The schedule of the meetings of the Board of Directors during the Board meeting held on January 8, 2020. In general, there are at least two meetings scheduled per month, held on every second and fourth Wednesday of each month, for a targeted total number of 24 meetings per year. This schedule may be adjusted from time to time, for the purpose of garnering a quorum for the meetings and with due notice to the directors. As much as practicable, materials for the Board meeting are sent to the members of the Board at least three (3) business days before the Board meeting. Atty. Atty. Myra-Lyn S. Peñalosa, who has been a member of the Philippine Bar since 1997, is the Corporate Secretary from January to December 2020.
For calendar year 2020, the Board of Directors was able to meet 24 times or 100% of the scheduled meetings. Moreover, excluding the President & CEO, the non-executive Directors and the Heads of Internal Audit Group, Risk Management Group, Compliance Management Group and the Resident COA Representative were able to meet separately on 11 December 2020, in compliance with the BSP and GCG requirements.
As LANDBANK continually adheres to globally accepted governance principles and best practices, it maintains the Board’s independence from management such that the Chairman of the Board and the President and CEO are two distinct individuals with clearly delineated duties and responsibilities.
While the Chairman assumes leadership, monitors the Bank’s adherence to good governance policies as well as the overall performance of the Bank, the President and CEO, on the other hand, directly manages the day-to-day operations of the Bank and executes the policies and strategies approved by the Board in pursuit of its institutional goals and objectives.
Specifically, the President and CEO supervises the Bank’s five sectors, namely, (1) Agricultural and Development Lending Sector; (2) Branch Banking Sector; (3) Corporate Services Sector; (4) Operations Sector; and (5) Treasury and Investment Banking Sector. There are Bank units which report directly to the President and CEO, namely, the Strategy and Knowledge Management Group, the Agrarian Services Group, the Legal Services Group, Asset Recovery Group, Agrarian Services Group Security Department, Strategic Initiatives Office, and Systems & Methods Department.
Selection Process for the Board
Under Sec. 15 of R.A. No. 10149 (An Act to Promote Financial Viability and Fiscal Discipline in Government-Owned and –Controlled (GOCCs) and to Strengthen the Role of the State in its Governance and Management to Make Them More Responsive to the Needs of Public Interest and for Other Purposes), all appointive directors of GOCCs are appointed by the President of the Philippines from shortlists prepared by the Governance Commission for GOCCs (GCG), which include only nominees who meet the Fit and Proper Rule and such other qualifications which the GCG may determine.
The President and CEO shall be elected by the members of the Board from among its ranks. However, the would-be President and CEO will only be qualified for election if he meets the requirements under the Fit and Proper Rule, and if he is appointed by the President of the Philippines into the Governing Board of the GOCC. The President shall be subject to the disciplinary powers of the Board and may be removed by the Board for cause.