Knowledgebase
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FAQs
- Permanent Policy, Interim Certificate or Certificate Number of Insured
- Original Death Certificate or Certified True Copy signed by Local Civil Registrar or Asst.
- Photocopy of Marriage Contract, if spouse is still alive
- Original or Certified True Copy of Death Certificate signed by Local Civil Registrar or Asst.
- Photocopy of Marriage Contract, if spouse is still alive
- Claimant Statement signed by spouse
- Permanent Policy, Interim Certificate or Certificate Number
- Original Death Certificate or Certified True Copy signed by Local Civil Registrar or Asst.
- Joint Affidavit of heirship from two (2) disinterested persons, notarized, stating all children of insured whether living or deceased. Indicate date of birth or date of death. Please include also name of spouse and date of death.
- Photocopy of Birth Certificate of all living children
- Claimant’s Statement signed by all living children
Find the COCOLIFE office nearest you or be referred to our intermediaries through our offices in key cities and areas nationwide that are staffed with courteous, responsive and dependable professionals.
Find the COCOLIFE office nearest you or be referred to our intermediaries through our offices in key cities and areas nationwide that are staffed with courteous, responsive and dependable professionals.
- Request letter where to get the check signed by the payor
- Photocopy of 2 valid IDs of payor
- Specimen Signature
Find the COCOLIFE office nearest you or be referred to our intermediaries through our offices in key cities and areas nationwide that are staffed with courteous, responsive and dependable professionals.
- Policy contract, or undertaking for lost policy
- Please indicate place and date signed. Signature of witness is necessary (not related to policyholder / insured)
- Certificate of release form, signed by Insured and Payor
- Please indicate place and date signed. Signature of witness is necessary (not related to policyholder / insured)
- Photocopy of 2 valid IDs of Payor and Insured
- Request letter how to receive proceeds: fund transfer to UCPB account, check to be mailed to address, or release to Head Office or Cocolife branch.
- Specimen signature of Insured and Payor
Download the Undertaking for Lost Policy Form here.
Find the COCOLIFE office nearest you or be referred to our intermediaries through our offices in key cities and areas nationwide that are staffed with courteous, responsive and dependable professionals.
THROUGH MAIL
Send us your check or postal money order payable to COCOLIFE for the amount of your premiums along with the billing notice. You may also send us post-dated checks for premiums due for one whole policy year. These checks would be credited to your policy as soon as they are cleared. Please write the insured’s name and policy number at the back of the check. Official receipt will be available upon request.
THROUGH ANY COCOLIFE BRANCH
Present Billing Notice together with cash or check payment (payable to Cocolife) to the Branch Specialist who, in turn, will issue an Official Premium Receipt.
You can also use your VISA / MasterCard for your premium payment. Please present two (2) valid IDs.
THROUGH ANY UCPB BRANCH
If you don’t have a billing notice, fill out a PAYMENT SLIP at any UCPB branch. The machine-validated billing notice / Payment Slip will serve as your official receipt. If you have a billing notice, present it to the teller together with your cash payment or check payable to Cocolife.
THROUGH UCPB’s AUTOMATIC DEBIT ARRANGEMENT (ADA)
Enroll for ADA at the UCPB Branch where you maintain your account. Your premium will automatically be deducted from your UCPB account each time your premium becomes due.
THROUGH OTHER PAYMENT FACILITIES
Present Billing Notice together with your Cash Payment at any Cebuana and Bayad Center. Only current due dates are accepted. Check payments are not accepted.
THROUGH ONLINE PAYMENT
Visit www.cocolife.com, click the Other Links, My Policy to register. Once registered, click the “Pay Online” window.
You can pay your current premium through online banking (with existing savings or current account with BDO, BPI, Metrobank, Eastwest, Robinsons, Sterling, Chinabank, PNB, RCBC, Unionbank, Maybank, UCPB, PNB) or through Credit Card online payment (one-time charge). We accept Visa / MasterCard only.
Find the COCOLIFE office nearest you or be referred to our intermediaries through our offices in key cities and areas nationwide that are staffed with courteous, responsive and dependable professionals.
We also require your specimen signatures for your old and new names through the Specimen Signature Form, which you can download here. Please submit photocopy of 2 valid IDs and payment of P 300 amendment fee.
You may also submit the requirements to any Cocolife branch. Find the COCOLIFE office nearest you or be referred to our intermediaries through our offices in key cities and areas nationwide that are staffed with courteous, responsive and dependable professionals.
Find the COCOLIFE office nearest you or be referred to our intermediaries through our offices in key cities and areas nationwide that are staffed with courteous, responsive and dependable professionals.
Find the COCOLIFE office nearest you or be referred to our intermediaries through our offices in key cities and areas nationwide that are staffed with courteous, responsive and dependable professionals.
Call our Call Center Specialist who will help expedite your claim processing or you can find the COCOLIFE office nearest you or be referred to our intermediaries through our offices in key cities and areas nationwide that are staffed with courteous, responsive and dependable professionals. To process a DEATH claim, we require the following documents:
Mandatory:
- Policy contract/s / certificate of insurance
- Death certificate – original or certified true copy
- Birth or baptismal certificate of insured
- Claimant statement to be accomplished and signed by every beneficiary or designated payee of legal age as indicated in the contract
- Specimen signatures / thumbprints of the insured
As required by circumstances:
- Marriage contract (if spouse is a beneficiary)
- Birth or baptismal certificate (if beneficiary is minor)
- Affidavit of guardianship (if minor`s share is Php50,000.00 or less and being represented other than a natural parent. If share of minor is more that Php50,000.00, guardianship is required
- Certificate of attending physician & complete medical records (if the insured died within contestable period)
- Certified true copy of investigation report and/or police report or if none, affidavit of a least 2 witnesses to the incident, or if there be no such witness, affidavit of at least 2 persons cognizant of the circumstance surrounding insured`s violent death (if death is due to accident or violence)
- Autopsy report if available (if due to accident or violence
- Death certificate of the beneficiary if she /he predeceased the insured
- Testamentary letters (if proceeds are payable to the estate of the insured and the insured executed a will)
- Letter of administration (if proceeds are payable to estate of the insured and the insured died intestate)
- Judicial declaration of death or news paper clippings and or other evidence (in case of missing person)
- Other documents as may be required
To process your LIVING BENEFITS, we require the following documents:
ACCIDENT BENEFIT CLAIM
- Claimant statement
- Attending physician`s statement / Medical questionnaire
- Police report regarding alleged accident or Insured`s own narration of the incident
- Complete medical records
- Photocopy of Insured`s driver`s license if insured is driving the vehicle at the time of the accident
- Other documents as may be required
HOSPITALIZATION BENEFIT CLAIM
- Proof of hospitalization
- Original or certified photocopy of statement of account or original copy of the certification from the hospital showing inclusive of confinements dates
- Original official receipts of expenses incurred during the confinement
- Admission & discharge summary, laboratory test and etc.
- If due to accident refer to Accident Benefit Claim for additional requirements
- Claimant statement
- Other documents as may be required
TERMINAL ILLNESS OR DREAD DISEASE BENEFIT CLAIM
- Physician`s statement which certifies that the insured has terminal illness or dread disease / Medical questionnaire
- Complete medical records (Admission history, Discharge summary, laboratory tests etc)
- Claimant statement
- Other documents as may be required
DISABILITY BENEFIT CLAIM
- Attending Physician`s statement / Medical questionnaire
- Insured`s statement of disability
- Medical records (Admission history, Discharge summary, Laboratory tests,etc)
- Claimant statement
- Other documents as may be required
CONTINUANCE OF DISABILITY BENEFIT CLAIM
- Current medical records
Find the COCOLIFE office nearest you or be referred to our intermediaries through our offices in key cities and areas nationwide that are staffed with courteous, responsive and dependable professionals.
To process a DEATH claim, we require the following documents:
Mandatory:
- Policy contract/s / certificate of insurance
- Death certificate – original or certified true copy
- Birth or baptismal certificate of insured
- Claimant statement to be accomplished and signed by every beneficiary or designated payee of legal age as indicated in the contract
- Specimen signatures / thumbprints of the insured
- Marriage contract (if spouse is a beneficiary)
- Birth or baptismal certificate (if beneficiary is minor)
- Affidavit of guardianship (if minor`s share is Php50,000.00 or less and being represented other than a natural parent. If share of minor is more that Php50,000.00, guardianship is required
- Certificate of attending physician & complete medical records (if the insured died within contestable period)
- Certified true copy of investigation report and/or police report or if none, affidavit of a least 2 witnesses to the incident, or if there be no such witness, affidavit of at least 2 persons cognizant of the circumstance surrounding insured`s violent death (if death is due to accident or violence)
- Autopsy report if available (if due to accident or violence
- Death certificate of the beneficiary if she /he predeceased the insured
- Testamentary letters (if proceeds are payable to the estate of the insured and the insured executed a will)
- Letter of administration (if proceeds are payable to estate of the insured and the insured died intestate)
- Judicial declaration of death or news paper clippings and or other evidence (in case of missing person)
- Other documents as may be required
The member may also get a higher room category; however, since socialized pricing is being practiced in some hospitals, all services (including room, diagnostic tests and procedures, medicines, doctor’s fee, etc.) may be charged at higher costs. These increments and excesses will be charged to the patient following the percentage indicated in the Schedule of Benefits. (Please refer to the Cocolife Healthcare Guidebook for details and computation).
To download the Amendment Form, CLICK HERE.
Find the COCOLIFE office nearest you or be referred to our intermediaries through our offices in key cities and areas nationwide that are staffed with courteous, responsive and dependable professionals.
Secure a signed PhilHealth Claim Form 1 (CF1) and Member Data Record from the company HR.
- PhilHealth Claim Form 2 (CF2) will be filled up by your doctor once you have been cleared for discharge.
- In certain cases, PhilHealth Claim Form 3 (CF3) will be required to be filled up by your doctor.
- Scheduled OPD-OR procedures like chemotherapy, cataract extraction, and outpatient dilatation and curettage (D&C) also require PhilHealth to be filed.
Since PhilHealth is incorporated with your Cocolife coverage, it should be filed before you are discharged. Otherwise, you will have to pay for it directly to the billing section of the hospital.
Reimbursement of paid PhilHealth expenses maybe filed directly to the PhilHealth office.
Yes, provided that the cause of confinement is covered, the availment is within the remaining benefit limit and it is not a part of general exclusion/limitation of the program.
No. Coverage is co-terminus with member’s employment. Upon resignation, coverage shall be terminated and Cocolife card should be returned to the company as part of his clearance.
Yes, provided that the cause of confinement is covered, the availment is still within the remaining benefit limit and it is not a part of general exclusion/limitation of the program.
No. Cocolife coverage is non-transferrable.
ACCIDENT BENEFIT CLAIM
- Claimant statement
- Attending physician’s statement / Medical Questionnaire
- Police report regarding alleged accident or Insured’s own narration of the incident
- Complete medical records
- Photocopy of Insured’s driver’s license if insured is driving the vehicle at the time of the accident
- Other documents as may be required
HOSPITALIZATION BENEFIT CLAIM
- Proof of hospitalization
- Original or certified photocopy of statement of account or original copy of the certification from the hospital showing inclusive of confinements dates
- Original official receipts of expenses incurred during the confinement
- Admission & discharge summary, laboratory test, etc.
- If due to accident refer to Accident Benefit Claim for additional requirements
- Claimant statement
- Other documents as may be required
TERMINAL ILLNESS OR DREAD DISEASE BENEFIT CLAIM
- Physician’s statement which certifies that the insured has terminal illness or dread disease/Medical questionnaire
- Complete medical records (Admission history, Discharge summary, laboratory tests etc)
- Claimant statement
- Other documents as may be required
DISABILITY BENEFIT CLAIM
- Attending Physician’s statement / Medical questionnaire
- Insured’s statement of disability
- Medical records (Admission history, Discharge summary, Laboratory tests, etc)
- Claimant statement
- Other documents as may be required
CONTINUANCE OF DISABILITY BENEFIT CLAIM
- Current medical record
- Medical questionnaire form downloadable in the website
You have to submit the police report and other pertinent documents for accident cases such as, but not limited to vehicular accidents, mauling, gunshot, stabbing, etc.
Your case shall be evaluated and if it falls to any of the general exclusions and limitations of the program, it will not be covered.
The member shall have to pay for the consultation, and this cannot be reimbursed. Also, requests for any diagnostic and/or therapeutic procedures from non-accredited doctors will not be covered.
To avail of Cocolife benefits, the member should consult and seek treatment from Cocolife-accredited doctors and facilities only.
- A policy loan will be taken from your cash value to pay for the premium due in order to keep the coverage in-force.
- The available cash value will be used to buy a term coverage for a certain number of years and days. The amount of coverage remains the same until the term expires.
- The available cash value will be used to buy a fully paid insurance for the same duration. The face amount of the coverage will depend on the available cash value of the policy.
Find the COCOLIFE office nearest you or be referred to our intermediaries through our offices in key cities and areas nationwide that are staffed with courteous, responsive and dependable professionals.
Request for a replacement of card through the company HR. Affidavit of loss is required. Corresponding fee for replacement should be settled through the company HR.
Should he need to undergo treatment/consultation, he may call Cocolife Hotline for endorsement and in the absence of Cocolife Card, he has to present other valid identifications (such as license, company ID, SSS ID, etc.)
There are two to four Cocolife plan coordinators per hospital. Schedules of plan coordinators are available through our website.
In some facilities with no plan coordinators, members are assisted by the hospital’s HMO or Industrial Units. For medical emergencies, members can proceed to the emergency room for consultation and/or treatment but cases shall be assessed first by the ER physician.
Do not pay. Call Cocolife for assistance.
The member may also get a higher room category; however, since socialized pricing is being practiced in some hospitals, all services (including room, diagnostic tests and procedures, medicines, doctor’s fee, etc.) may be charged at higher costs. These increments and excesses will be charged to the patient following the percentage indicated in the Schedule of Benefits. (Please refer to the Cocolife Healthcare Guidebook for details and computation)
You may file for a reimbursement for the payment made; however, this shall be subject for evaluation and will follow Cocolife’s corresponding RUV rates.
Download Forms
Now you can download the form that you need – anytime and anywhere! Just select the form you will use.
Download the Cocolife Healthcare Provider Directory here.
Download the Cocolife Healthcare Dental Directory here.
Download the Cocolife Healthcare Benefits Guidebook here.
Click here to download.
Principle 3: Board committees should be set up to the extent possible to support the effective performance of the Board’s functions, particularly with respect to audit, rlsk management, related party transactions, and other key corporate governance concems, such as nomination and remuneration. The composition, functions and responsibilities of all commlttees established should be contained in a publicly available Committee Charters. | ||||
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Recommendation 3.1 | ||||
1. | Board establishes board committees that focus on specific board functions to aid in the optimal performance of its roles and responsibilities. | Compliant | Provide information or link/reference to a document containing information on all the board committees established by the company
Board establishes board committees that focus on specific board functions to aid in the optimal performance of its roles and responsibilities. Cocolife Manual on Corporate Governance, pgs. 19-20 , Board Committees Committee Charters: > Audit Committee > Corporate Governance Committee > Executive Committee > Nomination Committee > Related Party Transactions Committee > Risk Oversight Committee > Subsidiaries and Investments Oversight Committee | |
Recommendation 3.2 | ||||
1. | Board establishes an Audit Committee to enhance its oversight capability over the company’s financial reporting, internal control system, internal and external audit processes, and compliance with applicable laws and regulations. | Compliant | Provide information or link/reference to a document containing information on the Audit Committee, including its functions.
Indicate if it is the Audit Committee’s responsibility to recommend the appointment and removal of the company’s external auditor. The Board established an Audit Committee. Its functions and responsibilities are indicated in the Audit Committee Charter, which includes the responsibility to recommend the appointment and removal of the company’s external auditor. Cocolife Audit Committee Charter | |
2. | Audit Committee is composed of at least three appropriately qualified non-executive directors, the majority of whom, including the Chairman is independent. | Compliant | Provide information or link/reference to a document containing information on the members of the Audit Committee, including their qualifications and type of directorship.
Audit Committee is composed of six qualified directors. Among whom, three are independent directors, including the Chairman. Cocolife Board Committee Membership (Audit Committee), Cocolife Annual Report 2021, BOD Biography, https://www.cocolife.com/about/our-team/ | |
3. | All the members of the committee have relevant background, knowledge, skills, and/or experience in the areas of accounting, auditing and finance. | Compliant | Provide information or link/reference to a document containing information on the background, knowledge, skills, and/or experience of the members of the Audit Committee.
Members of the Audit Committee have the background, knowledge, skills, and/or experience in the areas of accounting, auditing and finance. Ref: Annual Report 2020, BOD Biography,href=”https://www.cocolife.com/about/our-team/” target=”_blank”>Our Team | |
4. | The Chairman of the Audit Committee is not the Chairman of the Board or of any other committee. | Compliant | Provide information or link/reference to a document containing information on the Chairman of the Audit Committee
The Chairman of the Audit Committee is not the Chairman of the Board or of any other committee. Ref: Board Committee Membership | |
Recommendation 3.3 | ||||
1. | Board establishes a Corporate Governance Committee tasked to assist the Board in the performance of its corporate governance responsibilities, including the functions that were formerly assigned to a Nomination and Remuneration Committee. | Compliant | Provide information or reference to a document containing information on the Corporate Governance Committee, including its functions.
Indicate if the Committee undertook the process of identifying the quality of directors aligned with the company’s strategic direction, if applicable. The Board established a Corporate Governance Committee. Its functions and responsibilities are indicated in the Corporate Governance Committee Charter. Ref: Cocolife Manual on Corporate Governance, pg. 17, Corporate Governance Committee | |
2. | Corporate Governance Committee is composed of at least three members, majority of whom should be independent directors. | Compliant | Provide information or link/reference to a document containing information on the members of the Corporate Governance Committee, including their qualifications and type of directorship.
Corporate Governance Committee is composed of six members, of whom three are independent directors, including the Chairman of the Committee. Ref: Cocolife Board Committee Membership, Annual Report 2020, BOD Biography Our Team | |
3. | Chairman of the Corporate Governance Committee is an independent director. | Compliant | The Chairman of the Corporate Governance Committee is an independent director.
Ref:Cocolife Board Committee Membership | |
Recommendation 3.4 | ||||
1. | Board establishes a separate Board Risk Oversight Committee (BROC) that should be responsible for the oversight of a company’s Enterprise Risk Management system to ensure its functionality and effectiveness. | Compliant | Provide information or link/reference to a document containing information on the Board Risk Oversight Committee (BROC), including its functions
Board established a Board Risk Oversight Committee (BROC). Ref: Risk Oversight Committee, Cocolife Manual on Corporate Governance, pg. 19 | |
2. | BROC is composed of at least three members, the majority of whom should be independent directors, including the Chairman. | Compliant | Provide information or link/reference to a document containing information on the members of the BROC, including their qualifications and type of directorship
BROC is composed of six members, of whom three are independent directors, including the Chairman of the Committee. Ref: Cocolife Board Committee Membership, Annual Report 2020, BOD Biography, Our Team | |
3. | The Chairman of the BROC is not the
Chairman of the Board or of any other committee.
| Non-Compliant | Provide information or link/reference to a document containing information on the Chairman of the BROC.
The Chairman of the BROC is not the Chairman of the Board but is presently a chairman of another committee. Ref: Cocolife Board Committee Membership, Cocolife Risk Oversight Committee Charter Cocolife Subsidiaries and Investments Oversight Committee Charter | Considering that the Company only has three (3) independent directors, the Company has strived to reorganize its Board Committees and their respective Chairmanships to ensure independent judgment despite this limitation. The Chairman of the Risk Oversight Committee (ROC) is concurrently the Chairman of the Subsidiaries and Investments Oversight Committee (SIOCOM). The SIOCOM is an extension of the ROC. The ROC is able to carry out its functions and exercise independent judgment under the leadership of its current Chairman.
Ref: Risk Oversight Committee Charter, Sec. V, 8 (b) Subsidiaries and Investments Oversight Committee Charter, Sec. IV (d) |
4. | At least one member of the BROC has relevant thorough knowledge and experience on risk and risk management. | Compliant | Provide information or link/reference to a document containing information on the background, skills, and/or experience of the members of the BROC.
Director Romeo F. Barza (Ret.) a member of the Risk Oversight Committee has recently attended a seminar on the functions of a Risk Committee initiated by the Office of the Corporate Secretary in partnership with the Institute of Corporate Directors which aims to raise basic awareness of risk management concepts and mechanisms and to enable the Risk Oversight Committee and the Board to identify and manage risks and to strengthen project management through adequate forward planning of potential risks. Advanced Corporate Governance Training (October 20, 21, 27 and 28, 2020) Ref: Board Training Certificates 2020 | |
Recommendation 3.5 | ||||
1. | The Board establishes a Related Party Transactions (RPT) Committee, which is tasked with reviewing all material related party transactions of the company. | Compliant | Provide information or link/reference to a document containing information on the Related Party Transactions (RPT) Committee, including its functions.
The Board established a Related Party Transactions (RPT) Committee. Ref: Cocolife Related Party Transactions Committee Charter, Cocolife Related Party Transactions Policy, Cocolife Manual on Corporate Governance, pg. 20, Related Party Transactions Committee | |
2. | RPT Committee is composed of at least three non-executive directors, majority of whom should be independent, including the Chairman. | Non-Compliant | Provide information or link/reference to a document containing information on the members of the RPT Committee, including their qualifications and type of directorship.
RPT is composed of six members, with one executive director and two independent directors. The Chairman of the Committee is not an independent director. Ref: Cocolife Board Committee Membership, Annual Report 2020, BOD Biography | Considering that the Company only has three (3) independent directors, the Company has strived to reorganize its Board Committees and their respective Chairmanships to ensure independent judgment despite this limitation. Presently, the Committee is able to carry out its functions and exercise independent judgment under the leadership of its current Chairman. |
Recommendation 3.6 | ||||
1. | All established committees have a Committee Charters stating in plain terms their respective purposes, memberships, structures, operations, reporting process, resources and other relevant information. | Compliant | Provide information on or link/ reference to the company’s committee charters, containing all the required information, particularly the functions of the Committee that is necessary for performance evaluation purposes.
All established committees at the Board level have a charter. All the charters provide standards for evaluating the performance of the committees and are fully disclosed and available on the Cocolife Official website. Ref: Charters Committee Charters: > Audit Committee > Corporate Governance Committee > Executive Committee > Nomination Committee > Related Party Transactions Committee >Risk Oversight Committee > Subsidiaries and Investments Oversight Committee | |
2. | Committee Charters provide standards for evaluating the performance of the Committees. | Compliant | ||
3. | Committee Charters were fully disclosed on the company’s website. | Compliant | Provide link to company’s website where the Committee Charters are disclosed.
Ref: Committee Charters |
Principle 3: Board committees should be set up to the extent possible to support the effective performance of the Board’s functions, particularly with respect to audit, rlsk management, related party transactions, and other key corporate governance concems, such as nomination and remuneration. The composition, functions and responsibilities of all commlttees established should be contained in a publicly available Committee Charters. | ||||
---|---|---|---|---|
Recommendation 3.1 | ||||
1. | Board establishes board committees that focus on specific board functions to aid in the optimal performance of its roles and responsibilities. | Compliant | Provide information or link/reference to a document containing information on all the board committees established by the company
Board establishes board committees that focus on specific board functions to aid in the optimal performance of its roles and responsibilities. Cocolife Manual on Corporate Governance, pgs. 19-20 , Board Committees Committee Charters: > Audit Committee > Corporate Governance Committee > Executive Committee > Nomination Committee > Related Party Transactions Committee > Risk Oversight Committee > Subsidiaries and Investments Oversight Committee | |
Recommendation 3.2 | ||||
1. | Board establishes an Audit Committee to enhance its oversight capability over the company’s financial reporting, internal control system, internal and external audit processes, and compliance with applicable laws and regulations. | Compliant | Provide information or link/reference to a document containing information on the Audit Committee, including its functions.
Indicate if it is the Audit Committee’s responsibility to recommend the appointment and removal of the company’s external auditor. The Board established an Audit Committee. Its functions and responsibilities are indicated in the Audit Committee Charter, which includes the responsibility to recommend the appointment and removal of the company’s external auditor. Cocolife Audit Committee Charter | |
2. | Audit Committee is composed of at least three appropriately qualified non-executive directors, the majority of whom, including the Chairman is independent. | Compliant | Provide information or link/reference to a document containing information on the members of the Audit Committee, including their qualifications and type of directorship.
Audit Committee is composed of six qualified directors. Among whom, three are independent directors, including the Chairman. Cocolife Board Committee Membership (Audit Committee), Cocolife Annual Report 2021, BOD Biography, https://www.cocolife.com/about/our-team/ | |
3. | All the members of the committee have relevant background, knowledge, skills, and/or experience in the areas of accounting, auditing and finance. | Compliant | Provide information or link/reference to a document containing information on the background, knowledge, skills, and/or experience of the members of the Audit Committee.
Members of the Audit Committee have the background, knowledge, skills, and/or experience in the areas of accounting, auditing and finance. Ref: Annual Report 2020, BOD Biography,href=”https://www.cocolife.com/about/our-team/” target=”_blank”>Our Team | |
4. | The Chairman of the Audit Committee is not the Chairman of the Board or of any other committee. | Compliant | Provide information or link/reference to a document containing information on the Chairman of the Audit Committee
The Chairman of the Audit Committee is not the Chairman of the Board or of any other committee. Ref: Board Committee Membership | |
Recommendation 3.3 | ||||
1. | Board establishes a Corporate Governance Committee tasked to assist the Board in the performance of its corporate governance responsibilities, including the functions that were formerly assigned to a Nomination and Remuneration Committee. | Compliant | Provide information or reference to a document containing information on the Corporate Governance Committee, including its functions.
Indicate if the Committee undertook the process of identifying the quality of directors aligned with the company’s strategic direction, if applicable. The Board established a Corporate Governance Committee. Its functions and responsibilities are indicated in the Corporate Governance Committee Charter. Ref: Cocolife Manual on Corporate Governance, pg. 17, Corporate Governance Committee | |
2. | Corporate Governance Committee is composed of at least three members, majority of whom should be independent directors. | Compliant | Provide information or link/reference to a document containing information on the members of the Corporate Governance Committee, including their qualifications and type of directorship.
Corporate Governance Committee is composed of six members, of whom three are independent directors, including the Chairman of the Committee. Ref: Cocolife Board Committee Membership, Annual Report 2020, BOD Biography Our Team | |
3. | Chairman of the Corporate Governance Committee is an independent director. | Compliant | The Chairman of the Corporate Governance Committee is an independent director.
Ref:Cocolife Board Committee Membership | |
Recommendation 3.4 | ||||
1. | Board establishes a separate Board Risk Oversight Committee (BROC) that should be responsible for the oversight of a company’s Enterprise Risk Management system to ensure its functionality and effectiveness. | Compliant | Provide information or link/reference to a document containing information on the Board Risk Oversight Committee (BROC), including its functions
Board established a Board Risk Oversight Committee (BROC). Ref: Risk Oversight Committee, Cocolife Manual on Corporate Governance, pg. 19 | |
2. | BROC is composed of at least three members, the majority of whom should be independent directors, including the Chairman. | Compliant | Provide information or link/reference to a document containing information on the members of the BROC, including their qualifications and type of directorship
BROC is composed of six members, of whom three are independent directors, including the Chairman of the Committee. Ref: Cocolife Board Committee Membership, Annual Report 2020, BOD Biography, Our Team | |
3. | The Chairman of the BROC is not the
Chairman of the Board or of any other committee.
| Non-Compliant | Provide information or link/reference to a document containing information on the Chairman of the BROC.
The Chairman of the BROC is not the Chairman of the Board but is presently a chairman of another committee. Ref: Cocolife Board Committee Membership, Cocolife Risk Oversight Committee Charter Cocolife Subsidiaries and Investments Oversight Committee Charter | Considering that the Company only has three (3) independent directors, the Company has strived to reorganize its Board Committees and their respective Chairmanships to ensure independent judgment despite this limitation. The Chairman of the Risk Oversight Committee (ROC) is concurrently the Chairman of the Subsidiaries and Investments Oversight Committee (SIOCOM). The SIOCOM is an extension of the ROC. The ROC is able to carry out its functions and exercise independent judgment under the leadership of its current Chairman.
Ref: Risk Oversight Committee Charter, Sec. V, 8 (b) Subsidiaries and Investments Oversight Committee Charter, Sec. IV (d) |
4. | At least one member of the BROC has relevant thorough knowledge and experience on risk and risk management. | Compliant | Provide information or link/reference to a document containing information on the background, skills, and/or experience of the members of the BROC.
Director Romeo F. Barza (Ret.) a member of the Risk Oversight Committee has recently attended a seminar on the functions of a Risk Committee initiated by the Office of the Corporate Secretary in partnership with the Institute of Corporate Directors which aims to raise basic awareness of risk management concepts and mechanisms and to enable the Risk Oversight Committee and the Board to identify and manage risks and to strengthen project management through adequate forward planning of potential risks. Advanced Corporate Governance Training (October 20, 21, 27 and 28, 2020) Ref: Board Training Certificates 2020 | |
Recommendation 3.5 | ||||
1. | The Board establishes a Related Party Transactions (RPT) Committee, which is tasked with reviewing all material related party transactions of the company. | Compliant | Provide information or link/reference to a document containing information on the Related Party Transactions (RPT) Committee, including its functions.
The Board established a Related Party Transactions (RPT) Committee. Ref: Cocolife Related Party Transactions Committee Charter, Cocolife Related Party Transactions Policy, Cocolife Manual on Corporate Governance, pg. 20, Related Party Transactions Committee | |
2. | RPT Committee is composed of at least three non-executive directors, majority of whom should be independent, including the Chairman. | Non-Compliant | Provide information or link/reference to a document containing information on the members of the RPT Committee, including their qualifications and type of directorship.
RPT is composed of six members, with one executive director and two independent directors. The Chairman of the Committee is not an independent director. Ref: Cocolife Board Committee Membership, Annual Report 2020, BOD Biography | Considering that the Company only has three (3) independent directors, the Company has strived to reorganize its Board Committees and their respective Chairmanships to ensure independent judgment despite this limitation. Presently, the Committee is able to carry out its functions and exercise independent judgment under the leadership of its current Chairman. |
Recommendation 3.6 | ||||
1. | All established committees have a Committee Charters stating in plain terms their respective purposes, memberships, structures, operations, reporting process, resources and other relevant information. | Compliant | Provide information on or link/ reference to the company’s committee charters, containing all the required information, particularly the functions of the Committee that is necessary for performance evaluation purposes.
All established committees at the Board level have a charter. All the charters provide standards for evaluating the performance of the committees and are fully disclosed and available on the Cocolife Official website. Ref: Charters Committee Charters: > Audit Committee > Corporate Governance Committee > Executive Committee > Nomination Committee > Related Party Transactions Committee >Risk Oversight Committee > Subsidiaries and Investments Oversight Committee | |
2. | Committee Charters provide standards for evaluating the performance of the Committees. | Compliant | ||
3. | Committee Charters were fully disclosed on the company’s website. | Compliant | Provide link to company’s website where the Committee Charters are disclosed.
Ref: Committee Charters |
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