Conditions Covered by R.A. No. 10149

1. GOCC have satisfied all statutory liabilities, including payment of all taxes due to the Government, and declaration and payment of all dividends to the State whenever applicable

2. Submission and execution of concrete and time bound action plans for addressing Notices of Dis-allowances and Audit Observation Memoranda from the Commission on Audit (COA), if any.

• Action Plans as of 

3. Adoption of a "Manual of Corporate Governance" pursuant to Section 42 of the CODE OF CORPORATE GOVERNANCE FOR GOCCs (GCG MC No. 2012-07) that is approved by the GCG and uploaded on the GOCCs Website

a. Detailed responsibilities of members of the Board which shall be available to all stakeholders and to the public

b. Formal charter of expectations that each Director shall sign and be committed to;

c. List of Disclosure to be made by Directors

d. Statement by the Directors confirming the truth and fairness of the GOCCs financial statements similar to a Statement

e. List of Fines and other consequences when Directors violate, or omit to carry out their duties, under applicable law