30 Questions
What is the main goal of the Code of Corporate Governance for publicly-listed companies approved by the SEC?
To foster an ethical corporate culture
What is one of the key responsibilities of the Board in corporate governance?
To ensure long-term success of the corporation
What does the SEC require companies to establish and submit based on the Code of Corporate Governance?
A code of business conduct
In what manner should a competent board lead a company, according to the text?
In a manner that sustains competitiveness and profitability
Which stakeholder's interests should the board consider, according to the principles of corporate governance?
Shareholders and other stakeholders
What is the purpose of the Code of Corporate Governance according to the SEC?
Develop and sustain an ethical corporate culture
What should the Board make known to all directors, stockholders, and stakeholders?
The fiduciary roles, responsibilities, and accountabilities
Which of the following is NOT mentioned as a specific area where Board committees should be set up to support effective performance?
Social media management
What is one of the responsibilities that directors should fulfill to show full commitment to the company?
Spend sufficient time to understand the corporation's business
Which of the following is NOT a key corporate governance concern mentioned in the text?
Social responsibility
What should the Board aim to exercise on all corporate affairs according to the text?
Objective and independent judgment
Where should the composition, functions, and responsibilities of all committees established be outlined according to the text?
In a public Committee Charter
What is the best measure of the Board's effectiveness according to the text?
Regular evaluations to appraise its performance
Which principle emphasizes the importance of applying high ethical standards?
Principle 7
What do best practices relate to according to the text?
How to carry out a task or configure something
What should a company ensure regarding non-financial and sustainability issues?
They should be disclosed if material and reportable
How should the Board assess whether it possesses the right mix of backgrounds and competencies?
Through regular evaluations to appraise its performance
What is one of the key responsibilities mentioned in Principle 10 regarding disclosures?
Disclosing material non-financial and sustainability issues
What approach does the Code mentioned in the text adopt?
Comply and explain
What do the Recommendations in the Code represent?
Objective criteria
Which term is defined as 'the system of stewardship and control to guide organizations'?
Corporate Governance
What is NOT considered in the application of the Code's provisions?
Uniformity
'The Code of Corporate Governance for publicly listed companies' is the first of a series intended to cover what types of corporations?
All corporations in the Philippines
What is the goal of the Code in relation to Philippine corporations?
Raising governance standards
What is the importance of having a strong internal control system and risk management framework?
To ensure integrity, transparency, and proper governance
According to Principle 13, how should a company treat its shareholders?
Recognize, protect, and facilitate the exercise of their rights
Why is it important for companies to respect stakeholders' rights?
To ensure prompt effective redress for the violation of rights
What is the purpose of developing a mechanism for employee participation according to Principle 15?
To create a symbiotic environment and participate in corporate governance process
What should a socially responsible company do according to Principle 16?
Be socially responsible in all its dealings with the communities where it operates
How does having an effective internal control system benefit stakeholders?
By providing integrity and transparency in the company's affairs
Test your knowledge on the Securities and Exchange Commission's Code of Corporate Governance for publicly-listed companies. Learn about the regulations and standards aimed at fostering an ethical corporate culture and ensuring compliance with corporate governance best practices.
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