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.
Compliance with the laws
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 2022, there are 215,466 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. In 2022, the Notice was published in the website on 27 April 2022. The Notice was 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:
- Reading and approval of Minutes of the previous Meeting
- Annual Report to Members
- Ratification of all the Acts and Resolutions of the Executive Committee and the Board of Trustees
- Election of Trustees
- Appointment of the External Auditor and determination of its remuneration
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.
Compliance with the Codes
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.
Notable of these codes are various programs that reinforce our commitment to corporate governance principles of Fairness, Accountability, Integrity and Transparency.
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. As of date, there is also no case of non-compliance with laws, rules or regulations pertaining to Material RPTs. A summary of the latest Material RPTs are disclosed below.
|Period||Number of - 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 (UBP) - Affiliate||Payout of dividend income amounting to Php695 million in March 2021; and||Income from investments; Arm’s length transaction;||N/A|
|Payout of Directors’ profit sharing amounting to Php58.75 million in February 2021||Profit share other than dividends; arm’s length transaction||N/A|
|Insular Life Assurance Co. Ltd Employees Retirement Plan (ILERP) - Retirement Plan||Contribution to Retirement Fund amounting to Php113.3 million in March 2021 (after closing of book reconciliation)||Regulatory requirement for the benefit of employees; arm’s length transaction||Board|
|Q4||Two (2)||Insular Life Assurance Co. Ltd Employees Retirement Plan (ILERP) - Retirement Plan||Php155.4 million Contribution to Retirement Fund in October 2021||Regulatory requirement for the benefit of employees; arm’s length transaction||Board|
|Insular Health Care, Inc.- Subsidiary||Php31.9 million for annual common overhead expenses in December 2021||Part of regular operations expenses||Board|
Internal, Independent Governance Mechanisms
Atty. Renato S. Jesus is Executive Vice President, Chief Legal and Governance Officer and Corporate Secretary of the Company. He is a Director of Insular Life Management and Development Corporation (ILMADECO) and Corporate Secretary of Insular Foundation He is also a Director of PPI Prime Venture, Inc. and a member of SHAREPHIL. He is also actively engaged with Philippine Life Insurance Association (PLIA) as its Ethics and Compliance Committee Chairperson. 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). In 2021, he attended the Institute of Corporate Directors (ICD) training on “AMLA compliance in the Digital World” and InLife's 2021 Annual Corporate Governance Training (ICD’s Distinguished Corporate Governance Speaker Series).
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.
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. Analyn S. Benito, who has a direct line to the GovCom.
Atty. Benito is a Vice President and Head of the Governance and Compliance unit of the Company. She has over twenty years of experience in legal and corporate governance matters. Prior to heading Compliance Unit, she served as the Company’s corporate lawyer. She is a BA European Languages graduate from University of the Philippines and completed her Bachelor of Laws in Arellano University. She was admitted to the Philippine Bar in 1999.
In 2021, she attended the following trainings: “AMLA Compliance in the age of Digital World” from the Institute of Corporate Directors (ICD), Anti-Money Laundering Council (AMLC)’s webinars on “Targeted Financial Sanctions (TFS) Related to Proliferation Financing (PF)”, “AML/CTF Webinar for Real Estate Stakeholders” and AMLC and Fintelekt’s “AML/CTF Annual Summit- Philippines 2021”. She also attended InLife's “2021 Annual Corporate Governance Training (ICD’s Distinguished Corporate Governance Speaker Series)”.
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 from Inlifers and Business Partners. Based on these declarations, we affirm our commitment to ensuring good corporate governance throughout our business.
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 Trustees in 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. Marjorie Ann “Marj” Lee. Marj is a well-established global audit professional. As InLife's Chief Auditor, she is responsible for directing the strategies and operations of the Audit Division. She also acts as the Committee Secretary of the Audit Committee of the Board of Trustees. Prior to joining InLife, she was Vice President for Audit at Citibank Philippines where she led complex audit engagements across Citi's global organization with focus on finance and shared services functions. She also held various positions of increasing responsibility at Deutsche Bank Manila and Sycip, Gorres, Velayo & Company. Marj attended the following webinars: “Corporate Governance Orientation Program” by Institute of Corporate Directors; “Anti-Money Laundering/Counter-Terrorism Financing (AML/CTF) Fundamentals Webinar for Covered Persons” by Anti-Money Laundering Commission; AMLC Registration and Reporting Guidelines by Anti-Money Laundering Commission.
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 2021, 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 Enterprise Risk Management (ERM) and manages its risks based on ISO 31000.
The Company has an Enterprise Risk Management (ERM) framework in the conduct of its business. To ensure its adequacy and effectiveness, an ERM team is tasked to identify, assess, and monitor key risk exposures. The team is headed by Mr. Noel Andres M. Perdigon, Senior Vice President (SVP), who has adequate authority, stature, resources, and support to fulfill all his responsibilities. His updated profile is published in the Company's website.
Supplier and Contractor Accreditation and Selection Practices
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.
Safe and Sustainable Operations
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 andReport 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 Creditors' 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.
Talent Development and Succession Planning
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:
- Customer Relations/Service series that address the need for general information and updates about the Company and its product lines. They are given to all employees and include General Employee Orientation Course, Fundamentals of Life Insurance Course and Product Orientations.
- Behavioral Program that addresses the "soft issues" (customer relations and work attitude) of INLIFERs. They are also given to all employees and include Customer Care seminars and personal development seminars.
- Basic Management/Supervisory Program that addresses the training needs of middle management and focuses on developing skills on planning, organizing, leading and controlling. These are employee level appropriate type of seminars that include Supervisory Management Courses, Action-Centered Leadership trainings, coaching and counseling workshop and change management courses.
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 conducted their annual assessments from December 2021 to March 2022 in accordance with these criteria and process. The Non-Executive Trustees also assessed the performance of the Executive Chairman during the same period. 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 2021 results of the assessment were submitted on April 2022 to the Board for their approval. The results showed 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.
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.
The Board is divided into three (3) classes with each class composed of three (3) Trustees. Each Trustee is elected individually to serve for a term of three (3) years or until the election and qualification of their successors, in accordance with the Company’s By-Laws. Each Trustee undergoes a nomination process and is elected in accordance with the Company By-laws.
Members of the Company have a right to nominate candidates to the Board annually. Every December, the Company publishes a Notice to Members informing them that nominations are open until the fourth Wednesday of January for the election of Trustees to replace those whose terms are expiring during the Annual Members’ Meeting of the ensuing year. The selection of members of the Board uses the following minimum criteria:
- Member of the Company;
- Filipino citizen;
- Resident of the Philippines;
- Possesses qualifications that are aligned with the strategic directions of the Company; and
- Has none of the prescribed disqualifications enumerated in the Company’s By-Laws.
Aside from nominations from Members, the Company utilizes external sources when searching for individual candidates to the Board or makes use of professional search firms, if needed. The Board-Level Nominations Committee (NomCom) undertakes the process of identifying the qualities of Nominees to ensure that these qualities are aligned with the Company's strategic directions and objectives. Also among the criteria for the selection of nominees are experience and expertise in the digitization of the Company along with skills in innovation and technology. Such qualities complement the experience of other members as authorities in insurance, banking, business, legal, and regulations. During the Annual Members' Meetings (AMM), Nominee Trustees are voted and elected to fill the post of those whose terms are expiring. Immediately after their election, the Board of Trustees meet and elect among themselves, the Chairman of the Board and the Executive Board Committee Members as well as the members and chairpersons of each of the Board Committees. To know more about our Trustees, please read the Board of Trustees' section of the latest Annual Report.
Except as may otherwise be required by law or regulation, the Board of Trustees' Retirement Policy indicates a Trustee's retirement upon reaching the age of eighty (80).
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 (firstname.lastname@example.org) as the Chief Compliance Officer or with Ms. Maria Rosa Aurora D. Cacanando (email@example.com) 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.