MALACAAN PALACEMANILABY THE PRESIDENT OF THE
PHILIPPINESEXECUTIVE ORDER NO. 24PRESCRIBING RULES TO GOVERN THE
COMPENSATION OF MEMBERS OF THE BOARD OF DIRECTORS/TRUSTEES IN
GOVERNMENT-OWNED OR CONTROLLED CORPORATIONS INCLUDING GOVERNMENT
FINANCIAL INSTITUTIONSWHEREAS, Section 1, Article XI of the 19!
"on#tit$tion %ro&i'e# th(t ( )P$*lic office i# ( %$*lic tr$#t+
P$*lic officer# (n' e,%lo-ee# ,$#t (t (ll ti,e# *e (cco$nt(*le to
the %eo%le, #er&e the, .ith $t,o#t re#%on#i*ilit-, inte/rit-,
lo-(lt-, (n' efficienc-, (ct .ith %(trioti#, (n' 0$#tice, (n' le('
,o'e#t li&e#+)1WHEREAS, %$r#$(nt to thi# con#tit$tion(l
,(n'(te, Re%$*lic Act No+ 2!13 4The "o'e of "on'$ct (n' Ethic(l
St(n'(r'# for P$*lic Offici(l# (n' E,%lo-ee#5 'irect# the %$*lic
offici(l# (n' e,%lo-ee# to $%hol' %$*lic intere#t o&er %er#on(l
intere#t (n' for thi# %$r%o#e, to $#e /o&ern,ent re#o$rce# (n'
the %o.er# of their office# efficientl-, effecti&el-, hone#tl-
(n' econo,ic(ll- to (&oi' .(#t(/e of /o&ern,ent
re#o$rce#1WHEREAS, tr(n#%(renc-, (cco$nt(*ilit- (n' %r$'ence in
/o&ern,ent #%en'in/ (re (,on/ the core /o&ern(nce %olicie#
*ein/ ('o%te' *- thi# A',ini#tr(tion1WHEREAS, tr(n#%(renc-,
(cco$nt(*ilit- (n' %r$'ence in /o&ern,ent #%en'in/ (re (,on/
the core /o&ern(nce %olicie# *ein/ ('o%te' *- thi#
A',ini#tr(tion1WHEREAS, /o&ern,ent6o.ne' or6controlle'
cor%or(tion# 47O""#5 incl$'in/ /o&ern,ent fin(nci(l
in#tit$tion# 47FI#5 (re /o&ern,ent (/encie# (n' their f$n'# (re
%$*lic f$n'# .hich ,$#t *e $#e' %r$'entl- (t (ll ti,e# .ith (
&ie. to %re&ent 'i##i%(tion (n' .(#te1WHEREAS, ,e,*er#hi%
in the Bo(r' of Director#8Tr$#tee# of 7O""# i# ( %$*lic office
$n'er the E9ec$ti&e De%(rt,ent1WHEREAS, the Bo(r' of
Director#8Tr$#tee# of cert(in 7O""# h(&e /r(nte' their ,e,*er#
e9ce##i&e #(l(rie#, %er 'ie,#, (llo.(nce#, *on$#e#,
incenti&e# (n' other *enefit# .hich c($#e 'e,or(li:(tion in the
*$re($cr(c- (n' 'e%letion of /o&ern,ent re&en$e#1WHEREAS,
%$r#$(nt to Section 1!, Article ;II of the 19! "on#tit$tion, the
Pre#i'ent #h(ll h(&e control of (ll the e9ec$ti&e
'e%(rt,ent#, *$re($# (n' office#1WHEREAS, con#i#tent .ith the
%rece%t of %$*lic (cco$nt(*ilit-, it *eco,e# i,%er(ti&e for the
Pre#i'ent of the Phili%%ine# to e9erci#e hi# %o.er of control
o&er 7O""# to r(tion(li:e the co,%en#(tion of the ,e,*er# of
their Bo(r' of Director#8Tr$#tee#+NOW, THEREFORE, I, BENIGNO S.
AQUINO III, Pre#i'ent of the Phili%%ine#, *- &irt$e ofthe
%o.er# &e#te' in ,e *- the "on#tit$tion (n' *- l(., 'o here*-
or'er$(lifie' (n' co,%etent in'i&i'$(l#1'5 I,%ro&e the
,onitorin/, #$%er&i#ion, (n' e&(l$(tion of the ,(n(/e,ent
(n' o%er(tion# of 7O""#1 (n'e5 Pro&i'e for the #t(n'(r'i:(tion
(n' r(tion(li:(tion of the co,%en#(tion of ,e,*er# of the Bo(r' of
Director#8Tr$#tee# th(t i# re(#on(*le, 0$#tifi(*le, (n' (%%ro%ri(te
to %re&ent (*$#e# in the /r(nt of #(l(rie#, %er 'ie,#,
(llo.(nce#, *on$#e#, incenti&e#, (n' other *enefit#+Se!"#$ 2.
Definition of Terms 6 ?nle## other.i#e %ro&i'e' el#e.here in
the E9ec$ti&e Or'er, thefollo.in/ ter,# #h(ll ,e(n (#
follo.#
