PSE launches Bell Awards for 'good' companies
MANILA, Philippines - The Philippine Stock Exchange (PSE) will honor the top five listed companies that exemplify good corporate governance practices.
The PSE launched the Bell Awards on December 7 to honor the best of the 252 listed firms that complied with the exchange's corporate governance guidelines issued in November 2010, as well as the rules of the Securities and Exchange Commission, other related rules and regulations, and applicable laws.
Corporate governance broadly refers to the framework by which the company meets ethical and legal standards and various stakeholder interests are balanced. In recent years, corporate governance has received increased attention because of high-profile scandals involving abuse of corporate power and, in some cases, alleged criminal activity by corporate officers.
“The Board and Management trust that The PSE 2012 Bell Awards will encourage listed firms and trading participant members to continue to improve their performance and add more value for their stakeholders through improved compliance and corporate governance practices,” PSE president and CEO Hans Sicat said.
The top six trading participants under large and small brokerage houses among the 133 active brokers will also be recognized based on their compliance with market regulations and trading rules of the PSE.
Corporate governance advocates and market experts will be part of a panel of judges for both categories.
“While the PSE continues to function as the chief regulator for listed companies and trading participants, the board deems it worthwhile to give these two constituencies of the Exchange a pat on the back for their faithful observance of corporate governance practices and PSE rules,” said Jose Pardo, PSE chairman.
For listed companies, the deadline for submission of the CG Guidelines Self-assessment Disclosure is on March 31, 2012. Candidate companies must have at least 95% compliance with the guidelines and best practice recommendations stipulated in the CG Guidelines handbook.