The Executive Committee is empowered to exercise the powers of the Board in the management of the business and affairs of the Corporation except with respect to the approval of any action for which stockholders’ approval is also required.

The Audit and Risk Oversight Committee is responsible for overseeing senior management in establishing and maintaining an adequate, effective and efficient internal control framework, and that effective and adequate financial reporting, internal and external audit, monitoring and compliance systems and processes are established and maintained.

The Compensation and Remuneration Committee provides oversight on directors’ compensation and remuneration of senior management and other key personnel, ensuring that compensation scheme is consistent with the Company’s culture and strategy, effectively aligned with prudent risk taking and commensurate with corporate and individual performance. It also ensures consistency of the compensation policies and practices across the Group.

The Corporate Governance and Nominations Committee shall assist the Board in the performance of its corporate governance responsibilities, ensuring compliance with and proper observance of corporate governance principles and practices. In terms of its nominations functions, it shall (1) formulate screening policies to enable the committee to effectively review the qualification of the nominees for directors and independent directors, and (2) conduct nominations for independent directors prior to the stockholders’ meeting in accordance with the procedures set forth in Rule 38 of the Amended Implementing Rules and Regulations of the SRC, as the same may be amended from time to time.

The Strategy and Investments Committee is responsible for assisting the Board in the effective discharge of its responsibilities concerning the Company’s investment policies and strategies, with emphasis on the following areas: (a) To review, assess and recommend to the Board the execution of major investments in new business opportunities within and outside of the Company’s core business and the mechanism and form for undertaking such ventures through means such as mergers, acquisitions, joint ventures or wholly-owned subsidiaries; and (b) To provide guidance to Management in the identification, consideration, review analysis and selection, negotiation.