About Us
History of TOAP
The Trust Officers Association of the Philippines (TOAP), organized in 1964, is one of the oldest professional associations in the financial industry. TOAP is established primarily with the objectives of uniting, professionalizing and promoting the Philippine Trust and Investment Management Industry. All member-institutions are licensed by the Bangko Sentral ng Pilipinas (‘BSP’) to perform trust, investment management, and other fiduciary functions.
TOAP works in close coordination with the BSP. Prospective regulations and current issues are discussed to ensure that the industry can progressively evolve with the best interest of the investing public as its paramount concern. TOAP is also involved in various symposia and conferences as well as projective legislation that will promote and encourage and savings and investments and the development of the Philippine capital market.
MEMBERSHIP QUALIFICATIONS
Subject to such rules as the TOAP Board of Directors may impose, any financial entity authorized and licensed to engage in the performance of trust functions, and who subscribes to the purposes of the Association and agrees to comply with and be bound by the Association’s By-Laws and other rules and regulations of the Association, is eligible for Institutional membership. Any applicant for membership should preferably be sponsored by two or more institutional members of the Association. In addition to institutional membership, the Association will accept individual membership. Provided that, to qualify for individual membership, an applicant must be sponsored by a member institution and must possess the minimum qualifications as may be prescribed by the Board of Directors from time to time. All applications for membership shall be subject to the Membership Committee’s favorable recommendation and the Board of Director’s final approval. Membership status shall commence only upon final approval by the Board of Directors.
VOTING
Each institutional member shall be entitled to one (1) vote to be exercised through its authorized representative, or its accredited alternate, who in either case should be an individual member of the Association. All regular voting representatives or their respective alternate shall have the right to be elected as members of the Association’s Board of Directors. In no case however, shall an institutional member have more than one (1) representation in the Board.
MEMBERSHIP FEES
Each member shall pay, upon admission to the Association and every year thereafter an annual membership fee, in an amount as may be fixed by the Board. The amount of membership fee may from time to time be changed by majority vote of the membership who are entitled to vote. In special cases, members shall be assessed such other contributions or dues in such amount as may be fixed by the Board of Directors.
BOARD OF DIRECTORS
Number and Tenure - The business, affairs and property of the Association is exercised, conducted and controlled by a Board of Directors consisting of nine (9) members; elected from among the regular or alternate voting representative of each institutional member – serving for a term of one (1) year and/or until their successors are elected and qualified. No Board member may be re-elected for three (3) consecutive terms.
Each institutional member is entitled to one (1) vote to be exercised through its authorized representative, or its accredited alternate, who in either case is an individual member of the Association. All regular voting representatives or their respective alternate has the right to be elected as members of the Association’s Board of Directors. In no case however, can an institutional member have more than one (1) representation in the Board.
COMMITTEES
Information and Publications Committee - This committee shall be in charge of disseminating all pertinent information on the Association’s activities, plans as well as recent events or developments affecting the trust industry.
Regulatory and Legal Affairs Committee - Represents the Association in its dealings or contacts with government[al] entities, agencies, and offices and such other entities where the interest of the Association and/or its membership as well as the trust industry is concerned. This committee provides legal assistance in the formulation of the Association’s formal position in respect of issues affecting the Association and the trust industry, as well as render legal opinions on such other matters as referred to it either by the Board of Directors or by the Advisory Board.
Membership Committee - Has for its principal function the screening of all applicants for membership and the making of recommendations thereof to the Board. The members of this committee are disqualified from sponsoring or endorsing applicants for membership. Regulatory and Legal Affairs Committee. - Represents the Association in its dealings or contacts with government[al] entities, agencies, and offices and such other entities where the interest of the Association and/or its membership as well as the trust industry is concerned. This committee provides legal assistance in the formulation of the Association’s formal position in respect of issues affecting the Association and the trust industry, as well as render legal opinions on such other matters as referred to it either by the Board of Directors or by the Advisory Board.
Finance Committee - The Treasurer of the Association is the Chairman ex-officio of the Finance Committee. Responsible for the budget of the Association, and makes recommendation with respect of the fees, dues and assessments of members and the salaries or wages of employees of the Association. The Finance Committee hasl general supervision over the fiscal affairs of the Association and sees to it that all funds of the Association are duly accounted for and disbursed for legitimate purposes.
Arbitration and Ethics Committee - This committee shall take steps and devise ways and means for the settlement of disputes among members of the Association. Information and Publications Committee. This committee shall be in charge of disseminating all pertinent information on the Association’s activities, plans as well as recent events or developments affecting the trust industry.
Special Events Committee. – Principally be in charge of the planning and coordination requirements of the Association’s annual events, such as, but not limited to the TOAP Convention and the Trust Consciousness Week.
Ways and Means Committee. – This committee shall be in charge of the Association’s fund raising activities.