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Commitment to Good Corporate Governance We, the Company's Board and Management, recognize that a good corporate governance system is integral to the mandate bestowed upon us by the Company's stockholders. We are fully conscious of our fiduciary duties, accountabilities and responsibilities to all stakeholders, and we subscribe to the belief that the pursuit of corporate goals must be bound by high ethical standards. Accordingly, we commit ourselves to the principles in the performance of our functions: Altruism, Integrity, Objectivity, Accountability, Transparency, Probity, Sensible Frugality and Leadership. In the performance of its duties and responsibilities, as defined in the Company's By-Laws, the Board shall: 1. act on a fully informed basis, in good faith, with due diligence and care, and in the best interest of the Company and its stockholders; 2. stay up-to-date on developments in finance and corporate governance; 3. act with confidentiality and discretion in the use of information proprietary to the Company; 4. avoid any conflict of interest, which may interfere with our exercise of independent judgment; 5. conduct fair business transactions with the Corporation and to ensure that personal interest does not prejudice Board decisions; 6. disclose any relationship that can compromise a Director's independence; 7. foster a non-discriminatory work and business environment, which promote a climate of harmony and tolerance; 8. exercise due prudence in the use of the Company's resources; 9. keep Board authority within the powers of the institution as prescribed in the Articles of Incorporation, By-Laws and in existing laws, rules and regulation; 10. respect the rights of all stakeholders and to take into account their diverse needs in formulating Company policies; 11. submit to a vote of shareholders all matters requiring their approval under the Corporation Code of the Philippines; and 12. adhere faithfully to all laws and regulations defining the Board's obligations.
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