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In 2012 the Philippines is second worst among 11 Asian countries in terms of corporate governance, according to a report by the Asian Corporate Governance Association. But the Institute of Corporate Directors (ICD) said it was working hard to bring the country up to the 3rd best by 2013. Corporate governance broadly refers to the framework by which a company meets ethical and legal standards, and makes sure various stakeholder interests are balanced. In recent years, corporate governance received increased attention because of high-profile scandals involving abuse of corporate power and, in some cases, alleged criminal activity by corporate officers.
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