PBCOM among Philippines’ top 50 in ASEAN Corporate Governance Scorecard
MAKATI CITY, June 25, 2014 – The Philippine Bank of Communications (PBCOM) ranked among the 50 highest-scoring Philippine companies in the in the ASEAN Corporate Governance Scorecard, according to a recent Asian Development Bank (ADB) report. PBCOM was evaluated against 252 publicly listed companies in the country.
“A strong culture of governance is a necessary component of sound business management,” said Nina D. Aguas, PBCOM President and CEO. “PBCOM’s commitment to corporate governance reflects our recognition of the responsibility we have to our shareholders and stakeholders. This is a responsibility that is shared by every member of our team, and it is of primary importance to us that everyone in the organization conducts himself or herself with utmost honesty and integrity.”
The scorecard was established in 2004 by the ASEAN Capital Market Forum (ACMF) in hopes of raising corporate governance standards of publicly listed companies in the region, as well as increasing their credibility and visibility to foreign investors and external fund managers.
The scorecard examines corporate governance in six ASEAN countries—Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam—and evaluates publicly listed companies based on five categories: Rights of the Shareholders; Equitable Treatment of Shareholders; Role of Stakeholders; Disclosure and Transparency; and Responsibility of the Board.
Companies are assessed primarily on information from annual reports and company websites. Domestic ranking bodies are appointed to apply the scorecard to rank companies in each country. Recently, a peer-evaluation component was added to the assessment methodology, creating a checks-and-balance process that improves the accuracy of results.
The ADB report lists the 50 highest-scoring companies in each country. PBCOM finds itself in good company, along with the Philippines’ most respected blue chip corporations.