MANILA, Philippines - Listed companies under the Pangilinan, Sy, Aboitiz and Ayala Conglomerates were recognized as the most outstanding firms in the practice of good corporate governance.
Among the recipients of the Philippine Stock Exchange (PSE) Bell Awards were Aboitiz Equity Ventures Inc., China Banking Corp., Manila Electric Co., Manila Water Co. Inc. and Philippine Long Distance Telephone Co.
“What we confer to our finalists and awardees is not just one-time success but their continued and consistent efforts to instill excellence in the way they run their businesses,†said PSE chairman Jose T. Pardo.
“It is a recognition of their consciousness to always be excellent in all the things they do, going beyond the minimum requirements to make their companies better and more relevant,†he added.
Public firms were evaluated on how well they adopt and incorporate the PSE’s Corporate Governance Guidelines for Listed Companies that provide for a sound business strategy, an effective board of directors and policies to protect shareholders rights. PSE also took note of listed companies’ compliance to listing and disclosure rules.
For trading participants, Bell Awards recipients were A.T. de Castro Securities Corp., BDO Securities Inc., COL Financial Group Inc., Maybank ATR Kim Eng Securities Inc., R.S. Lim and Co. Inc. and Salisbury BKT Securities Corp.
“The trading participants were assessed based on their compliance record, effective organizational structure and sound internal controls,†PSE said.
“Both public firms and trading participants were also judged based on their compliance with rules of the PSE and the Securities and Exchange Commission (SEC), pertinent laws, and regulations of other pertinent government agencies,†it added.
The 2013 PSE Bell Awards panel of judges was headed by SEC chairperson Teresita Herbosa. Also part of the judging panel were Home Development Mutual Fund president and CEO Darlene Berberabe, Social Security System president and CEO Emilio de Quiros Jr., Deloitte Philippines managing partner and Management Association of the Philippines president Gregorio Navarro, and University of the Philippines president Alfredo Pascual.
The first Bell Awards was launched last year in tandem with the 20th anniversary of the PSE.