11 firms awarded for exemplary corporate governance
MANILA, Philippines – The Philippine Stock Echange (PSE) has honored 11 firms for exemplary corporate governance practices.
The firms were given recognition during the 2013 Bell Awards on Tuesday night, November 19 at the Makati Shangri-La Hotel.
“What we confer to our finalists and awardees is not just one-time success but their continued and consistent efforts to instil excellence in the way they run their businesses. It is a recognition of their consciousness to always be excellent in all the things they do, going beyond the minimum requirements to make their companies better and more relevant,” said PSE chairman Jose Pardo in his speech at the ceremony.
The PSE launched the Bell Awards to increase investor interest and confidence in the local stock market by encouraging publicly listed firms and trading participants to adhere to high standards of corporate governance.
All publicly listed companies and trading participants automatically qualify as candidates for the awards program.
The listed firms that won the 2013 Bell Awards are as follows:
- Philippine Long Distance Telephone Company
- Manila Water Company Inc.
- Manila Electric Company
- China Banking Corporation
- Aboitiz Equity Ventures Inc
Six trading participants were also given recognition. They are:
- COL Financial Group
- BDO Securities
- Maybank ATR Kim Eng Securities
- RS Lim & Company
- Salisbury BKT Securities
- AT De Castro Securities
The panel of judges was led by Securities and Exchange Commission (SEC) chairperson Teresita Herbosa. Panel members were Pag-IBIG President and CEO Atty. Darlene Berberabe, Social Security System President and CEO Mr. Emilio de Quiros Jr., Deloitte Philippines Managing Partner and Management Association of the Philippines President Gregorio Navarro, and University of the Philippines President Dr. Alfredo Pascual.
The Bell awardees were chosen from 10 finalists from the listed company category and 12 finalists from the trading participants group.
Listed companies were selected based on their compliance to the PSE Corporate Governance Guidelines issued in November 2010.
Trading participants, on the other hand, were rated based on compliance to all PSE and SEC rules and based on results of an audit conducted by PSE's Market Regulation Division.
PSE president and chief executive officer Hans Sicat, on the the sidelines of the event, said "the judges really had a hard time picking the winners for this year as most of them have really been compliant."
The PSE has 254 publicly listed companies and 135 active trading participants. – Rappler.com