The Institute of Corporate Directors (ICD) last May 25, 2011 announced this year’s Top Corporations in Corporate Governance (CG) during the presentation of results of the 2010 CG Scorecard Project for Philippine Listed Corporations (PLCs) in its Annual Dinner at the Peninsula Manila.
On its sixth year, this year’s CG Scorecard results, which measure the PLCs’ compliance to CG rules and regulations as well as globally accepted practices, showed continued improvements in terms of the average CG score of PLCs at 77%, up four percentage points from last year’s average score of 73%, and also in terms of the number of companies who have garnered very high scores. These companies were recognized either as gold (those scoring 95% and above) and silver (those with scores from 90% to 94.99%) awardees. A special recognition, the Platinum Award, was given to 7 Gold awardees who have achieved such feat for the last three consecutive years. The Platinum awardees represent the best of Philippine companies in terms of corporate governance and are well prepared to move beyond compliance to CG rules and regulations into higher standards and practices of CG that deliver breakthrough performance.
ICD executive director Atty. Marlon R. Marquez announced the awardees as follows:
The Platinum Awardees:
1. Ayala Corporation
2. Ayala Land Inc.
3. Cebu Property Ventures and Development Corporation
4. First Philippine Holdings
5. Globe Telecom, Inc.
6. Manila Water Company, Inc.
7. Philippine Long Distance Telephone Company
The Gold Awardees:
1. Aboitiz Equity Ventures, Inc.
2. Aboitiz Power Corporation
3. ABS-CBN Broadcasting Corporation
4. Ayala Corporation
5. Ayala Land, Inc.
6. Cebu Holdings, Inc.
7. Cebu Property Ventures and Development Corporation
8. China Banking Corporation
9. Energy Development Corporation
10.First Philippine Holdings Corporation
11.Globe Telecom, Inc.
12.GMA Network, Inc.
13.Integrated Microelectronics, Inc.
14.Lopez Holdings Corporation
15.Manila Water Company, Inc.
16.Philippine Long Distance Telephone Company
The Silver Awardees:
1. Aboitiz Transport System Corporation
2. Alaska Milk Corporation
3. Bank of the Philippine Islands
4. Filinvest Land, Inc.
5. First Gen Corporation
6. First Metro Investment Corporation
7. International Container Terminal Services, Inc.
8. IPVG Corporation
9. Manulife Financial Corporation
10.Metro Pacific Investment Corporation
11.Petroenergy Resources Corporation
13.Philex Mining Corporation
14.Philippine National Bank
15.San Miguel Purefoods Company, Inc.
16.Semirara Mining Corporation
17.SM Development Corporation
18.SM Investments Corporation
19.SM Prime Holdings, Inc.
20.Unionbank of the Philippines, Inc.
In welcoming the audience, ICD chairman Dr. Jesus P. Estanislao moved Team PH to band together to “travel on a 10-year road map whose end point is to rank the Philippines as among Asia’s best.” Rex Drilon, ICD president, emceeing the event further called for CG initiatives and reforms that “change the game” in order to realize the vision of Team PH to be Asia’s model in CG by the next decade.
Newly appointed SEC Commissioner Teresita Herbosa delivered the keynote address and emphasized the importance of enforcing good governance and vowed that the commission will be actively initiating and supporting new and doable reforms relating to regulation.
The Annual Dinner was also preceded by an Investors Forum which highlighted the Philippine Stock Exchange’s (PSE’s) Maharlika Board (MB), a special listing board for companies which voluntarily adopt higher levels of CG practices. PSE president Hans Sicat presented the main features of the MB before an audience of corporate directors and was reacted to by a panel of investors and representatives from the International Finance Corporation, the Fund Managers Association of the Philippines, the Government Social Insurance System and the Social Security System. The MB is set to be launched in September 2011.