Trends in Corporate Governance in the Philippines Launched
Last July 30, 2009, the Hills Program on Governance of the Ramon V. del Rosario, Sr.-C.V. Starr Center for Corporate Governance at the Asian Institute of Management launched a report on “Corporate Governance Trends in the 100 Largest Publicly Listed Companies in the Philippines, 2002- 2007” at a luncheon forum held at the Manila Peninsula Hotel in Makati. The guest speaker was Hans Sicat, the new Chairman of the Philippine Stock Exchange. His speech was followed by a panel discussion among Solomon Hermosura of Ayala Corporation, Rex Drilon of Ortigas and Company, and Vitaliano Nanagas of PinoyMe Foundation, with Joey Bermudez as moderator.
The study reviewed the corporate governance practices of the 100 largest publicly listed companies in the Philippines, by revenue, between 2002 as disclosed in their annual reports. The study also included an online survey of directors and top officers of the top 100 companies to determine their perceptions regarding the ethical and corporate governance culture in their respective companies. The online survey was conducted by the Social Weather Stations. “I am certain the results and recommendations would be very useful to listed companies, especially those who are committed to improve their corporate governance practices,” stated Mr. Sicat.
The publication reports that although compliance by most of the top 100 companies with the rules and regulations relating to corporate governance appear to have been minimal during the period under review, there appears to have been marked improvements in certain governance practices in the past few years. In 2002, only a minority of companies disclosed information relating to executive compensation and related party transactions. By 2007, all the companies reviewed were disclosing this information. Similarly, the number of companies that reported having an Audit Committee increased markedly from 12 in 2002 to 93 in 2007.
The study was sponsored by the Jollibee Foundation, Villaraza Cruz Angangco & Marcelo Law, and The Asia Foundation.
About The Hills Program on Governance
The Hills Program on Governance, which is part of the Ramon V. del Rosario, Sr. - C.V. Starr Center for Corporate Governance, was founded by Roderick M. Hills, a former chairman of the U.S. Securities and Exchange Commission and a leading advocate of effective corporate governance. Its mission is to develop an agenda that promotes good governance at the intersection of private and public sectors, confronting corruption and encouraging accountability.
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|Atty. Angela Garcia||Dr. Steven Rood||Mr. Felipe Alfonso|
|Mr. Rex Drilon, Mr. Solomon Hermosura, Mr. Vitaliano Nanagas, and Mr. Joey Bermudez||Mr. Jay Sandoval||Mr. Hans Sicat|
|Mr. Rex Drilon||Mr. Jose Cuisia||Mr. Joey Bermudez, Mr. Christopher Bell-Knight, Mr. Rex Drilon, Mr. Alberto Lim, and Dr. Edilberto de Jesus|
|Mr. Joey Bermudez, Mr. Jonathan Juan Moreno, Mr. Rex Drilon, Mr. Hans Sicat, and Ms. Fe Barin||Mr. Alberto Lim, Mr. Francis Estrada, Mr. Felipe Alfonso, Mr. Vitallano Nanagas, and Dr. Steven Rood||Mr. Cesar Virata, Mr. Francis Estrada, Dr. Edilberto de Jesus, and Mr. Ricardo Romulo|
|Mr. Ricardo Romulo, Mr. Hans Sicat, Mr. Alberto Lim, and Mr. Solomon Hermosura|