Putting highest priority on good corporate governance

MANILA, Philippines - Believing that a transparent organization is a credible organization, the Metropolitan Bank and Trust Co. (Metrobank) puts the highest priority and importance on good corporate governance.

Metrobank recognizes that with good corporate governance, growth, profitability and long-term sustainability can easily be achieved, enabling it to uphold the best interest of its stakeholders at all times.

Dedicated to sustaining and further building up shareholder confidence and trust, Metrobank has established its own Corporate Governance Manual, which was adopted in 2002, based and premised on the Corporation Code of the Philippines, the Securities Regulation Code, and international best practices.

Metrobank conforms strictly to its Corporate Governance Manual and has religiously complied with the governing rules and regulations of the Securities and Exchange Commission (SEC) as well as the disclosure requirements of the Philippine Stock Exchange (PSE).

The bank practices transparency in its financial reporting and provides informative and timely disclosures of the Metrobank Group’s plans and strategies, all of which are easily accessible in the company website. It also adheres to better ethical conduct as exemplified by the quality standards imposed on the company’s officers and directors.

Through consistent practice of good corporate ethics and governance, Metrobank believes that stakeholders and the general public will be able to gain a deeper insight about the organization and its business practices.

As a result of the bank’s strict compliance with the governed local regulations and adherence to international best practices in corporate governance, the bank was recently cited in the 2009 Corporate Governance Asia Annual Recognition Awards in Hong Kong. This is the fifth consecutive year that Metrobank has been recognized by Corporate Governance Asia for its excellent corporate governance efforts. The bank was cited for promoting a corporate culture that is transparent, investor-friendly, and mindful of the rights of all shareholders, as well as for its continuing commitment to the development of corporate governance in the region.

“Metrobank as an institution places the highest priority on corporate governance,” said Metrobank chairman and Corporate Governance Committee chairman Antonio Abacan Jr. “We are dedicated to sustaining and further improving shareholder confidence and trust by upholding exemplary ethical conduct.”

The award is the latest to recognize the corporate governance performance of Metrobank. In the recent past, institutions such as The Asset magazine and Wall Street Journal Asia have ranked the Bank first in corporate governance and financial reputation in the Philippines.

Published quarterly, Corporate Governance Asia is the region’s most authoritative journal on Corporate Governance. It provides regular news and analysis on corporate governance issues, boardroom practices and shareholder activism. Through its annual recognition awards, the performances of key companies are evaluated and those that have contributed significantly to the over-all development of corporate governance during the past year are cited.

For the past five years, Corporate Governance Asia has been putting emphasis on recognizing companies in Asia who continue to lead the way in initiating best practices to provide an open, ethical, fair-spirited, Asian values-inspired and continuing dialogue with all stakeholders. — Rica Delfinado