Performance Scorecard for Banks

CIRCULAR LETTER NO. CL-2009-054

To : All Locally Organized Universal and Commercial Banks and their Subsidiary-Affiliate Banks

Subject: Performance Scorecard for Banks

The Monetary Board, in its Resolution No. 1035 dated 16 July 2009 directed the participation of all locally organized universal and commercial banks as respondents in the Corporate Governance (CG) Survey using the Performance Scorecard for Banks as the survey instrument.

The survey, which is launched in coordination with the Institute of Corporate Directors (ICD), is aimed to achieve the following objectives:

1. To provide the regulators and the respondent banks with empirical data on the current state of corporate governance within this group of regulated entities as basis for policy and program interventions; and

2. To guide these entities initiatives in strengthening governance structures or mechanisms in line with global corporate governance principles and practices.

Covered entities are enjoined to accomplish the Scorecard for Banks to the best of their knowledge and ability after a self-assessment of their current corporate governance practices.

The responses contained in the accomplished Scorecard shall be consolidated and analyzed in coordination with the ICD.

Accomplished Scorecards, duly signed by the President/CEO, shall be submitted to the Bangko Sentral ng Pilipinas Attn: Assistant Governor Ma. Dolores B. Yuvienco, Supervision and Examination Sub-sector III, not later than 31 July 2009.

NESTOR A. ESPENILLA, JR. Deputy Governor

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