ABS-CBN wins another corporate governance award

MANILA, Philippines – For the second straight year, ABS-CBN Corporation was honored by the Institute of Corporate Directors (ICD) as one of the top-performing companies of 2009 in terms of corporate governance and compliance practices.

ABS-CBN, the only multimedia company to win the recognition for two consecutive years, is among the 30 companies that scored highly and at par with international standards.

The annual event aims to promote transparency, accountability and the general practice of good corporate governance in all publicly-listed companies in the Philippines. Various corporations from different sectors were graded based on the rights of shareholders, equitable treatment of shareholders, role of stakeholders, disclosure and transparency and board responsibilities in the company.

The ICD conducted the Corporate Governance Scorecard with the help of the Securities and Exchange Commission, the Philippine Stock Exchange and the Ateneo School of Law.

ABS-CBN has recently changed its name from ABS-CBN Broadcasting Corporation to ABS-CBN Corporation to reflect the company’s evolution from a broadcasting network to a multimedia conglomerate.

“We want the public to recall ABS-CBN as not just broadcast-centric company. Through the years, we have been exploring various media platforms aside from broadcasting,” said Eugenio Lopez III, chairman and CEO of ABS-CBN at the company’s annual stockholders meeting.