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Pros And Cons Of Goc Corporate Governance

1099 Words5 Pages

Name: Jessa Mae A. Dumagpi Date: 08-26-15
Degree: BA-Public Administration Course: Corporate Governance
1. What is GOCC? ( Government-Owned or –Controlled Corporation)
As stated in the Republic Act No. 10149 that GOCC is Any agency organized as a stock or nonstock corporation, vested with functions relating to public needs whether governmental or propriety in nature, and owned by the government of the republic of the Philippines directly or through its instrumentalities either wholly, or where applicable as in the case of stock corporation, to the extent at least a majority of its outstanding capital stock.
So, it means GOCC are those corporations whether governmental or not that …show more content…

The law also created the Governance Commission for GOCCs (GCG) that monitors the operations of the government firms as well as set their performance evaluation systems. On concerns the bonuses of GOCC executives may be unethical since they are in public service, the GCG said: “The answer to the question would ultimately hinge on whether it is moral/ethical for the government to adopt a policy with the objective of attracting, retaining and motivating a competent corps of civil servants and ultimately improving public service.” “GCG was mandated by Congress to implement this policy, and has benchmarked the rates for GOCCs with companies at the private sector that are ranked at the median in line with the guiding principle that the compensation system must be both reasonable and competitive with the private sector”.
The duties, obligations, responsibilities and standards of care provided that it shall be applicable to all members of the Board of Directors/Trustees and Officers of GOCCs and subsidiaries now existing or hereafter created including government appointed directors in affiliate corporations. These duties, obligations and responsibilities shall be addition to the powers and functions provided in the individual charters or articles of incorporation and bylaws of the respective …show more content…

 The Philippine Social Security System is a state-run, social insurance program for non-government employees in the Philippines founded in 1957.
 The Philippine National Railways (PNR), is a state-owned railway company in the Philippines, operating a single line of track on Luzon.
 The Philippines ' National Food Authority (NFA), is an agency of the Philippine government under the Office of the President (formerly under the Department of Agriculture) responsible for ensuring the food security of the Philippines and the stability of supply and price of rice, the Philippines ' staple grain.
 The Manila International Airport Authority (MIAA; Filipino: Pangasiwaan ng Paliparang Pandaigdig ng Maynila) is a government agency in the Philippines responsible for the management of the Ninoy Aquino International Airport (NAIA). It is organized as a government-owned and controlled corporation under the Department of Transportation and Communications as an attached

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