Friday, 1 May 2009

15 firms cited for good corporate governance

Philippines The Institute for Corporate Governance recently recognized the efforts of 15 top performing publicly-listed companies (PLC) whose corporate boards have successfully directed their respective businesses. The awardees were chosen after the assessment of 169 PLCs.

The top 15 companies are: Aboitiz Equity Ventures, ABS-CBN Broadcasting Corp. & Subsidiaries, Ayala Corporation, Ayala Land Inc., Bank of the Philippine Islands, Cebu Holdings, Inc., Cebu Property Ventures and Dev. Corp., Centro Escolar University, Energy Development Corporation, First Philippine Holdings Corp., Globe Telecom, Manila Water Company Inc., Petron Corporation, Phil. Long Distance Telephone Company, and Semirara Mining Corporation.

The companies were declared as the top scorers according to the criteria prescribed in the CG Scorecard as follows: Rights of Shareholders, Equitable Treatment of Shareholders, Role of Stakeholders, Disclosure & Transparency, and Board Responsibilities. These companies have grasped the fundamental importance of good corporate governance by attracting investment and raising their market value. The Corporate Governance Scorecard project piloted by the ICD encourages other companies in the country and in the region to implement good corporate governance which ultimately represents optimism and the pursuit of a healthy business environment.

ICD Chairman Dr. Jesus Estanislao says the foundations for globally-competitive corporations are laid in the boardroom, because governance policies help ensure that companies place the interests of their shareholders at the heart of their deliberations and decisions. “Through corporate governance policies, the owners of a corporation ensure that it pursues the mandate to protect the interests of the investing public. Corporate boards are held accountable for successfully governing and providing direction to the corporation.”

Dr. Estanislao adds that whatever the size and sector a business may be, it is still entrusted to the boards, so it is the mission of corporate directors to put effective stewardship of these businesses high in their agenda. Other staunch advocates of the significance of practicing good corporate governance are the ICD’s Chairman of the Chairpersons’ Circle Mr. Jose L. Cuisia, Jr; ICD Chairman Dr. Jesus P. Estanislao; SEC Chairperson Atty. Fe Barin; and PSE Governance Committee chairman Jose Luis Javier.

The Chairpersons’ Circle, which held the 4th Corporate Governance (CG) Scorecard Project, was also a venue for the launch of the Performance Governance System (PGS) - ICD’s innovative and customized solution aimed at assisting Philippines’ top corporations at moving beyond compliance and embedding governance in operations leading to higher levels of corporate performance. The first culmination of this scorecard project was first conducted in 2005, assessing publicly-listed companies through the CG Scorecard, a standard method for measurement, ranking, and progress tracking of corporate governance practices. Through the years, it has promoted transparency, accountability and the general practice of good corporate governance.


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