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Securities and Exchange Commission Sec Form – Acgr Annual Corporate SECURITIES AND EXCHANGE COMMISSION SEC FORM – ACGR ANNUAL CORPORATE GOVERNANCE REPORT 1. Report is filed for the Year: 2012 (with updates as of March 21, 2014) 2. Exact Name of Registrant as Specified in its Charter: China Banking Corporation 3. Address of principal office: China Bank Bldg., 8745 Paseo de Roxas Postal Code: 1226 cor. Villar St., Makati City 4. SEC Identification Number: 443 5. (SEC Use Only) Industry Classification Code 6. BIR Tax Identification Number: 320-000-444-210 7. Issuer’s telephone number, including area code: (632) 885-5555 8. Former name or former address, if changed from the last report: Not applicable 1 TABLE OF CONTENTS A. BOARD MATTERS………………………………………………………………………………………………………………………….……….4 1) BOARD OF DIRECTORS (a) Composition of the Board………………………………………………………………………………….………4 (b) Corporate Governance Policy …………………………………………………………………………………….4 (c) Board Review and Approval of Vision and Mission ……………………………………………………15 (d) Directorship in Other Companies……………………………………………………………………………. 16 (e) Shareholding in the Company……………………………………….…………………………….………......18 2) CHAIRMAN AND CEO………………………………………………………………………………………………………………..18 3) PLAN FOR SUCCESSION……………………………………………………………………………………………………………..21 4) OTHER EXECUTIVE, NON-EXECUTIVE AND INDEPENDENT DIRECTORS………………………………………22 5) CHANGES IN THE BOARD OF DIRECTORS…………………………………………………………………………………..25 6) ORIENTATION AND EDUCATION PROGRAM………………………………………………………………………………83 B. CODE OF BUSINESS CONDUCT & ETHICS……………………………………………………………………………………………….88 1) POLICIES……………………………………………………………………………………………………………………………………88 2) DISSEMINATION OF CODE………………………………………………………………………………………………….…..…93 3) COMPLIANCE WITH CODE…………………………………………………………………………………………………………93 4) RELATED PARTY TRANSACTIONS……………………………………………………………………………………………….93 (a) Policies and Procedures…………………………………………………………………………………………….93 (b) Conflict of Interest…………………………………………………………………………………………………….99 5) FAMILY, COMMERCIAL AND CONTRACTUAL RELATIONS…………………………………………………….…100 6) ALTERNATIVE DISPUTE RESOLUTION………………………………………………………………………………………101 C. BOARD MEETINGS & ATTENDANCE……………………………………………………………………………………………….……102 1) SCHEDULE OF MEETINGS………………………………………………………………………………………………………..102 2) DETAILS OF ATTENDANCE OF DIRECTORS……………………………………………………………………………….102 3) SEPARATE MEETING OF NON-EXECUTIVE DIRECTORS……………………………………………………………..102 4) QUORUM REQUIREMENT ………………………………………………………………………………………………………103 5) ACCESS TO INFORMATION………………………………………………………………………………………………………103 6) EXTERNAL ADVICE…………………………………………………………………………………………………………………..105 7) CHANGES IN EXISTING POLICIES………………………………………………………………………………………………106 D. REMUNERATION MATTERS…………………………………………………………………………………………………………..…106 1) REMUNERATION PROCESS…………………………………………………………………………………………………..….106 2) REMUNERATION POLICY AND STRUCTURE FOR DIRECTORS……………………………………………..…….107 3) AGGREGATE REMUNERATION …………………………………………………………..……………………………………108 4) STOCK RIGHTS, OPTIONS AND WARRANTS…………………………………………………………………..…………109 5) REMUNERATION OF MANAGEMENT……………………………………………………………………………………….109 E. BOARD COMMITTEES………………………………………………………………………………………………………………………110 1) NUMBER OF MEMBERS, FUNCTIONS AND RESPONSIBILITIES………………………………………………….110 2) COMMITTEE MEMBERS…………………………………………………………………………………………………………..111 3) CHANGES IN COMMITTEE MEMBERS………………………………………………………………………………………114 4) WORK DONE AND ISSUES ADDRESSED……………………………………………………………………………….……115 5) COMMITTEE PROGRAM……………………………………………………………………………………………………….…117 F. RISK MANAGEMENT SYSTEM………………………………………………………………………………………………………..…125 1) DISCLOSURE ……………………………………………………………………………………………………………………………125 2) STATEMENT ON EFFECTIVENESS OF RISK MANAGEMENT SYSTEM……………………………………….…125 3) RISK POLICY…………………………………………………………………………………………………………………………….126 4) CONTROL SYSTEM…………………………………………………………………………………………………………………..130 2 G. INTERNAL AUDIT AND CONTROL…………………………………………………………………………………………………..…137 1) STATEMENT ON EFFECTIVENESS OF INTERNAL CONTROL SYSTEM……………………………………….…138 2) INTERNAL AUDIT (a) Role, Scope and Internal Audit Function………………………………………………………………….138 (b) Appointment/Removal of Internal Auditor………………………………………………………………139 (c) Reporting Relationship with the Audit Committee………………………………………………….140 (d) Resignation, Re-assignment and Reasons……………………………………………………………..…140 (e) Progress against Plans, Issues, Findings and Examination Trends………………………………………………………..….…………………………………..140 (f) Audit Control Policies and Procedures…………………………………………………………………….141 (g) Mechanisms and Safeguards…………………………………………………………………………………..141 H. ROLER OF STAKEHOLDERS ………………………………………………………………………………………………………………142 I. DISCLOSURE AND TRANSPARENCY …………………………………………………………………………………………………150 J. RIGHTS OF STOCKHOLDERS………………………………………………………………………………………………………….….154 1) RIGHT TO PARTICIPATE EFFECTIVELY IN STOCKHOLDERS’ MEETINGS………………………………………155 2) TREATMENT OF MINORITY STOCKHOLDERS……………………………………………………………………………160 K. INVESTORS RELATIONS PROGRAM………………………………………………………………………………………………….161 L. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES……………………………………………………………………………162 M. BOARD, DIRECTOR, COMMITTEE AND CEO APPRAISAL……………………………………………………………………163 N. INTERNAL BREACHES AND SANCTIONS……………………………………………………………………………………………166 3 A. BOARD MATTERS 1) Board of Directors Number of Directors per Articles of Incorporation 11 Actual number of Directors for the year 11 (a) Composition of the Board Complete the table with information on the Board of Directors: Type [Executive Elected If Nominator in the last Date last elected No. of (ED), Non- Date when nominee, election (if ID, state the (if ID, state the years Director’s Name Executive (NED) first (Annual identify relationship with the number of years served or Independent elected 1 /Special the nominator) served as ID) as Director (ID)] Meeting) principal director Henry Sy, Sr. Honorary N/A Board of Directors 2006 May 18, 2006 Organiz N/A Chairman ational Meeting Hans T. Sy NED N/A Sysmart 1986 May 2, 2013 Annual 28 Corporation Meeting Gilbert U. Dee ED N/A Linda Susan T. 1969 May 2, 2013 Annual 45 Mendoza Meeting Peter S. Dee ED N/A Nancy D. Yang 1977 May 2, 2013 Annual 37 Meeting Joaquin T. Dee NED N/A Christopher T. Dee 1984 May 2, 2013 Annual 30 Meeting Dy Tiong ID N/A Johnny Cheng 1985 May 2, 2013 Annual 29 T.K., Jr., son-in- (2 years) Meeting law Herbert T. Sy NED N/A Sysmart 1993 May 2, 2013 Annual 21 Corporation Meeting Harley T. Sy NED N/A SM Investments 2001 May 2, 2013 Annual 13 Corporation Meeting Alberto S. Yao ID N/A Lucky Securities, 2004 May 2, 2013 Annual 10 Inc., no relation (2 years) Meeting Roberto F. Kuan ID N/A Regina Capital 2005 May 2, 2013 Annual 9 Development (2 years) Meeting Corporation, no relation Jose T. Sio NED N/A SM Investments 2007 May 2, 2013 Annual 7 Corporation Meeting Ricardo R. Chua ED N/A Zenaida C. Milan 2008 May 2, 2013 Annual 6 Meeting (b) Provide a brief summary of the corporate governance policy that the board of directors has adopted. Please emphasis the policy/ies relative to the treatment of all shareholders, respect for the rights of minority shareholders and of other stakeholders, disclosure duties, and board responsibilities. Corporate Governance Policy The Board of Directors, Management, employees and shareholders believe that good corporate governance is a necessary component of what constitutes sound strategic business management and will therefore undertake greater effort necessary to create more and continuing awareness within the organization. 1 Reckoned from the election immediately following January 2, 2012. 4 The Bank adheres to the following basic principles of good governance: a. Transparency or the availability of information through expansion of public disclosure requirements. b. Accountability involves providing adequate incentives and instilling in the business environment the discipline to act in the best interest of the Bank. c. Fairness or equity implies that the rights of all concerned parties are protected. Directors should not only promote the interest of the stockholders but also that of other stakeholders such as depositors, investors, borrowers and the banking public in general. d. Integrity or strict adherence to a moral code, reflected in transparent honesty and complete harmony in what one thinks, says, and does. Treatment of Shareholders At China Bank, we have always been driven by our commitment to be a catalyst of wealth creation, developing our products and services, and shaping our operations around the needs of our customers, shareholders, and the communities we serve. In 2012, we continued to live up to this commitment, adapting to the changing times and approaching challenges and opportunities confidently while remaining true to our mission—“your success is our business.” Vision Drawing strength from our rich history, we will be the best, most admired and innovative financial services institution, partnering with our customers, employees, and shareholders in wealth creation. Mission We will be a leading provider of quality services consistently delivered to institutions, entrepreneurs, and individuals, here and abroad, to meet their financial needs and exceed their rising expectations. We will be a primary catalyst in the creation of wealth for our customers, driven by a desire to help them succeed, through a highly motivated team of competent and empowered professionals, guided by in-depth knowledge of their needs and supported by leading-edge technology. We will maintain the highest ethical standards, sense of responsibility and fairness with respect to our customers, employees, shareholders, and the communities we serve. Respect
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