Plaque of RecognitionEnergy Development Corporation, First Gen Corporation and Lopez Holdings Corporation were among 42 publicly listed companies (PLCs) recognized by the Institute of Corporate Directors (ICD) for scoring 80 and higher in the latest assessment against the ASEAN Corporate Governance Scorecard (ACGS).
ICD chief executive officer Alfredo Pascual said the appreciation ceremony on July 31 was held to “recognize efforts of PLCs which took concrete steps to improve their organization’s governance practice, as measured by the ACGS.”
Launched in 2011, the ACGS was developed by the Asian Development Bank in partnership with the ASEAN Capital Markets Forum. It is a tool for assessing governance practices based on publicly available information. It is benchmarked against international best practices that encourage PLCs to go beyond national legislative requirements. Its rigorous methodology assesses the corporate governance performance of PLCs in six participating ASEAN member countries and provides foreign investors and external fund managers comparable information to assist in their investment decision-making process. The first ACGS Awards Ceremony was held in 2015.
Keynoting the event, Securities and Exchange Commission chairman Emilio Aquino called on PLCs represented to “inspire other companies to adopt corporate governance best practices to impact stakeholders and society as a whole.” ICD founder and chairman emeritus Jesus Estanislao led the toast, acknowledging the top performing PLCs in the Philippines.
EDC and First Gen made it to the top five out of 62 Philippine PLCs in the industrial sector. Lopez Holdings was among only seven recognized out of 37 PLCs in the holding firms sector.
Among those who represented the Lopez Group at the recognition ceremony were Francis Giles Puno, president and chief operating officer of First Gen; Atty. Maria Amina Amado, vice president-Legal and Compliance Officer of Lopez Holdings; and Atty. Maria Jasmine Medina-Almogino, manager of the Corporate Governance office of EDC. (Story/Photos by: Carla Paras-Sison)