listed on an exchange or
- Or grantees of secondary licenses from the sec
public; 50 million; 200; 100
The framework of rules, systems and processes in the corporation that governs the performance by the board of directors and management of their respective duties and responsibilities to the stockholders
corporate governance
True or false. All doubts or questions that may arise in the interpretation or application of this code shall be resolved in favor of molting transparency, accountability and fairness to the government
false. To the stockholders and investors of the corporation
All companies covered by the corporate governance court shall have at least _____ independent directors or such number of independent directors that constitutes _______ of the members of the board whichever is lesser but in low case be less than ______
two; 20%; two
True or false. The roles of chair and ceo can be unified
true, but as much as practicable be separate to foster balance of power, increased accountability and better capacity for independent decision-making by the board
The manual of rules of the board and management should be submitted to the commission for it’s evaluation within _________ from the date of the quote becomes effective to enable the commission to determine its compliance with this code taking into consideration the nature size and scope of the business of the corporation
180 days
A fine of not more than __________ shall after june notice and hearing be imposed or every year that a covered corporation violates the provisions of this code without prejudice to others functions that the commission may be authorized to impose under the law provided however that any violation of the src punishable by a specific penalty shall be assessed separately and shall not be covered by the above-mentioned fine
200,000
The code of corporate governance for publicly listed companies shall take effect on _____________ and all publicly listed companies shall be required to submit india manual on corporate governance to the sec on or before ______________
january 1 2017; may 31 2017
The system of stewardship and control to guide organizations in fulfilling their long-term economic, moral, legal and social obligations towards their stakeholders
corporate governance
A process, effected by an entity’s board of directors, management and other personnel, applied in a strategy setting and across the enterprise that is designed to identify potential events that may affect the entity, manage risks to be within its risk appetite, and provide reasonable assurance regarding the achievement of ntt objectives
enterprise risk management
This approach, adopted by this code, combines voluntary compliance with mandatory disclosure. Companies do not have to comply with the code, but they must state and their annual corporate governance report whether they comply with the code provisions, identify any areas of non-compliance, and explain the reasons for non-compliance
comply or explain approach
These are objective criteria that are intended to identify the specific features of corporate governance good practice that are recommended for companies operating according to the cold
recommendations
True or false. The corporate governance code prescribes a one-size-fits-all framework
false, it is designed to allow boards some flexibility in establishing their corporate governance arrangements. Hence the principle of proportionality is considered in the application of its operations
An independent director should not be an owner of more than ______ of the outstanding shares of the covered company
2%
