Ayala - Pioneering the Future

Audit and Compliance

It is the policy of Ayala Corporation to constitute and maintain an Audit Committee which shall provide assistance to the Board of Directors in fulfilling their oversight responsibility to the shareholders relating to:

the company′s financial statements and the financial reporting process,
the systems of internal and financial reporting controls
the internal audit activity,
the annual independent audit of the company′s financial statements, and
compliance with legal and regulatory matters.

To fulfill this responsibility, the committee shall maintain free and open communication with the company's independent auditors, the internal auditors and the management of the company.

In discharging its oversight role, the Audit Committee is empowered to investigate any matter brought to its attention, with full access to all records, books of accounts, facilities and personnel of the company and the power to retain outside counsel or other experts for this purpose.

INTERNAL AND EXTERNAL AUDIT

Functions according to the company′s Manual of Corporate Governance

AUDIT COMMITTEE CHARTER

Roles and responsibilities, membership, meetings and schedule of activities, reporting procedure, performance evaluation and continuous improvement, functional and secretariat support