CLARK FREEPORT -- The Department of Finance has chosen the Clark Development Corp. (CDC) as one of the members of the team tasked to formulate Government Owned and/or Controlled Corporations (GOCCs) Corporate Governance roadmap and scorecard.

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

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CDC was chosen because of the results of the recent Corporate Governance Scorecard questionnaires among government corporations.

The CDC codified the basic principles of Good Public Corporate Governance, which is a response to President Gloria Macapagal-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, 2009.

The working session, dubbed “Walking our Talk,” is set on November 18 to 20, 2009 at the Bohol Beach Club, Panglao Island in Bohol.

According to Paul, “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 co-host.

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

Also, Paul said the GOCC Model Code of CG will be presented during the working session for further comments and suggestions.

Earlier, Dr. Jesus P. Estanislao, chairman of the Institute of Corporate Directors (ICD), informed Paul that the ICD is proposing to adopt in parallel a “Team Philippines” Corporate Governance Roadmap and Scorecard 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.