Board Performance

The Board values inputs and suggestions that the feedback mechanisms provide to assist them as they reflect on their performance as individual directors and as a governing body. As such, the Board of Directors participates in an annual self-assessment exercise to assess their individual and collective performance. This exercise also provides a means to assess a director’s attendance at Board and committee meetings, participation in boardroom discussions, and manner of voting on material issues.

Our Board of Directors, together with the management, fully understand that the corporate governance proactive culture begins with the leaders of the company.

The self-assessment exercise, through a self-assessment questionnaire, is given to each director to ensure the effectiveness of their governance, to reflect on the performance of top management including the President and Chief Executive Officer (CEO), to highlight specific strengths, and to identify areas of improvement. It also provides a venue for the Board members to identify priorities for the Board and the company for the succeeding year. The assessment consists of the appraisal of the Board, individual directors, different Board Committees, Management, and Chairman of the Board.

The questionnaire covers a thorough evaluation criteria focused on the structure, efficiency, and effectiveness of the Board, participation and engagement of each member, contribution of each member to their respective Committees, as well as the performance of Management and the Chairman of the Board. The criteria also reflect the specific duties, responsibilities, and accountabilities of each Board member assessed in line with Globe’s By-Laws, Manual of Corporate Governance (MCG), Charters, and governing policies. For transparency and an additional layer of feedback mechanism for Globe shareholders, the questionnaire is also posted on our company website.

The self-assessment exercise is facilitated by the Chief Compliance Officer. In accordance with our MCG and Charter of the Board, every three years, the assessment shall also be supported by an external facilitator selected for this purpose. Aon Hewitt Pte Ltd. is the external facilitator engaged by Globe to support the self-assessment exercise for the Board of Directors covering their performance and service for the year 2022. An annual executive session also takes place dedicated to evaluating and discussing matters concerning the Board, including evaluating Globe’s performance and an independent review of its Management team.

There is likewise an annual strategy workshop held at the beginning of the year to discuss Globe’s strategic direction for the entire year.

Businesswomen having meeting around table taking notes and discussing.

Director Training and Continuing Education Program

To execute their roles well, training on Corporate Governance (CG) is given to directors prior to assuming office. This is also institutionalized in the MCG and Charter of the Board. The Board, together with the key officers, also actively attend training programs annually to keep abreast of updates in CG standards and relevant discussions to support their leadership roles in Globe that cover issues and relevant market trends, new laws and regulations that can affect the business, sustainability, and CG matters, among others.

The directors and key officers attended various CG seminars conducted by SEC-accredited CG training providers throughout 2023.

On September 22, one of our directors attended a seminar with the theme From Risk to Resilience: A Strategic Approach to Climate Change and TCFD Reporting conducted by Sycip Gorres Velayo & Co.

On October 3, our directors and key officers virtually attended the Integrated CG, Risk Management and Sustainability Summit alongside other leaders and executives. The Summit’s theme this year was The Board’s Agenda: Accelerating Ambition through Action: Charting the Transition to Net Zero which included various topics and discussions such as Accelerating Ambition through Action, The Role of Governance in the Net Zero Transition, Southeast Asia’s Green Economy: Cracking the Code, The Role of Transition Finance and ESG Investing in the Road to Net Zero, Operationalizing a Business Transition Strategy with Net Zero, e and a storyteller session on The IKN Project - Moving Indonesia’s Capitol from Jakarta to East Kalimantan, Borneo, alongside other fireside chats and dialogues. The Institute of Corporate Directors (ICD) was the Summit’s partner SEC-accredited training provider.

On December 13, one of our directors attended a Corporate Governance webinar with the theme Risk Management in the PostCovid Age, which was also conducted by the ICD. The Certificates of Participation/Attendance/Completion of all directors and officers are accessible on the company website attached with this Integrated Annual Corporate Governance Report (i-ACGR) update.

The attendance of the Board and key officers to the CG training programs and seminars are properly and timely disclosed through posting of the Certificates of Attendance and Completion on the Globe website, as seen below on this page, and the inclusion of the same in the Company’s i-ACGR. All training programs and seminars attended by the directors and key officers fulfill compliance with the SEC directive for all key officers and members of the Board of publicly listed companies to attend a program on CG at least annually. The 2023 Globe programs, practices, and activities implementing Company policies and standards on employee training and development are also included in the Annual Integrated Report.