Megaworld tops Euromoney corporate governance poll

Property giant Megaworld Corp. has been recognized as the top Philippine Company in the Euromoney corporate governance survey for emerging markets in 2003. Among the countries polled are China, Russia, India, South Korea, Malaysia, Thailand, Singapore, Argentina, Mexico, Brazil, Argentina and South Africa.

Megaworld ranked No. 1 among Philippine companies in corporate governance practices. It ranked 17th overall in Euromoney’s poll of 132 companies from emerging markets rated according to ownership rights, disclosure and transparency, structure and process and managerial interests. Banco Itau Holding Financeira of Brazil topped the poll.

Other top-ranking Asian companies are Samsung Electronics of South Korea; Hutchison Whampoa and China Resources Enterprise, two Hong Kong-based conglomerates; GMM Grammy, a media and advertising firrm in Thailand; KT Corp., a South Korean telecommunications firm; and IJM Corp., a Malaysian construction company.

Euromoney noted that the companies in its poll, which benchmarks leading emerging-market companies against their counterparts from the First World, "illustrate a relationship between efforts in corporate governance and market performance."

"Megaworld’s efforts to ensure good corporate governance practices such as setting high disclosure standards and appointing independent directors to its board have helped it improve its earnings performance and maintain a healthy share price," said Francis Canuto, Megaworld treasurer and corporate governance compliance officer.

As part of its commitment to institutionalize good governance within the organization, Megaworld has implemented a code of conduct for management that includes the best practices for corporate disclosure and transparency and for meeting compliance requirements.

Megaworld currently has audit, nominating and remuneration committees in operation, each having an independent director as member. The members of its seven-strong board of directors own no more than 6.05 percent of the total issued share capital of Megaworld.