The Board fosters the Corporation’s long-term success and secures its sustained competitiveness and profitability in a manner consistent with its fiduciary responsibility, which it exercises in the best interest of the Corporation, its stockholders and other stakeholders. It formulates the Corporation’s vision, mission, strategic objectives, and policies and procedures that guide its activities, including the means in effectively monitoring the Management’s performance.

The Board conducts itself with utmost honesty and integrity in the performance of, among others the following duties, functions and responsibilities:

• Implement a process for the selection of directors who can add value and contribute independent judgment to the formulation of sound corporate strategies and policies.

• Appoint competent, professional, honest and highly-motivated management officers and adopt an effective succession planning program for Management.

• Provide sound strategic policies and guidelines to the Corporation on major capital expenditures and establish programs that sustain the Corporation’s long-term viability and strength.

• Periodically evaluate and monitor the implementation of its strategic policies and programs, business plans, operating budgets, including the Management’s overall performance.

• Establish and maintain an investor relations program which keeps the stockholders informed of important developments in the Corporation.

• Establish and maintain an alternative dispute resolution system in the Corporation which amicably settles conflicts or differences between the Corporation and its stockholders, and the Corporation and third parties, including the regulatory authorities.

The Office of a Director is one of trust and confidence. As such, a Director acts in the best interest of the Corporation in a manner characterized by transparency, accountability and fairness. He exercises leadership, prudence and integrity in directing the Corporation towards sustained progress.