Name two reports or statements that the board of directors must endeavor to present at each regular meeting.
At each regular meeting, the board must endeavor to present a detailed, descriptive, balanced, and comprehensible assessment of the corporation’s performance, including information on any material change in business or strategy (SEC. 49, Revised Corporation Code of the Philippines). They must also present a financial report for the preceding year, which includes financial statements duly signed and certified as required by the Code. Additionally, the board should include a statement on the adequacy of the corporation’s internal controls or risk management systems, along with a statement detailing all external audit and non-audit fees. These requirements promote enhanced transparency and governance for the owners.
30 October 2025
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