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Risk Committee -assists the Board in fulfilling its governance functionsrelating to risk management. These functions include overseeingManagement’s adoption and implementation of a system for identifying,assessing, monitoring and managing key risk areas, and reviewingPage | 38
Management’s reports on the Company’s major risk exposures andManagement’s plans and actions to minimize, control or manage theimpact of such risks.President and CEO - provides leadership for management in developing andimplementing business strategies, plans and budgets. He ensures that the businessand affairs of the Company are managed in a sound and prudent manner and thatoperational, financial and internal controls are adequate and effective to ensurereliability and integrity of financial and operational information, effectiveness andefficiency of operations, safeguarding of assets and compliance with laws, rules,regulations and contracts. Internal Audit - assists the Board in its oversight responsibilities for the Company’sfinancial reporting, internal control system, internal audit and independent auditmechanisms. The Audit Committee discusses with the internal audit organization andexternal auditor the overall scope and plans for their respective audits, the results oftheir examination and their evaluation of the adequacy and effectiveness of the internalcontrols and overall quality of the PLDT Group’s financial reporting. The AuditCommittee reviews and discusses the audited financial statements with Managementand the external auditor, as well as significant changes to the Company’s auditing andaccounting principles and policies.PLDT has an internal audit organization that determines whether our structure of riskmanagement, control and governance processes, as designed and represented byManagement, are adequate and functioning to ensure that:1. Risks are appropriately identified managed, and/or reported;2. Significant financial, managerial, and operating information are accurate, reliableand timely;3. Employees’ actions are in compliance with policies, standards, procedures, andapplicable laws and regulations;4. Resources are acquired economically, used efficiently and adequately protected;Page | 39
5. Programs, plans and objectives are achieved;6. Quality and continuous improvement are fostered in our control processes; and7. Significant legislative or regulatory issues impacting us are recognized andaddressed appropriately. Chief Governance Officer - primary responsibilities of the Chief Governance Officerinclude monitoring compliance with the provisions and requirements of corporategovernance laws, rules and regulations, reporting violations and recommending theimposition of disciplinary actions, and adopting measures to prevent the repetition ofsuch violations.
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Revenue, Philippine Long Distance Telephone Company, PLDT