Approving the Creation of the Risk Management and Audit Committees under the ECC Board

February 29, 2016ECC BOARD RESOLUTION NO. 16-02-10APPROVING THE CREATION OF THE RISK MANAGEMENT AND AUDIT COMMITTEES UNDER THE ECC BOARDExcerpts from the Minutes of the Second (2nd) Regular Commission Meeting, Employees' Compensation Commission and Occupational Safety and Health Center, Series of 2015, Convened at Ichikawa Hall, OSHC Bldg. Agham cor. North Ave., Quezon City, Monday, 29 February 2016 at 12:00 NN.WHEREAS, on 28 November 2012, President Benigno S. Aquino III approved the Code of Corporate Governance for GOCCs;WHEREAS, Section 16 of the said Code of Corporate Governance for GOCCs provide that:Sec. 16. Board Committees. — The creation of Board Committees and other such oversight bodies enables the members of the Governing Board to efficiently manage their time and ensure the proper understanding and resolution of all issues affecting the GOCC and the proper handling of all other concerns, and allows the Board to effectively utilize the expertise of its Directors. CAIHTEWHEREAS, the same Code of Corporate Governance further states that:Sec. 16.1. The Governing Boards of the GOCCs shall therefore constitute the proper committees to assist...