AYALA CORPORATION: Ayala Group of Companies Most Awarded for Excellence in Corporate Governance

Ayala Corporation issued the following announcement on Aug. 3.

Eight Ayala companies out of a total of forty-two local publicly listed companies (PLC) were recognized by the Institute of Corporate Directors (ICD) in the recently concluded ASEAN Corporate Governance Scorecard (ACGS) Appreciation Ceremony held last July 31, 2018 at the Tower Club in Makati garnering the most number of companies within a conglomerate to receive such recognition.

The ICD, a non-stock, non-profit organization dedicated to raising the corporate governance standards of the Philippines, hosted said event to celebrate and recognize PLCs within the country who have put in significant effort to promote and sustain good governance within their respective organizations and whose governance policies and practices have been reviewed against the ACGS following the globally accepted Organization for Economic Co-operation and Development (OECD) Scorecard principles, namely – right of shareholders, equitable treatment of shareholders, role of stakeholders, disclosure and transparency and board responsibilities.

ICD was appointed by the Securities and Exchange Commission to serve as the domestic ranking body of the ACGS, which is part of the ASEAN Corporate Governance Initiative to assess and rank PLCs in six participating ASEAN countries (Philippines, Indonesia, Malaysia, Singapore, Thailand and Vietnam) based on international corporate governance best practices.

For this year, eight Ayala companies were ranked by the ICD among the Top Performing Companies Under the ACGS in 2017, namely Ayala Corporation, Ayala Land, Inc. (ALI), Globe Telecom (Globe), Bank of the Philippines Islands (BPI), Manila Water Company, Inc. (MWC), Integrated Micro-Electronics Inc. (IMI), Cebu Holdings, Inc. (CHI) and Cebu Property Ventures and Development Corporation (CPVDC).

Ayala companies were also recognized among the Top 5 Philippine PLCs by Sector. These were Ayala Corporation (Holding Firm), BPI (Financial), MWC (Industrial), Globe (Services) and ALI, CHI and CPVDC (Property).

“Governance has always been a hallmark of Ayala. It is imperative that we continue to improve our internal systems and processes towards upholding and protecting the rights of all our shareholders, from our customers to our investors. This commitment is shared at all levels across the group. I am pleased to note that our efforts continue to go beyond mere compliance, as we actively seek ways to strengthen the governance culture within the group,” shared by Jaime Augusto Zobel de Ayala, Chairman of Ayala Corporation.

Original source can be found here.