Performance evaluation of the Bank’s Board of Directors is central to corporate governance. Performance rating sheets initially developed by the Institute of Corporate Directors (ICD) and continuously improved by the Corporate Governance Committee are disseminated yearly to evaluate the performance of the Board and the Board-level Committees. The results of the performance assessments are evaluated and deliberated upon annually by the Corporate Governance Committee in a duly constituted meeting.

The Bank encourages the continuous education of the Directors. One of the results of the performance evaluation is the identification of the direction of the policy for the continuing education of the Directors, in order to address certain areas of concern in the performance of the Directors, if any. 

The rating scale for each item is from 1 to 5 (5 being the highest) and the total points are rated from 0% to 100% (95% - 100.00% as Superior, 85% - 94.99% as Ideal and 80% - 84.99% as Acceptable). There are 69 items in the Board rating instrument and 38 items in the Individual Rating of Board Members.   
 
Board Rating
 
This rating instrument is divided into four categories with corresponding weights.
 
I.     Board Functions and Responsibilities (30%)
II.     Board Structure (10%)
III.     Board Process (30%)
IV.     Board Performance (30%)
 
Individual Rating of Board Members
 
This rating instrument is divided into five categories with corresponding weights.
 
I.     Competence and Independence (25%)
II.     Commitment to Corporate Governance (25%)
III.     Transparency (20%)
IV.     Audit & Risk Oversight (20%)
V.     Committee Activity (10%)
 
Computation of Results:
 
Each item in this rating instrument is computed through the following:
Average score per item = the sum of all the rates divided by the total number of directors
Average score per director = the sum of all the rates per category divided by the total number of items 
Average score per category = the sum of all the average scores per director divided by the total number of directors multiplied by the percentage weight for each category  
 
The results of the Performance Rating System of the Board and Board-level committees for CY 2021 were discussed and noted by the Corporate Governance Committee in a meeting held on February 4, 2022 (CGCom Resolution Nos. 22-010 to 22-016).
 
Another performance evaluation tool for directors, the internet-based Performance Evaluation for Directors (iPED) System was developed by the Governance Commission for GOCCs (GCG) to increase the level of confidentiality and security in the information being given by the directors. The Director Performance Review (DPR), one of the components of the Performance Evaluation for Directors in the GOCC Sector, appraises the performance of individual members of the GOCC Governing Board. The DPR Forms are being accomplished and submitted by each director directly to the GCG through the iPED System.