ALI affiliates recognized for corporate governance

CEBU, Philippines — Ayala Land-affiliate Cebu Holdings Inc., and Cebu Property Ventures and Development Corporation (CPVDC) are among the companies in the ASEAN region leading in corporate governance practice.

The Cebu-based firms were recently recognized by the Institute of Corporate Directors (ICD) as among the top performing publicly-listed companies under the ASEAN Corporate Governance Scorecard (ACGS) for 2017.

Out of more than 200 publicly-listed companies in the Philippines, both CHI and CPVDC were part of the 42 companies that were awarded during the Appreciation Ceremony held last July 31 at the Tower Club in Makati.

CHI and CPVDC were the only Cebu-based companies among the awardees.

“CHI and CPVDC continuously strive to uphold best practices in corporate governance. This recognition is a testament to our commitment to integrity and transparency as publicly-listed companies,” Malou D. Chiong, Compliance Office and CFO of both companies said.

ICD is a non-stock, non-profit organization dedicated to raising the corporate governance standards of the Philippines. Appointed by the Securities and Exchange Commission (SEC), they are the domestic ranking body of the ASEAN Corporate Governance Scorecard (ACGS) — an assessment by which a publicly listed company models its corporate governance principles against international best practices. It is designed to raise the corporate governance standards of ASEAN countries.

The ICD declared three levels of awardees under the ASEAN Corporate Governance Scorecard (ACGS) for 2017. The rating is based on the five principles of corporate governance: rights and equitable treatment of shareholders, role of stakeholders, board responsibility, disclosure and transparency

CHI and CPVDC were part of 2nd tier of awardees, garnering a 90 to 99.99 score. Meanwhile, its parent company Ayala Land, Inc. and Ayala Corporation were in the top tier, with scores ranging from 100 points and above.   

“We hope to influence our business partners and other members in the industry to help raise the standards of corporate governance. This will help increase the investor appeal of local companies internationally,” Chiong added.

Both companies were also part of the Top 5 awardees in the property sector category. They join Ayala Land, Belle Corporation and SM Prime Holdings to complete the list.

This year, CHI and CPVDC completes the streak of eight publicly-listed companies in the Ayala Group who were awardees in the ACGS for 2017. Other awardees included Ayala Corporation (AC), Ayala Land, Inc. (ALI), Globe Telecom (Globe), Bank of the Philippine Islands (BPI), Manila Water Company, Inc. (MWC) and Integrated Micro-Electronics Inc. (IMI).

Cebu Holdings, Inc., with its subsidiary CPVDC , is the region’s premier full-line property developer engaged in real estate development, sale of residential and office condominium units and lease in commercial spaces.