Penalty (2016)

Philippines
PLCName Cooperative Insurance System of the Philippines
StockCode
Expert Name
Sector Insurance
Year 2016
Date of Financial Year End 31/12/2016
Source Document/ Location of Information Yes / No Point REMARKS
Level 2 Penalty
A Rights of shareholders
A.1 Basic shareholder rights
A.1.1(P) Did the company fail or neglect to offer equal treatment for share repurchases to all shareholders? N 0 Default
A.2 Shareholders, including institutional shareholders, should be allowed to consult with each other on issues concerning their basic shareholder rights as defined in the Principles, subject to exceptions to prevent abuse.
A.2.1(P) Is there evidence of barriers that prevent shareholders from communicating or consulting with other shareholders? N 0
A.3 Right to participate effectively in and vote in general shareholders meeting and should be informed of the rules, including voting procedures, that govern general shareholders meeting.
A.3.1(P) Did the company include any  additional and unannounced agenda item into the notice of AGM/EGM? N 0
A.4 Capital structures and arrangements that enable certain shareholders to obtain a degree of control disproportionate to their equity ownership should be disclosed.
Did the company fail to disclose the existence of:
A.4.1(P) Shareholders agreement? N 0
A.4.2(P) Voting cap? N 0 Default
A.4.3(P) Multiple voting rights? N 0 Default
A.5 Capital structures and arrangements that enable certain shareholders to obtain a degree of control disproportionate to their equity ownership should be disclosed.
A.5.1(P) Is a pyramid ownership structure and/ or cross holding structure apparent? N 0
B Equitable treatment of shareholders
B.1 Insider trading and abusive self-dealing should be prohibited.
B.1.1(P) Has there been any conviction of insider trading involving directors/commissioners, management and employees in the past three years? N 0
B.2 Protecting minority shareholders from abusive action
B.2.1(P) Has there been any cases of non compliance with the laws, rules and regulations pertaining to significant or material related party transactions in the past three years? N 0
C Role of stakeholders
C.1 The rights of stakeholders that are established by law or through mutual agreements are to be respected.
C.1.1(P) Have there been any violations of any laws pertaining to labour/employment/ consumer/insolvency/ commercial/competition or environmental issues? N 0
C.2.1(P) Has the company faced any sanctions by regulators for failure to make announcements within the requisite time period for material events? N 0
D Disclosure and transparency
D.1 Sanctions from regulator on financial reports
D.1.1(P) Did the company receive a “qualified opinion” in its external audit report? N 0
D.1.2(P) Did the company receive a “adverse opinion” in its external audit report? N 0
D.1.3(P) Did the company receive a “disclaimer opinion” in its external audit report? N 0
D.1.4(P) Has the company in the past year revised its financial statements for reasons other than changes in accounting policies? N 0
E Responsibilities of the Board
E.1 Compliance with listing rules, regulations and applicable laws
E.1.1(P) Is there any evidence that the company has not complied with any listing rules and regulations over the past year apart from disclosure rules? N 0
E.1.2(P) Have there been any instances where non-executive directors/commissioner have resigned and raised any issues of governance-related concerns? N 0
E.2 Board Appraisal        
E2.1(P) Does the Company have any independent directors/commissioners who have served for more than nine years or two terms (whicever is higher) in the same capacity?   N 0  
E2.2(P) Did the company fail to identify who are the independent director(s)/commissioner(s)?   N 0  
E.3  External Audit
E.3.1(P) Is any of the directors or senior management a former employee or partner of the current external auditor (in the past 2 years)? N 0
E.4 Board structure and composition
E.4.1(P) Is any of the directors a former CEO of the company in the past 2 years? N 0