Globe Telecom Among ASEAN’s Best in Corporate Governance
Firm named top Philippine publicly listed company from the services sector in 2017 scorecard
Globe Telecom was among the 10 top-performing publicly listed companies (PLCs) in the Philippines under the ASEAN Corporate Governance Scorecard (ACGS) 2017.
ACGS is an instrument for assessing and ranking publicly listed companies in six participating ASEAN countries, namely Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. The Institute of Corporate Directors (ICD) was appointed as the domestic ranking body for ACGS. ICD assessed 245 publicly listed Philippines companies. Of these, only 42 companies scored at least 80 points.
For ACGS 2017, eight Ayala companies were recognized by the ICD to be among the top performing PLCs in the Philippines. Four of which ranked among the 10 top-performing PLCs. Alongside Globe were Ayala Corporation, Ayala Land (ALI), and Manila Water (MWC) in the top 10. Bank of the Philippine Islands (BPI), Cebu Holdings (CHI), Cebu Property Ventures and Development (CPV), and Integrated Micro-Electronics (IMI) were also recognized.
ICD said the top 10 publicly listed companies obtained a score of 100 points and above out of the possible maximum score of 130 points.
“Globe has done various corporate policy and practical improvements to continue the culture of good governance within the organization and our community. This recognition shows our commitment of going beyond mere compliance when it comes to protecting the rights of all our stakeholders—from our customers to our investors,” said Rizza Maniego-Eala, Chief Finance Officer at Globe.
Globe was also ranked as one of the top five Philippine PLCs by sector in the ACGS Philippine 2017, which was conducted by the ICD. Globe was named as the top-performing PLC in the country from the services sector. Other Ayala companies were also recognized among the top five Philippine PLCs by sector. These were Ayala Corporation (holding firm), BPI (financial), Manila Water (industrial), as well as ALI, CHI, and CPV (property).
ICD recently hosted a recognition ceremony in Makati City to celebrate PLCs in the Philippines that have put in significant effort to promote and sustain good governance within their respective organizations.
ACGS was developed in 2011 by the ASEAN Capital Markets Forum, in collaboration with the Asian Development Bank. The inaugural awarding ceremony was in 2015. The scorecard is also aligned with the corporate governance principles by the Organisation for Economic Co-operation and Development (OECD). Companies are assessed on the scorecard's key parts: rights of shareholders, equitable treatment of shareholders, role of stakeholders, disclosure and transparency, as well as board responsibilities.
Globe has been consistently recognized as one of the top PLCs in the Philippines in terms of corporate governance since the 2015 ACGS run. ACGS compliance is spearheaded by Globe Chief Compliance Officer Marisalve Ciocson-Co and Globe Corporate and Legal Services Group.
ACGS is annually published in the Integrated Report of Globe Telecom, which includes the company’s financial, environment, social, and governance performance on that year. This is in accordance to the Global Reporting Initiative, International Integrated Reporting Council’s Integrated Framework, the United Nations’ Sustainable Development Goals, ACGS Principles, as well as the Securities and Exchange Commission Integrated Annual Corporate Governance Report (I-ACGR).