CLARK FREE PORT—The Department of Finance (DOF) has chosen the Clark Development Corp. (CDC) as a member of the team tasked to formulate the Government-owned and/or-controlled corporations (GOCCs) corporate governance (CG) road map and scorecard.

In a letter to CDC president Benigno Ricafort, Finance Undersecretary Jeremias Paul Jr. said the state-owned CDC will be part of a working session that aims to improve the CG scorecard by incorporating operational and financial performance indicators in the questionnaires.

CDC was chosen because of the results of the recent CG scorecard questionnaires among government corporations.

Also, the CDC codified the basic principles of Good Public Corporate Governance, which is a response to President Arroyo’s thrust for a strong Philippine Republic by promoting government accountability and responsibility.

The formulation of CDC’s Code of Public Corporate Governance was approved by the CDC board on April 27.

The working session, dubbed “Walking Our Talk,” is set from November 18 to 20, at the Bohol Beach Club, Panglao Island in Bohol.

Paul said, “Walking our Talk” is an offshoot of the success of the Organization for Economic Cooperation and Development’s (OECD) 10th Asian Roundtable on Corporate Governance held last month where the DOF was one of the cohosts.

Paul added that the working session hopes to achieve the finance department’s objective of advancing CG practices “forward, beyond mere compliance.”

He also said the GOCC Model Code of CG will be presented during the working session for further comments and suggestions.

Earlier, Dr. Jesus Estanislao, chairman of the Institute of Corporate Directors (ICD), informed Paul that the ICD is proposing to adopt in parallel a “Team Philippines” CG road map and ccorecard for the next 10 years, hence the working session in Bohol.

“We plan to have a very productive session crafting Team Philippines’ common vision, integrated strategies, objectives and initiatives,” said Estanislao in his letter to Paul.