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Guidelines on Compensation and Per Diem of Trustees, Officers and Employees of Non-Stock Savings and Loan Associations (NSSLAs)
20 Sep 2024
Background
The Monetary Board, in its Resolution No. 1012 dated August 29 2024, approved the amendments to Chapter D of Part One of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFl) to add a new section relative to the guidelines governing the compensation and per diem of trustees, officers and employees of non-stock savings and loan associations (NSSLAs).
The BSP issued the said guidelines in order to place their operations “on a sound, stable, and efficient basis, and to curtail or prevent the acts or practices which are prejudicial to their members interest and to lay down the minimum requirements and standards for NSSLAs.”
Amendments
The circular amends the MORNBFI by adding Sec. 137-S, Compensation and Per Diem of Trustees, Officers and Employees. The amendment aims to regulate and supervise the activities of NSSLA, in order to place their operations on a sound, stable, and efficient basis, and to curtail or prevent acts or practices which are prejudicial to their members' interest, as well as to Lay down the minimum requirements and the standards under which NSSLAs may organize and operate, as provided under Section 2 (b) and (c) of Republic Act No. 8367, otherwise known as the “Revised Non-Stock Savings and Loan Association Act of 1997". The following are the major guidelines included in the amendment:
- General principle – In consonance with the policy on corporate governance and consistent with the interests of all stakeholders, the board of trustees shall establish a sound policy on compensation and per diem that can be used by the NSSLA to attract/recruit and retain highly qualified workforce.
- Compensation and per diem of trustees and trustee-officers shall be in accordance with the NSSLA’s bylaws.
- Any increase in compensation, in any form, in excess of 10% per annum shall require approval from the BSP subject to the prudential requirements as listed in the Circular.
- Trustees and trustee-officers shall not participate in the determination of their own compensation.
- Approval – In the absence of any provision in the bylaws fixing their compensation, the trustees shall not receive any compensation in their capacity as such, except for reasonable per diems; Provided however that the majority of the members may grant trustees with compensation and approve the amount thereof at a regular or special meeting.
- Monitoring, Control, Recording and Reporting – The board of trustees shall be transparent to its members; thus, policies shall also include measure that will monitor and control compliance. These include, but not limited to, providing guidelines in the nature, frequency and manner of payment, performance of annual reviews in the reasonableness and adequacy of compensation and per diem, as well as the actions taken to address breaches in policies, annual reporting to the members as to the total amount of compensation received by each trustee and recording such in the minutes of meetings.
- Restriction on Compensation – Regulation or restriction of payment to trustees or officers may be imposed. These circumstances include, but are not limited to, acts engaging in practice prejudicial to the interest of the members of the NSSLA, non-reasonable compensation package, unsatisfactory financial condition of the entity, or continuous losses from operation for the past two years.
Effectivity
The circular shall take effect 15 calendar days following its publication in a newspaper or general circulation. Further, NSSLAs shall have one year from the date of effectivity to amend any pertinent provision of its bylaws to adhere to the guidelines.
Please see attached circular for further guidance.
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