Globe receives Gold award from ICD for corporate governance

MANILA, Philippines - Globe Telecom was awarded the Gold award by the Institute of Corporate Directors (ICD) for garnering the top score among publicly listed companies in the 2009 Corporate Governance Scorecard.

The ICD, which advocates the global principles of modern corporate governance, created the Corporate Governance Scorecard project to encourage the adoption of recognized best practices in corporate governance. Now it’s 5th year, the project intends to raise the standards of corporate governance practices to go beyond mere compliance to the minimum regulatory requirements.

The Corporate Governance Scorecard ranked publicly listed companies according to how they perform in policies and practices relating to rights of shareholders, equitable treatment of shareholders, role of stakeholders, disclosure and transparency, and board responsibilities, as among the criteria. This is a joint project of ICD with the Securities and Exchange Commission, Philippine Stock Exchange, Institute of Internal Auditors of the Philippines, Ateneo Law School, and Center for International Private Enterprise.

As one of the Gold awardees this year, Globe was one of the top scorers at 95 percent and above. Last year, Globe was also among the top 15 publicly listed companies to obtain the highest score in the Corporate Governance Scorecard.

“We are proud that our corporate governance initiatives continue to be recognized in the Philippines and in the region. This demonstrates our commitment to our shareholders and the consumers that Globe will continue to operate as a quality company practicing good governance,” said Ernest L. Cu, president and CEO of Globe.

In 2009, Globe was also acknowledged second Best Managed Company and Best in Corporate Governance by Finance Asia Magazine. Globe also won the Platinum Award for All-Round Excellence in Financial Performance, Management, Corporate Governance, Social Responsibility, Environmental Responsibility and Investor Relations from The Asset. It is the only telecom company in the Philippines that met the criteria for the Platinum Awards.