Lopez Group ICD AwardsThree Lopez Group companies were among the top scorers in the 2011 Corporate Governance Scorecard (CG-Sc) for Publicly Listed Companies, an initiative of the Institute of Corporate Directors (ICD) to raise CG standards in the country.
First Philippine Holdings Corporation (FPH) retained its gold rating of 95% or higher for the fourth consecutive year, making it only one of five companies in the newly established “platinum plus category.” FPH received its first platinum award last year, simultaneous with its third gold award for the 2010 CG-Sc for Publicly Listed Companies.
Energy Development Corporation received a platinum award for getting gold for three consecutive years. It became the only platinum awardee for 2011.
Lopez Holdings Corporation received a silver award for scoring in the 90% to 94.99% range.
Governance practices were reviewed based on criteria covering rights of shareholders, equitable treatment of shareholders, role of stakeholders, disclosure and transparency, and board responsibilities. CGSc top scorers were honored at the ICD’s ninth annual dinner on May 30. A total of 39 companies received recognition: 23 in the silver category and 16 in the gold category. The platinum and platinum plus awardees are from the gold awardees, depending on their performance in consecutive years.
The ICD advocates the professional practice of corporate directorship in the Philippines consistent with global principles of modern corporate governance.