Policy and Procedures on Board Performance Assessment
Adopts an independent, objective, self-evaluation process to assess the performance of the Board, Committees, Directors and President, which will be processed by an external advisor.
Policy on Conflict Resolution
The Office of the Corporate Secretary shall address concerns of stockholders and potential disputes between the Corporation and stockholders. The Corporation shall review the use of alternative modes of dispute resolution which can amicably and effectively settle conflicts or differences between the Corporation and its shareholders.
Anti-Corruption and Anti-Bribery Policy
The Corporation has a zero tolerance policy toward bribery and corruption. All directors, officers and employers of the Corporation shall comply with the following guidelines:
1. Directors, officers and employees shall not offer, promise or give bribes in connection with any transaction or agreement entered into by the Corporation or in order to facilitate any such arrangement.
2. Directors, officers and employees are prohibited from requesting, agreeing to accept or taking bribes from any person or organization, regardless of whether such a bribe is made through another person.
3. The term “bribes” shall include but not be limited to fees, commissions, rewards, improper gifts or contributions or any other form of advantage, financial or otherwise.
The Anti-Corruption and Anti-Bribery Policy of the Corporation shall be strictly enforced in all transactions entered into between the Corporation and the government as well as the Corporation’s suppliers, business partners and customers.
Retirement Policy for Directors and Officers
As part of the succession planning program, the Board shall adopt a policy on the retirement age for directors and key officers. The adoption of a retirement age policy is geared toward promoting growth and dynamism in the Corporation.
Risk Management Policy
The Board of Directors shall be responsible for establishing and overseeing the risk management framework of the Corporation. The risk management framework shall include policies on appropriate risk limits and controls as well as procedures for monitoring risks and adherence to limits.
The risk management framework of the Corporation shall be used to identify, monitor, assess and manage key business risks and exposures as well as to monitor the effectiveness of risk management strategies, plans and processes.
The Corporation’s risk management framework shall be reviewed and assessed on a regular basis to determine its adequacy and effectiveness.
Voting System
The Board of Directors and Stockholders of Lorenzo Shipping Corporation (LSC) adopt an effective, secured, and efficient voting system with respect to corporate acts needed to be voted upon in accordance with the Corporation Code and the By-Laws.
As regards voting system of non-related party shareholders on certain types of related party transactions, the company adopts arms-length principle to ensure fair and transparent transaction and to secure that no particular group or individual benefits at the expense of minority shareholders.
Corporate Disclosure Policy
Lorenzo Shipping Corporation (LSC) is committed to observe best practices methods in accordance with regulatory compliance on Corporate Disclosures to ensure a comprehensive, accurate, reliable and timely report to Stockholders and other Stakeholders that provides a fair and complete picture of LSC’s financial condition, results, business operations, and other matters relative to the governance of the company.
Sustainability
As Lorenzo Shipping Corporation (LSC) operates in various major ports nationwide, it realizes the importance of interdependence not only among businesses but also with the society it belongs and the environment in which it operates. In line with this, LSC is committed to adopt a globally recognized framework of sustainability including but not limited to reporting of non-financial issues, enactment of policies and practices rearing towards sustainable development, putting high importance on employees’ well-being, and applying innovative approaches in enhancing customer experience.