MANILA, Philippines – A Hong Kong-based publication has recognized the good corporate governance by the Philippine Stock Exchange (PSE).
The PSE, a company which gives its own awards for corporate governance in the Philippines, has itself been recognized for excellence in good corporate governance by Hong Kong-based Corporate Governance Asia, a quarterly journal that provides news and analysis on corporate governance issues in Asia.
The PSE bagged two awards in the 10th Corporate Governance Asia Recognition Awards held last Oct. 24 at the Renaissance Harbor View Hotel in Hong Kong.
The local bourse was one of the recipients of the Asia’s Outstanding Company on Corporate Governance Award, while PSE president and chief executive officer Hans B. Sicat was named an Asian Corpo-rate Director of the Year Awardee.
The Asian Corporate Director of the Year is an industry leadership award given to men and women who have spent considerable time and effort to promote high standards of business ethics, while meeting the expectations of their shareholders in growing their business.
The Corporate Governance Asia Recognition Award, meanwhile, is based on a company’s track record for corporate governance, corporate-governance related reforms, disclosure and transparency, among others.
“These awards affirm that as we promote the adoption of world-class corporate governance practices by our listed companies and trading participants, our own corporate governance programs are also among the most notable ones. We are grateful that Corporate Governance Asia is recognizing our initiatives,” Sicat said.
For its part, the PSE is also set to recognize listed companies and trading participants that have shown excellence in corporate governance in the upcoming 3rdPSE Bell Awards on Nov. 10.
As in previous years, listed companies are evaluated based on their compliance with PSE’s corporate governance guidelines and compliance with relevant rules and regulations.
Trading participants, on the other hand, are assessed based on their performance in regulatory audits and compliance with market regulations and trading rules.
“The Exchange has been at the forefront of corporate governance initiatives in the capital market. We hope that through our various corporate governance programs including the PSE Bell Awards, we can encourage more companies to adopt good governance practices and strive to excel in them,” Sicat said.
The awarding ceremony of the 3rdPSE Bell Awards will be held at the Makati Shangri-La Hotel in Makati City.
Last year, the PSE recognized 10 finalists from among all listed companies and 12 finalists from its trading participants. Five listed companies and 6 trading participants were eventually named as PSE Bell Awardees.
“The PSE will continue to be at the forefront of corporate governance as we believe that it will contribute greatly to the development of our capital market,” Sicat said.