Deliberations on the Committee Report of Senate Bill 2640 also known as the Governance Act of 2011
(January 31, 2011) SEN. FERDINAND “Bongbong” R. Marcos Jr. exchanges ideas with fellow senators during the deliberations on the Committee Report of Senate Bill 2640 also known as the Governance Act of 2011 (GOCC), sponsored by Senate Finance Committee Chairman Franklin Drilon. The Committee report was signed by Senators Drilon, Marcos Jr., Estrada, Sotto III, Peter Cayetano, Recto, Guingona III, Angara, Honasan, Legarda, Escudero, Revilla Jr, Lapid, Villar, Osmena III, Pia Cayetano, Pangilinan and Zubiri. The bill proposes the creation of the Governance Commission for GOCCs whose main task will be to conduct regular assessments and evaluations of the state firm’s performance. A new reasonable compensation package for directors, trustees and employees of GOCCs will be established. The Governance Commission will also have the delegated powers of Congress to reorganize the various boards subject to the President’s approval.