GOVERNANCE COMMISSION FOR GOCCS - Government

About GOVERNANCE COMMISSION FOR GOCCS - Government

The GOVERNANCE COMMISSION FOR GOCCS (GCG) was created under Republic Act No. 10149 (RA No. 10149), otherwise known as the “GOCC Governance Act of 2011”, as the central policy-making and regulatory body mandated to safeguard the State’s ownership rights and ensure that the operations of GOCCs are transparent and responsive to the needs of the public. Towards this end, it empowered the Governance Commission to: Oversee the selection and nomination of directors/trustees and maintain the quality of Board Governance; institutionalize transparency, accountability, financial viability and responsiveness in corporate performance by monitoring and evaluating GOCCs’ performance; rationalize the Sector through streamlining, reorganization, merger, as well as recommending to the President of the Philippines the privatization or abolition of a GOCC; and establish compensation standards to ensure reasonable and competitive remuneration schemes that attract and retain the right talent.