MANILA, Philippines (UPDATED) - Listed companies of the Ayala and the Sy business groups dominated the corporate governance awards of the stock exchange.
On Monday, December 3, three Ayala-led units and two Sy-led firms were named as winners at the Philippine Stock Exchange (PSE) Bell Awards for exemplifying good corporate governance practices.
The winners of the yearlong search were:
The PSE launched the Bell Awards in December 2011 to honor the best of the over 200 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 awards are part of an effort of the PSE to 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.
"Measures like these are important because investors need to know we are serious about protecting their interests, especially now that confidence in the Philippines is growing by leaps and bounds," President Benigno Aquino III said in his speech at the awards ceremonies in Makati City.
"Your efforts mirror the reforms we are undertaking in government," he added. "You are demonstrating that good governance is a winning strategy, and that by fostering it in your industry, we are able to level the playing field; we are able to establish an atmosphere where outcomes are predictable, where uncertainty is minimized, and where stability allows business to function smoothly."
"This makes our country a more attractive destination for investments, which creates jobs, empowers consumers, and sustains the virtuous cycle that we are determined to institute—a virtuous cycle whose results we have seen in your achievements," he stressed.
The top 6 trading participants under large and small brokerage houses among the over 100 active brokers were also recognized based on their compliance with market regulations and trading rules of the PSE.
The Top 3 large trading participants cited were:
Small Trading Participant winners were: