Five Ayala companies led by parent company Ayala Corporation were ranked Platinum awardees in the Institute of Corporate Directors (ICD)’s 6th Annual Corporate Governance Scorecard for Publicly Listed Companies.
AC, Ayala Land, Globe Telecom, Manila Water Company, and Cebu Property Ventures Development Corporation were all given Platinum awards at the ICD Annual Dinner held on May 25 at the Peninsula Manila. This is the first time that the ICD has bestowed Platinum awards to companies that have garnered Gold awards for at least three consecutive years.
Explained ICD chairman Jesus Estanislao: “Platinum awardees carry the distinction of being the very best companies in terms of corporate governance compliance and which we believe are very well disposed to move beyond compliance and into higher levels of corporate governance standards and practices observed globally.”
All eight listed companies of the Ayala group made it to the Top 20 scorers of the 2010 Corporate Governance Scorecard.
Ranked in the Gold category were Cebu Holdings and Integrated Micro-Electronics, a new entrant to the ICD Scorecard Project after listing by way of introduction in the Philippine Stock Exchange last year. Both companies scored 95% or above in the governance scorecard.
Ranked in the Silver category with the rating of 94.9% was Bank of the Philippine Islands.
A non-stock, non-profit organization, ICD works closely with the Organisation for Economic Co-Operation and Development (OECD), the Global Corporate Governance Forum, and the International Corporate Governance Network on improving actual boardroom practices in the Philippines. ICD is a founding member and permanent secretariat of the Institute of Directors in East Asia Network.
For the last six years, ICD’s Corporate Governance Scorecard has been used by publicly listed companies as a tool to rate and benchmark their corporate governance practices relative to global and regional standards. The project is jointly administered with the Securities and Exchange Commission, PSE, Institute of Internal Auditors of the Philippines, Ateneo Law School, and Center for International Private Enterprise.
The scorecard ranks publicly listed companies in the areas of shareholder rights, equitable treatment of shareholders, role of stakeholders in governance, disclosure and transparency, and board responsibilities—key governance principles used as basis for corporate governance practices globally.
The awards were received by senior officers of the Ayala group led by AC senior counsel Mercedita Nolledo, AC general counsel Solomon Hermosura, presidents Gerardo Ablaza, Jr., Antonino Aquino, and Francis Monera, CFOs Jaime Ysmael, Albert Larrazabal, and Luis Juan Oreta, BPI senior executives Antonio Paner and Myra Sylienteng, and IMI controller Jaime Sanchez.