0 оценок0% нашли этот документ полезным (0 голосов)
52 просмотров8 страниц
NATIONAL COLLEGE of BUSINESS and ARTS BANKING and financial INSTITUTION Union Bank PRESENTED BY: ELTON JAKE B. HARVEY, SHARMINA B. HIPOL, LEONARD EMIL LABISTE, CHRIS DANIELLE PRESENTATION - UNION Bank's mission. TO achieve this mission, Union Bank has adopted a strategic plan called "FOCUS 2010"
NATIONAL COLLEGE of BUSINESS and ARTS BANKING and financial INSTITUTION Union Bank PRESENTED BY: ELTON JAKE B. HARVEY, SHARMINA B. HIPOL, LEONARD EMIL LABISTE, CHRIS DANIELLE PRESENTATION - UNION Bank's mission. TO achieve this mission, Union Bank has adopted a strategic plan called "FOCUS 2010"
NATIONAL COLLEGE of BUSINESS and ARTS BANKING and financial INSTITUTION Union Bank PRESENTED BY: ELTON JAKE B. HARVEY, SHARMINA B. HIPOL, LEONARD EMIL LABISTE, CHRIS DANIELLE PRESENTATION - UNION Bank's mission. TO achieve this mission, Union Bank has adopted a strategic plan called "FOCUS 2010"
GOLEZ, ELTON JAKE B. HARVEY, SHARMINA B. HIPOL, LEONARD EMIL LABISTE, CHRIS DANIELLE
PRESENTED TO:
Professor Elizabeth Bernal
UNION BANKS MISSION
Union Banks mission is to provide product solutions, information and network access that customers need to become financially and operationally efficient. To achieve this mission, Union Bank has adopted a strategic plan called FOCUS 2010, which is an acronym for Financial Value, Operational Excellence, Customer Franchise, Union Bank Brand/Experience and Superior Innovation.
UNION BANKS VISION
Union Banks corporate vision is to become one of the leading universal banks in the Philippines within the first decade of the 21st century with a full range of financial products and services for which it shall be the acknowledged leader in service, innovation and value for money, conveniently accessible anytime and anywhere by delighted customers, for whom it shall be the dominant financial service portal, enabled by bold, smart and self-driven professionals.
SERVICE OFFERED
The Major Components of FOCUS 2010 are as follows:
Financial Value: Enhance the financial value of the Banks operations; Operational Excellence: Increase productivity while reducing costs; Customer Franchise: Increase customer base and reduce customer attrition; Union Bank Brand/Experience: Establish a unique brand image in strategic markets; and Superior Innovation: Continue to offer innovative products and services.
Our FOCUS 2020 We are guided by FOCUS our compass to achieving our vision to become one of the Top 3 universal banks in the Philippines by year 2020. FOCUS centers on five strategic initiatives we are working on with stronger resolve: Financial Value: Enhance the financial value of the Banks operations; Operational Excellence: Increase productivity while reducing costs; Customer Franchise: Increase customer base and reduce customer attrition; Union Bank Brand/Experience: Establish a unique brand image in strategic markets; and Superior Innovation: Continue to offer innovative products and services. ORGANIZATIONAL CHART Board Committees Executive Committee The Executive Committee is composed of seven (7) members of the Board. It acts and exercises such functions and powers which are reserved for the Board during intervals between Board meetings, except the power to initiate reversals of, or departure from fundamental policies, procedures and guidelines prescribed by the Board itself, and subject to such restrictions as the Board may determine. All matters passed and acted upon by the Executive Committee are reported to the Board of Directors for its consideration and approval, when necessary. The Executive Committee exercises certain functions as delegated by the Board, including the approval of credit proposals, asset recovery and real and other properties acquired. Risk Management Committee The Risk Management Committee consists of seven (7) members of the Board of Directors who possess a varied range of expertise and knowledge concerning the institutions risk exposures. The Committee develops appropriate strategies for the prevention of occurrence of risk events and minimizing losses when these happen. It oversees the Banks risk management system to determine if it remains effective, if authority limits are observed, and if immediate corrective actions are taken whenever limits are breached. The Committee also develops, and implements, a written plan defining the strategies for managing and controlling the major risks. Market Risk Committee The Market Risk Committee composed of the Chairman of the Board of Directors, the President and three (3) other members of the Board, sets policies and standards for market risk identification, analysis and management. The Market Risk Committee also monitors the sensitivity of the Banks financial condition to the effects of market volatility and adverse price changes on the Groups portfolio of financial instruments and oversees the Groups liquidity position through the Asset and Liability Committee (ALCO). Operation Risk Management Committee The Operations Risk Management Committee (ORMC) is composed of three (3) members of the Board and two members from Senior Management.
I cover the following areas of concern: 1. The adequacy of the Banks policies, procedures, organization and resources for preventing, or limiting unexpected loss due to deficiencies in information systems; business, operational and management processes; employees skills and supervision, equipment and internal controls. 2. Periodic or special risk assessments conducted in various businesses and operating units of the Bank to proactively uncover operational risks that can result to actual loss or damage. 3. Results of internal audits, BSP examinations and investigation of administrative cases that highlight trends indicative of present or emerging exposures to specific operational risks. 4. Risk assessment of major information systems to be implemented in the Bank. 5. Regulatory compliance issues, whether currently existing, or anticipated to arise as a result of new laws or regulations. 6. Business continuity strategies, plans and procedures. Audit Committee The Audit Committee is composed of five (5) members of the Board of Directors, two (2) of whom are independent directors, and who have accounting, auditing, or related financial management expertise or experience. Name of Director Designation Number of meetings attended Number of meetings missed Armand Braun, Jr. Chairman 19 1 Stephen Paradies Vice-Chairman 18 2 Mayo Ongsingco Member 14 6 Justice Concio Garcia Member (Sept. Dec. 08) 7 1 Sec. Sergio Apostol Member (Sept. Dec. 08) 8 0 Sen. Ralph Recto Member (Jan - July 08) 4 7 Arturo San Gabriel Member (Jan - July 08) 12 0
The Audit Committee oversees the Banks internal and financial controls on behalf of the Board of Directors. The Committee held 20 meetings in 2008. Prior to the Banks annual stockholders meeting in May 2008, the Committee gave its recommendation for the appointment of PunongBayan & Araullo as the Banks external auditors for 2008. It later reviewed and endorsed for the Boards approval the Banks audited financial statements for 2008, as certified by the said external auditor.
The Audit Committee is empowered to independently review the integrity of the Companys financial reporting and oversee the independence of the external auditors.
The Internal Audit Division, which reports directly to the Audit Committee, provides independent and objective assurance and advisory services to the Company. It provides reasonable assurance that the Banks key organizational and procedural controls are effective, appropriate, and complied with. The Division is composed of Certified Public Accountants, Certified Information Systems Auditors and Certified Internal Auditor.
It also conducts special administrative investigations when required to do so pursuant to the Banks Code of Conduct.
The activities of the Audit Committee are further discussed in the section on Accountability and Audit.
* External Auditor - Punongbayan & Araullo Punongbayan & Araullo (P & A), a leading professional services firm, is one of the countrys largets CPA firms, providing practical recommendations and ideas to Philippine businesses and investors.
P & A was founded in 1988 by two prominent leaders in the accounting profession in the Philippines, Benjamin R. Punongbayan and Jose G. Araullo. It grew from a personnel complement of only seven people in 1988, to over six hundred people today.
P & A is a member of Grant Thornton International, one of the worlds leading organizations of independently owned and managed accounting and consulting firms. P & As offices are located at the 20th floor, Tower I, The Enterprise Center, 6766 Ayala Avenue, 1200 Makati City, Metro Manila.
Services to Union Bank P & As services consist of the audit of the financial statements of the Bank as of and for the year ending 31 December 2008 to enable them to express an opinion on the fairness of the Banks financial position, results of operations and cash flows in accordance with Philippine Financial Reporting Standards (PFRS). It is likewise engaged to audit the financial statements of each Unit Investment Trust Fund (UITF) managed by the Banks Trust and Investment Services Group, also as of and for the year ending 31 December 2008.
Trust Committee The Trust Committee is composed of five (5) members: three (3) who are members of the Board, the President, and the Trust Officer. No member of the Audit Committee may be concurrently designated as a member of the Trust Committee.
The Trust Committee acts as a body in the acceptance and closing of trust and other fiduciary accounts. It reviews assets placed under the trustees fiduciary custody and reviews and approves transactions between trust and/or fiduciary account. It invests, reinvests, and disposes of funds or property. It also reviews trust and other fiduciary accounts at least once every twelve (12) months to determine the advisability of retaining or disposing of the trust or fiduciary assets, and to ascertain whether the account is being managed in accordance with the instrument creating the trust or other fiduciary relationship.
Corporate Governance Committee The Corporate Governance Committee (CGC) serves as the primary resource for the Board to study, evaluate and make recommendations about the structure, charter, policies and practices of the Board and its committees in order to improve corporate governance. It is responsible for ensuring the Boards effectiveness and due observance of corporate governance principles and guidelines. The Corporate Governance Committee is composed of seven (7) members, comprised of the following: six members of the Board of Directors, two (2) of whom are independent directors; and one (1) member from the Banks senior management.
The Committee held all four (4) of its scheduled quarterly meetings for 2008. During these meetings, the Corporate Governance Committee proposed and approved activities for the furtherance of good corporate practices. The Committee complied with the mandates of pertinent regulations requiring new directors to undergo the Corporate Governance Orientation Program. It also reviewed and approved the 2008 Corporate Governance Scorecard for publicly-listed companies.
The Corporate Governance Committee has two sub-committees: the Nominations Sub-Committee and the Compensation & Remunerations Sub-Committee.
Nominations Sub-Committee The Nominations Sub-Committee consists of at least three (3) voting members of the Board of Directors, one of whom is an independent director, and one (1) non-voting member who is the Human Resources Director.
The Sub-Committee promulgates the guidelines or the criteria governing its conduct of the nomination, pre-screening and selection of candidates for the Board of Directors and key officers of the Bank. It puts in place a policy and process for the effective review of the qualifications of the nominees for independent directors.
Compensation & Remunerations Sub-Committee The Compensation and Remuneration Sub-Committee, which is composed of at least three (3) members, one of whom is an independent director, is tasked to assist the Corporate Governance Committee and the Board of Directors by recommending and overseeing the implementation of a program of salaries and benefits for Directors and Senior Management. It sees to it that the Bank will attract the best talents to help the bank accomplish its objectives.
The Sub-Committee monitors the adequacy, effectiveness and consistency of compensation programs with the Banks corporate philosophy and strategies. It also provides guidelines for developing policies on executive remuneration and for the fixing of the remuneration packages of corporate officers and directors. It exercises oversight over the remunerations of senior management and of other key personnel.
As of December 31, 2007, Union Banks shareholders were as follows: Shareholder Ownership Aboitiz Equity Ventures Inc. 36.2% Social Security System 23.1% Insular Life Assurance Company, Ltd. 16.1% Others 24.6%
Aboitiz Equity Ventures, Inc. (AEV) is Union Banks largest stakeholder with 36.2% ownership. AEV, a member of the Aboitiz Group of Companies, is an industrial and commercial conglomerate based in Southern Philippines that is engaged in power generation, logistics, consumer, real estate and financial services.
More on Aboitiz Group of Companies
Social Security System (SSS), the countrys provider of social security to workers in the private sector, holds 23.1% stake in Union Bank. The SSS aims to develop and promote a viable, universal and equitable social protection scheme through world-class services. As of June 2007, SSS had P219.1 Billion in investments.
More on SSS
Insular Life Assurance Co. Ltd has 16.1% ownership in Union Bank. It has the distinction of being the first Filipino life insurance and the only Filipino mutual life insurance company. Insular Life, through its subsidiaries, offers allied financial services such as general insurance, banking, health care insurance, trust and investment services. Insular Life is among the countrys top 100 corporations.