The President and CEO is accountable to the Board for the development and recommendation of strategies, and the execution of the defined strategic imperatives. Through the Board and Executive Committee, the President and CEO is able to update and inform the Board of Globe Telecom's business strategies and plans, Corporate Governance (CG), and sustainability initiatives and requirements, among other economic matters relevant in the performance of the business. The President and CEO is assisted by the senior management. The Chief Audit Executive assists in discussions with and updates to the Board through the Audit and RPT Committee while the Chief Risk Officer, Treasurer, and Chief Finance Officer through the Finance Committee and Audit and Related Party Transaction Committee. Meanwhile, the Chief Compliance Officer assists the President and CEO to the Board through the Nomination and Governance Committee and Executive Committee concerning CG and sustainability strategies and matters. Support from the Chief Human Resource Officer is most relevant in our Compensation and Remuneration Committee. Our General Counsel provides high-level legal consultation and updates to our Board together with our Corporate Secretary. Other executive officers are invited in Board and Board Committee meetings as necessary.
To monitor and report on the environmental, sustainability, and social impacts of the business operations, our Chief Sustainability Officer (CSO), Ms. Ma. Yolanda C. Crisanto, was appointed in 2015. Concurrently, our CSO is also the Senior Vice President of our Corporate Communications Group who reports directly to the President and CEO and is part of senior management. Apart from economic, environmental and social topics are reviewed by our CSO yearly as well. Our CSO communicates sustainability concerns and initiatives from the management to our Board through the President and CEO, who empowers our advocacy for sustainability and CG. This Integrated Report discusses our financial disclosures, as well as topics, concerns, and initiatives related to our sustainability performance. Meanwhile, our Data Privacy Officer (DPO) and Chief Information Security Officer (CISO), Mr. Anton Reynaldo M. Bonifacio, reports directly to our CTIO to uphold responsibilities following the Data Privacy Act or Republic Act No. 10173. Our CISO and DPO also leads our Information Security and Data Privacy Division (ISDP), which is a fully-operationalized group that focuses on Globe Telecom's data privacy and cybersecurity matters. Our Board, through the Audit and RPT Committee, is provided regular updates on information security and data privacy matters by our CISO to ensure that cyber risks and technology or digital threats to the business and our customers are addressed and managed effectively.
In addition, the Office of Strategy Management (OSM) reports to the President and CEO and oversees the company's strategy management processes from strategy formulation to execution and performance tracking linked to the company's rewards system.
We review and formulate our strategic priorities annually, which then guide the formulation of the key business strategies and goals for the year. Using the balanced scorecard framework, each business group identifies financial and non-financial objectives, and sets targets and initiatives to achieve them as reflected in the groups' Terms of Reference (TOR). To ensure line of sight, the group TORs are cascaded to all employees, making sure that everyone understands and appreciates their contribution to the group goals.
Key programs, projects, and major organizational initiatives are taken up by our senior management, composed of the President and CEO, and the heads of each major business units and support groups. All budgets and major capital expenditures must be approved following the company's limits of authority and by the CEO prior to endorsement to the Board for approval. Our Chief Technical Advisor also provides inputs to the senior management as required. They all meet at least once a week.
Management is mandated to provide complete and accurate information on the operations and affairs of the Company promptly. Management is also required to prepare financial statements for each preceding financial year following Philippine Financial Reporting Standards (PFRS). Management's statement of responsibility concerning the company's financial statements is included in our Integrated Report (pp. 86-87, 140) together with a discussion on our Management.