In this dynamic, connected world, our core values have taught us how to stay relevant, stay ahead and be in with the changing times. Today, Insular Life is INLIFE – a company powered by INNOVATION and strengthened by its relationships IN LIFE.
Like an eagle, we soar with keen and watchful eyes, looking after the good of Filipinos, guided by a core mission to work for the greater good, and as an inherently Filipino institution, to seek ways to improve their lives.
In an environment that challenges businesses to deliver revenues and profits in the short-term while adapting to disruptive innovations, INLIFE took a two-way approach to transformation: Revitalizing today’s business and building the business model for the digital age. At the heart of this transformation strategy is our deep and continuous commitment to the highest standards of ethics and our adherence to the international corporate governance principles of fairness, accountability, integrity and transparency. These principles guide us in the conduct of our business which also promotes and protects our stakeholders’ interests. Our commitment to these principles is embodied in our Core Values.
Our business is designed for greater things. It is meant to last lifetimes on a legacy that future INLIFERs can build upon. We are a company that goes beyond profit, with an enduring vision for the common good.
INLIFE is a non-stock, mutual life insurance company. We do not have shares and shareholders. In lieu of the shareholders, Inlife has Members. The ownership of the Company is vested in its Members who consist of its Policyholders. Subject to some conditions, a Member is entitled to one vote, regardless of the number of policies or amount of insurance he or she owns. As of May 2021, there are 221,781 members qualified to vote.
INLIFE’s corporate ownership structure and governance are laid out in its Articles of Incorporation and By-Laws . These Corporate papers outline the purpose of the Company, the qualifications and powers of the Board of Trustees, the ownership and rights of its Members, and duties and responsibilities of Officers and Management to ensure prudent and effective management of the Company’s operations. Our General Information Sheet (GIS) also indicate the latest corporate information about INLIFE and its leaders. The Latest GIS is published under Governance Reports.
INLIFE regularly conducts an AMM for its Members and other Stakeholders in accordance with our By-Laws and Manual on Corporate Governance (MCG).
The Notice of AMM (“Notice”), together with details and rationale of each Agenda Item and voting procedures, is published in the Company Website twenty-eight (28) days prior to the date of the AMM to ensure that Members are fully informed of the information related to the Meeting. The Notice is likewise published in two (2) newspapers of general circulation once a week, for four (4) consecutive weeks prior to the date of the AMM.
Since 2020, in light of the government-imposed lockdowns and to ensure the safety of our Members and other Stakeholders, the AMM was conducted via remote communications.
Members are also given a Member’s Kit (“Kit”) through the InLife Registration and Voting portal (IRVP). The Kit contains various documents like the Guidelines of the Meeting, Voting Procedures, Profiles of the Nominees for election and all the other Trustees. Along with the Kit, the IRVP also provides copies of the Minutes of the previous year’s AMM and the latest Annual Report.
For a reasonable period until the date of AMM, Members are asked to vote on the following Agenda items:
Voting for all resolutions shall be by poll, in absentia or other applicable methods as may be determined by the Chairman of the Meeting. The votes shall also be tabulated electronically and the results of the voting are shown as each Agenda Item is taken up. A summary of these resolutions is also posted in the Company website one (1) working day after the AMM.
The conduct of the AMM is documented in the Minutes of the AMM ("Minutes"), which includes all the Agenda Items and all resolutions (including votes for, against, or abstentions) arrived at during the said meeting. The latest Minutes is published under Governance Reports.
We believe that sound Corporate Governance (CG) is as crucial as improved company performance and profitability; and is a necessary component of strategic management. Hence, our Board of Trustees, the primary advocates of corporate governance in the Company, sets the tone and makes a stand against corrupt practices by adopting an anti-corruption policy and program in its Codes. The Board also works with our Management to ensure that an effective culture of good corporate governance and compliance is established and maintained throughout the organization.
Various Board Committees have been instituted to help the Board perform its role and fulfill its responsibility in the overall management of the Company. The Board and Management’s actions are guided by the Company's Manual on Corporate Governance (MCG) and Code of Business Conduct, which they are mandated to comply with. The Board, with assistance of Management, ensures that the codes are properly disseminated via email, hard copies, trainings (including e-learning materials) and other programs. These Codes are aligned with the CG principles as enunciated in the Insurance Commission’s (IC) Revised Code of Corporate Governance, Annual Corporate Governance Report (ACGR) and other internationally accepted CG practices. We also benchmark with the best CG best practices in other companies in the financial sector and strive to continuously improve our own CG practices.
The Company’s Anti-Corruption Programs and procedures are principally embodied in the Code of Business Conduct and Manual on Corporate Governance and are supplemented by various Company policies such as the following:
It is the policy of the Company to ensure that all of its business dealings are honest, above-board, transparent and in accordance with law. For this purpose, the Company will not tolerate any act of corruption.
The Anti-Corruption Policy defines corruption as the abuse of position or influence in exchange for undue gain or advantage. The Policy also provides for the adoption of guidelines/procedures for prevention, detection and investigation, training and education and other required measures.
Any knowledge of a corrupt practice may be reported by an Employee, Agent, Customer, or any other person via any of the Company’s whistleblowing platforms and will be protected from any form of retaliation in accordance with the Company’s Whistleblowing policy.
The Company’s Money laundering and Terrorist Financing Prevention Program (MTPP) is implemented in line with the latest rules and regulations of Republic Act 9160, as amended (Anti-Money Laundering Act, as amended or AMLA) and to ensure that the Company does not deal with customers with unusual or irregular transactions or are related in any way to Unlawful Activities. Trustees, key management, and Servicing and frontline personnel attend regular orientations (via classroom or online sessions) and the Compliance Officer keeps records of these trainings.
Conflict of interest occurs when an employee is able to exploit his own professional or official capacity in some way for personal benefits. Thus, all actions and decisions of an employee in the conduct of his day-to-day affairs, most especially as they relate to the Company's business operations, must be made solely in the best interest of the Company.
The Company’s Related Party Transactions (RPT) policy defines a Related Party (RP) and requires that all transactions of the Company with RPs be conducted fairly, at arm’s length and in the best interest of theCompany and its Stakeholders. Specific clearance is required for RPTs depending on the amount involved. If the transaction amount is Material, then the RPT is endorsed to the RPT Board Committee and/or Board for review and approval. The Board ensures that all Material RPTs are properly evaluated and are in compliance with applicable laws, regulations and Company policy.
There is no RPT that can be classified as financial assistance to entities other than wholly-owned subsidiaries.
|Period in 2020||Number of New Material RPTs||Name of Related Party and Relationship||Nature, Value / Amount, Date and Term of Material RPT||Rationale for entering into transaction||Approving Body*|
|Q1||Three (3)||Union Bank of the Philippines - Affiliate||Time Deposit placements amounting to total of PHP3.4 Billion from January to March 2020;||Arm’s length transaction||Board|
|Dividend income amounting to PHP 695 Million in February 2020; and||Income from investments; Arm’s length transaction|
|Voluntary Redemption of Tier 2 Notes amounting to PHP 300 Million in February 2020.||Investment for various sub-account funds; Arm’s length transaction|
|Q4||Two (2)||IL Foundation, Inc. - Subsidiary||Estimated PHP51 Million from November to December 2020, broken down into:|
PHP 45 Million donation in November 2020;
|Part of Parent Company’s commitment to provide fund allocation to the foundation||Board|
|PHP 611, 000 donation in December 2020;||Part of Parent Company’s commitment to provide fund allocation to the foundation|
|PHP 359,000 for Account Receivable in November and December 2020;||Accommodation in the form of advances made during the COVID-19 pandemic|
|PHP 145, 000 for Rent in December 2020;||Part of regular operations expenses; proximity of location to Parent Company is part of consideration|
|PHP 4.5 Million for common overhead expenses in December 2020||Part of regular operations expenses|
|PHP 4.5 Million for common overhead expenses in December 2020||Part of regular operations expenses|
|Insular Health Care, Inc.- Subsidiary||PHP24 Million for annual common overhead expenses||Part of regular operations expenses||Board|
Atty. Renato S. Jesus is Senior Vice President, Chief Legal Officer, Chief Compliance Officer, and Corporate Secretary of the Company. He earned his Bachelor of Arts in Economics and his Bachelor of Laws degrees from the University of the Philippines. He joined InLife in 1985 and became the head of the legal division in 1996. He is also a former National Secretary of the Integrated Bar of the Philippines (IBP). Currently, he is a Director of PPI Prime Venture, Inc. and a member of SHAREPHIL. He is also the Director and Corporate Secretary of Insular Life Management and Development Corporation (ILMADECO) and ILAC General Agency (ILAC GA), and acts as Corporate Secretary of Insular Foundation and Insular Investments Corporation (IIC). In 2020, Apart from overseeing the 2020 InLife Governance event with Institute of Corporate Directors (ICD) in December (4 hours), Atty. De Jesus also attended the following trainings and conferences: ICD’s “Future-Ready Boards: A Deep Dive” (4 hours); Thomson Reuters’ webinar on “Financial Crime during COVID-19: Tackling Fraud, Scams, and Misinformation” (1 hour); BSP-IMF-STI’s 2020 Webinar Series: “Combating Money Laundering During Pandemic” (1.5 hours); The Hague Conference on Private International Law (HCCH) Convention Webinar Series (18 hours); and AMLC-Fintelekt’s AML/CTF Annual Summit -Philippines (30 hours). He also earned Certificate in Financial Crime Prevention (with merit) from the International Compliance Association (ICA).
As InLife’s Corporate Secretary, Atty. Renato S. De Jesus plays a significant role in overseeing the effective and efficient administrative support for the Board and for each individual Trustee in the discharge of their responsibilities. He provides advice and services to the Trustees to ensure that they are informed on governance matters and compliant with Board procedures. He also assists the Chairperson of the Board in providing orientation and corporate documents to new Trustees and in recording and communicating to the Trustees relevant Board materials and other matters. The Chairperson of the Board ensures that each Trustee has a direct and open line with Atty. De Jesus. Atty. De Jesus provides the Board agenda and relevant papers to each Trustee five (5) business days before each meeting so that they have enough time to study the materials. His job descriptions and functions as a Corporate Secretary are detailed in the Company’s Manual on Corporate Governance.
We encourage our Trustees and Management to attend continuous learning on Corporate Governance (CG). To this end, InLife hosted a virtual event entitled, “Business Resiliency and Sustainability in the New Normal” on 02 December 2020 for the InLife Group’s Board of Trustees and members of Management. This event was facilitated by the Institute of Corporate Directors (ICD), as overseen by Atty. Renato De Jesus. The event ran for a total of four (4) hours, covering the following topics: “Risk Management in the Age of COVID” by Mr. Ricky Jacinto; “Building Resilience in the Corporate Strategy” by Mr. JJ Moreno, and “Sustainability in the Board Room” by Atty. Jazz Oporto.
The Office of Corporate Secretary (OCS) maintains a copy of the attendance and individual certificates for this event, as well for similar trainings provided by other organizations. A summary of CG seminars attended by our Trustees are disclosed in the latest Annual Report.
The Board of Trustees, through the Governance Committee, provides oversight of the Company’s regulatory and compliance risks and its implementation. To assist the Governance Committee (GovCom), the compliance function is carried out by the Governance and Compliance Unit, as led by our Chief Compliance Officer, Atty. Renato S. De Jesus, who has a direct line to the GovCom. Atty. De Jesus is also the Company’s Chief Legal Officer and Corporate Secretary.
On 13 June 2020, the Insurance Commission (IC), through its Circular Letter 2020-71, released its Revised Code of Corporate Governance for IC Regulated Companies (“Revised Code”). Accordingly, the Company revised its Manual on Corporate Governance (Revised MCG) to comply with the Revised Code. We also revised our Code of Business Conduct (COBC) to reflect the evolving culture of InLife and to enable InLifers to continue to be forward-looking and future-ready. The COBC was disseminated to the Inlife community via email while copies of the Revised MCG were disseminated to the Board. Both documents are available in the company website.
InLife ensures compliance of Trustees and employees through an annual confirmation and compliance of the Revised MCG and COBC. In addition, we also require regular disclosure of Conflict of Interest. Based on these declarations, we affirm our commitment in ensuring good corporate governance throughout our business.
In a virtual event by the Institute of Corporate Directors (ICD) called “The 2019 ASEAN Corporate Governance Scorecard (ACGS) Golden Arrow Awards dated 19 February 2021, InLife was awarded by ICD with the 4-Golden Arrow recognition in corporate governance, the highest category achieved for 2019 ACGS for both Publicly Listed Companies (PLCs) and insurance companies. InLife is proud to be one of few companies to be in the 4-Golden Arrow category, besting even the most established PLCs in the Philippines. This award affirms the Company’s culture of good corporate governance and we look forward to further bolstering our corporate governance framework to provide long-term value for our Stakeholders.
The Audit Committee (“Audit Com”) exercises oversight of the audit function. The Committee is headed by Luis Y. Benitez. Audit Comm has the primary responsibility for assisting and advising the Board to ensure the quality and integrity of InLife’s accounting and financial reporting, auditing practices and internal control systems. It is also responsible for recommending the appointment and removal of External Auditors. Mr. Benitez is a Certified Public Accountant (CPA). Apart from his chairmanship in Audit Com, he has no other chair positions in the Board or its Committees. To know more about his qualifications and other credentials, please read the Board Profiles Section of the latest Annual Report.
An effective internal control and forward-looking assurance are important tools in the Company’s corporate governance framework. To ensure this, the Company has an Internal Audit (IA) Division that exercises independent review of the Company’s operations. The Chief Auditor, Ms. Maria Rosa Aurora D. Cacanando, heads the IA and reports directly to the Audit Com. Her duties and responsibilities are disclosed in the Internal Audit Charter and Audit Com Charter. A Certified Public Accountant, she has 30 years of work experience in internal and external audit, general management and controllership. As the Chief Auditor, she oversees and is responsible for the internal audit activity of the organization. There is no portion of internal audit that is outsourced to a third-party service provider. She earned her bachelor’s degree in History and Bachelor of Science in Accounting from De La Salle University. In 2020, she attended several trainings/webinars: SGV’s “SGV-FSO Insurance Webcast Series I: Impact of COVID-19 on Insurance Companies”, “the COVID-19 Environment, Health & Safety and Enterprise Risk Management Considerations”, “Orientation on CREATE Bill”, and “Reframing Approach to Financial Crime Compliance amidst the COVID-19 Pandemic”; IIA Philippines’ webinars on “Three Lines Model”, “Risk Summit”, “Application Controls” and its Annual Conference. She also attended InLife’s 2020 Annual Continuing Governance with the InLife Board and other members of senior management.
The IA has an Internal Audit Charter which contains the following areas: purpose and mission, scope of internal auditing activities, independence, responsibility, authority, standards for the professional practice of Internal Auditing, and objectivity, and the quality assurance and improvement program of Audit Division. The Charter guides the Chief Auditor and IA in the regular performance of their duties.
The Company also engages in external audit assurance through Sycip, Gorres, Velayo and Company (SGV & Co). The annual audit engagement of SGV & Co., as recommended by the Audit Committee, is approved by the Members during the AMM.
Inlife discloses the nature of both audit and non-audit services performed by the external auditor in the latest Annual Report. In 2020, the fees paid for non-audit services is lower than that of the audit services.
Good governance goes hand in hand with effective risk management, with one strengthening the other. Risk Management provides assurance that the right actions are being undertaken by the right people in the right way and that risks to company goals, objectives and processes are properly identified, mitigated monitored and reported. The Company charts its approach to ERM and manages its risks based on ISO 31000.
InLife’s Enterprise Risk Management (ERM) team is led by Mr. Warren G. Chichirita, who is responsible for planning, organizing and leading the implementation of the company’s risk management framework and its related programs and initiatives (e.g., Data Governance, Records Management and Retention, E-Learning for ERM). He collaborates with all InLife work units and stakeholders to establish a risk-aware culture in the Company via annual risk register reviews and self-assessment of controls, evaluation of risk acceptances, risk reporting to the Risk Committee, updating and communicating the Company’s Business Resilience Plan and conducting reports/studies on intra- and extra-industry developments and potential/ emerging risks that may impact the Company’s operations and strategy.
Warren has 12 years of work experience in the Life Insurance industry handling and leading roles in Agency and Bancassurance Operations, MIS/Data Analytics, Complaints Investigation, Sales and Regulatory Compliance, Compliance Quality Assurance, Operational Risk and Enterprise Risk. Prior to joining the private sector, he worked as a technical working group researcher and writer for policies in the Philippine Senate and the Presidential Management Staff.
He earned his bachelor’s degree in Development Studies and Political Science from De La Salle University, Manila. In 2020, he attended the following trainings/seminars/webinars; Business Continuity Management Practitioner Course by Apex Global; “COVID19 - The Future of Risk” by Pan-Asia Risk and Insurance Management Association (PARIMA); “Rethinking Global Risk” and “World Order Beyond COVID 19” by Enterprise Risk Management Academy (ERMA); “Elevating Enterprise Resiliency Practices to Combat Business Challenges and Disruptions”, “How the Covid-19 Pandemic is Helping Organizations to Better Understand its Crisis Management Framework” and “Top Trends in Risk Management Trends in ASEAN Region” by Risk.Net; “Operational Resilience – Expectations and Challenges” by Institute for Operational Risk (IOR); and “Managing Risk Through the Next Normal” by RSA Archer APJ Forum Webinar.
INLIFE supports and promotes fair and transparent supplier selection practices. It is our Policy as a consumer of goods, merchandise and services necessary for our operations to regularly perform our own Suppliers’ and Contractors’ screening, accreditation and selection. This ensures we will only engage with reputable persons and entities who abide by the same standards of business conduct and ethics that we espouse.
A regular Supplier or Contractor accreditation process is conducted for individuals and entities that signify their intent to do business with us while accredited Suppliers or Contractors may be offered to renew their engagements subject to their submission of updated personal or corporate information and documents. Both activities are conducted annually or as often as may be required. Should a business transaction be Related Party Transaction (RPT) of material nature, prior approval of the Board is required to determine if said transaction with Related Party is handled in a sound and prudent manner and conducted on an arm’s length basis in compliance with MCG and RPT Policy.
INLIFE embraces sustainable and environmentally friendly servicing both for internal and external clients. We ensure that our human, material and technology resources are used efficiently and effectively at all times. Maintaining sustainable operations across all our offices nationwide through innovative systems and process automations not only increase our productivity but also keep INLIFE’s carbon footprint lean. Specific efforts to ensure that our operations are consistent with globally-recognized sustainable development goals and Economic, Social, and Governance (ESG) principles are disclosed in our latest Annual Reports and Report on Sustainability (ESG Report).
INLIFE protects its soft assets which include proprietary information and technology resources by developing guidelines on the sustainable use of our technology resources. This guideline ensure prudent management and control of hardware, software, applications and shared facilities, and all data/information stored therein and mandate the proper acquisition, distribution, installation, use, maintenance, security and disposal of all Information Technology (IT) resources. Security measures, present in all IT resources, are kept up to date and subjected to regular review/audits to ensure reliability and integrity as well as its compliance to relevant laws and regulations. Regular backup and restoration of vital databases and systems are performed as part of the Company’s Business Continuity Plan (BCP) that includes the designation of temporary offices/locations and identification of skeletal force in case of any business interruption event.
It is the policy of INLIFE to protect our Creditor’s rights. These rights include the right to be paid on time, right to be promptly provided with information on the financial condition of the Company, and right of the Creditor’s sensitive information to be safeguarded.
We make sure that we comply with all regulatory requirements (including requirements on Capitalization, amended Risk-Based Capital framework or RBC 2, solvency, liquidity, etc.) to show that the Company is a going concern. Also, the true financial condition of the Company is timely and fully disclosed through quarterly reports to the Insurance Commission (IC) and submission of Audited Financial Statements (AFS) to the Securities and Exchange Commission (SEC).
Also, we take care of our financial health to ensure continuous validity of our Certificate of Authority so that we are able to deliver and fulfill all our contractual obligations. Activities related to this policy include uploading proofs of compliance to these regulatory requirements in our website, under Governance Reports.
Currently, INLIFE has no Creditor. However, it is our Policy that whenever we enter into a loan agreement where we are a Borrower that it shall be referred to the Board for approval. All our legal obligations and commitments under the loan agreement shall be monitored and complied with, subject to regulatory requirements.
As a Creditor, we conduct proper screening of prospective Borrowers, ensure accurate and complete loan documentation and recording of loan repayments, and observance of legal and regulatory reporting on the same. We conduct collection activities without abuses and deceptive practices while enforcing our rights.
INLIFE wouldn’t be the Filipino powerhouse it is today without the people behind it. INLIFE employees, or "INLIFERs", are united in passion and commitment towards building a brighter future for our policyholders — ensuring that their investment continues to deliver enduring value for them and for their families. Thus, INLIFE’s success stems from the collective effort of all INLIFERs. We therefore continually invest on the development of our human capital to sustain a high overall satisfaction level and holistic growth perspective among INLIFERs.
We use a blended approach in our internal training courses that includes workshops, coaching, and instructor-led training sessions, all designed and conducted among target INLIFERs across all units nationwide. They include:
INLIFERs are also sent to external training programs for technical knowledge improvements and updates. This includes scholarships to INLIFERs taking up courses under the Life Office Management Association (LOMA), an employee training and development association used by life insurance companies in over seventy (70) countries worldwide. The Fellow, Life Management Institute (FLMI) Program has been the standard of excellence in the insurance and financial services industry in the world since 1932. In addition, we also offer a scholarship program for INLIFERs who wish to pursue postgraduate degrees related to their job functions.
Another key focus of INLIFE’s training program is the Executive Development Program (EDP) in which key Company executives are sponsored to attend management courses to facilitate further exposure and knowledge acquisition.
The Company’s employee council was renamed as “The Good Squad” in 2019 to fortify open and regular communication. The Good Squad also aims to develop creative opportunities to build a positive work environment. In 2019, The Good Squad Ambassadors and Human Resources Division (HRD) collaborated in mounting several meaningful employee engagement events that brought INLIFERs together and offered bonding opportunities and respite from work. More information about the Good Squad and their annual activities are disclosed in our latest Annual Report.
The INLIFE promise of working for the greater good would not hold true if we do not provide a safe and secure place for our INLIFERs to work. We actively promote a culture where health and safety is an integral part of every business decision across the organization.
On top of statutory benefits provided to INLIFERs, we engage Physicians, Dentists and Medical Aides who perform regular medical examination to all INLIFERs. The facility is also open to INLIFERs’ dependents in accordance with our policy.
On a regular basis, our Company Physician sends out Health Bulletins via email to the INLIFE community. These Bulletins contain latest Department of Health Advisories and circulars on relevant health issues, as well as health tips and other sickness prevention measures.
We support a healthy and active lifestyle for INLIFERs, thus, we organize sports events such as basketball, badminton and bowling. We join inter-company leagues and tournaments to showcase INLIFER's professionalism and sportsmanship.
Relevant information relating to employee health, safety and welfare are regularly discussed during The Good Squad meetings. Issues raised during these meetings are validated and communicated to Management for information and appropriate action. Management, through Human Resources Division, issues formal communications — i.e., policies, guidelines or circulars — addressing critical issues.
Our Building Management Office, through the supervision of the Real Property Division, also issues circulars on the regular preventive maintenance activities for our Main Offices in Alabang, Makati, and Cebu. This ensures that our workplaces and facilities are maintained in good condition for the safety of our employees, the people we work with, and those exposed to our activities.
The Company has Occupational Health and Safety (OSH) policy and Occupational and Health Safety Officer, Engr. Gerald B. Kim, ensures compliance of the organization with this policy. OSH information and activities are published in our latest Annual Report.
We make use of assessment tools and key result evaluation systems that gauge the performance of the Company in relation to our long-term strategic objectives. The Board is empowered to identify key performance indicators and establish performance standards for the monitoring of the attainment of corporate objectives. We use multiple perspectives in order to derive a balanced and holistic view of how we are doing in relation to our goals. These perspectives concentrate non-financial indicators such as learning and growth indicators, understanding our Customers, improving internal business processes while also considering established financial measures. INLIFE’s recognition and rewards program rely on objective measures in order to provide fair and competitive incentives that motivate individual performance and support short term and long term corporate goals.
All newly hired INLIFERs and all newly elected Trustees are oriented on expected corporate behaviors based on INLIFE’s Code of Business Conduct and Manual on Corporate Governance (MCG). INLIFE’s annual appraisal of individual employee performance considers the INLIFER’s contribution to the corporate objectives, disclosure of their conflict of interests, if any, and their faithful compliance with the Code.
The Board of Trustees, on the other hand, undergoes an annual assessment of their performance (in compliance with Section 3.10 of the MCG) as (1) an individual Trustee, (2) as a member of the Board Committee, and as (3) a member of the Board as a whole. The Non-Executive Trustees, taking into consideration the views of the Executive Trustees, also evaluate the performance of the Chairman of the Board. The criteria for assessments are based on general responsibility of the Board, the respective Charters of each Committees and the individual roles and responsibilities of each Trustee and the process followed is in accordance with the Manual on Corporate Governance. The Board has completed their annual assessments on December 2019 in accordance with these criteria and process. The Non-Executive Trustees also assessed the performance of the Executive Chairman. The performance of the President and CEO and other Senior Management are reviewed and evaluated by the Personnel and Compensation Board Committee, in accordance with its Charter. Each of the Trustees also disclosed any material Related Party Transactions (RPT) with the Company. The Office of the Corporate Secretary facilitates and collates this annual assessment.
Aside from the objective assessments, the Trustees are given opportunities to provide ideas and suggestions on how to further enhance Board, Committee or their individual performances. The results of the assessment are submitted to the Board for their approval. The 2019 results show 100% compliance and demonstrate the Board’s effectiveness and competence as well as how each Trustee is fully committed to the achievement of the Company’s mission and vision for the interest of the Stakeholders.
We recognize and reward INLIFERs for their outstanding achievements within and outside the organization. We believe that rewards and recognition are anchored on performance. Thus, INLIFERs who display exemplary job performance and have the necessary competence to fulfill the responsibilities of a higher position are the best candidates for promotion. We also value and recognize their loyalty and commitment to the Company through their long years of service.
Being the leading Filipino life insurer in the country, INLIFE aims to be recognized as one of the best places to work. Thus, we take pride in providing a comprehensive and industry-competitive compensation and benefits package to all our employees. Moreover, we promote fair treatment and offer equal opportunities in all aspects of employment. We also provide variable bonuses, which are determined by Management upon attainment of the yearly Corporate Performance Index.
We offer a host of benefits, such as a housing loan that an employee can avail after five years from employment date. Employees’ long years of loyal service are also rewarded by the Company through the Service Awards that are given every five years of continuous service. Likewise, we provide retirement tokens to qualified retirees in addition to benefits due under the Company’s Retirement Plan. In 2019, we implemented the Employees Leading INLIFE to Excellence (ELITE), a rewards and recognition program with the latest activities disclosed in the Annual Report.
Except as may otherwise be required by law or regulation, the Board of Trustees’ Retirement Policy is as follows:
whichever comes first, unless the Board of Trustees, on a case-to-case basis, deems it necessary to allow an extension of a tenure of a Trustee, provided, that:
We recognize the need for the continuity of business and succession of key positions in our operations in case of contingent events. As such, our HRD, in consultation with the Operations Group Heads, determines and maintains a list of High Potential Employees (HPEs), among the Senior Personnel. The list is considered as INLIFE’s pool for succession planning. These employees are considered experts in their respective disciplines, thus, the developmental plans for these HPEs cover programs on leadership and general managerial competencies and total business perspective. HPEs are encouraged to take up masteral programs under INLIFE’s scholarship program. They are also given the opportunities to participate in courses abroad, as needed. An informal "Coaching Session" for the HPEs is done by the HRD Head, to reinforce the Company’s recognition of their valued contributions to the Company. In the event of a vacancy, the most "ready" HPE is evaluated using the job specifications of the vacant position. An appointed employee for the key post is continuously guided by the Operations Group Head/superior until the employee develops the competency requirements and confidence, usually for a one year period.
We take pride in our culture that deeply cares for the welfare of every InLifer and Stakeholder. We value our stakeholders and their voice in our pursuit to continually enhance our services. Thus, we encourage free and open communication with our Stakeholders and the general public through our official websites, portals, and social media accounts. We believe that feedback from our Stakeholders are valuable considerations and that they help us identify areas for further improvement and growth.
Should any of our Stakeholders have concerns and/or complaints for possible violations of their rights or violation of Company policies, they may report through any of the following whistleblowing platforms without fear of retaliation: 1) meeting with either Atty. Renato S. De Jesus (email@example.com) as the Chief Compliance Officer or with Ms. Maria Rosa Aurora D. Cacanando (firstname.lastname@example.org) as Chief Auditor; 2) submit written report by emailing Inlifergovernance@insular.com.ph or 3) calling +632 8 582-1818 local 1868. Each call will be recorded up to ten (10) minutes and is available 24/7. You may use this Whistleblowing Form which can be sent via e-mail to the above mentioned e-mail addresses.
The Reporter (a.k.a. the “Whistleblower”), who may be an employee, Agent, Trustee, Member, Supplier or other Stakeholder may keep his or her identity anonymous. All reports received in good faith shall be kept confidential and will be protected from any form of retaliatory action, in accordance with the Company’s Whistleblowing Policy.