FPHC receives gold award for corporate governanceFIRST Philippine Holdings Corporation (FPHC)
was among eight companies that received a gold award (a rating between 95 to 99%) for garnering the highest ratings, among 169 publicly listed companies, in the 2008 Corporate Governance Scorecard Project (CG-Sc), conducted by the Institute of Corporate Directors (ICD), Philippine Stock Exchange and Securities and Exchange Commission.
FPHC president and COO Elpidio L. Ibañez stated, “This ward validates our group’s advocacy to espouse integrity, transparency, and fairness in all our business practices. We are indeed very honored and would like to thank the ICD for this award.”
The companies reviewed under the CG-Sc Project were graded based on rights of shareholders; equitable treatment of shareholders; role of stakeholders; disclosure and transparency; and board responsibilities. Average rating of the publicly listed companies was 72%.
ICD was formally established in 2004 and is chiefly made up of individual corporate directors and reputational agents committed to the professional practice of corporate directorship in the Philippines in line with global principles of modern corporate governance. It has been at the forefront of promoting corporate governance reforms in the country. The CG-Sc is one of the initiatives ICD has taken towards setting higher standards of corporate governance. (Story/photo by Benjamin Lopez)