The Philippines has been named host of the very first Asean Corporate Governance Conference and Awards by the Asean Capital Markets Forum (ACMF). Headed by capital market regulators from 10 Asean jurisdictions, the ACMF has partnered with the Philippines’ Securities and Exchange Commission (SEC) to organize this event promoting good corporate governance as a catalyst for growth and change.
The conference will be held at the Asian Development Bank on the morning of November 14. Awarding ceremonies will take place that same evening at the Manila Polo Club.
“We envision the Asean Corporate Governance Conference and Awards to be a platform that inspires and educates both public and private companies about good governance,” said SEC chairperson, Teresita Herbosa. “This year, the ACMF is organizing the 2015 Asean Corporate Governance Conference to share global and regional developments in corporate governance, with emphasis on the Asean Corporate Governance Scorecard and the best practices that it promotes. Since this is the first time that the ASEAN Top 50 based on the Scorecard will be announced, we opted to hold an awards ceremony to recognize them for their achievements.”
Among the speakers and panelists who will be at the conference and awards are Hon. Franklin Drilon, Senate President of the Philippines; Amando Tetangco Jr., Bangko Sentral ng Pilipinas Governor; Pru Bennett, BlackRock Head of Corporate Governance and Responsible Investment for the Asia Pacific; and Rapee Sucharitakul, Secretary General of the Securities and Exchange Commission of Thailand. Also expected to be present are directors and senior officials from many Asean PLCs as well as senior officials and representatives of Asia-Pacific Economic Cooperation (APEC) countries who are in Manila for the APEC summit.
Due to the global financial crisis that started in 2007, the ACMF reexamined the effectiveness of existing capital market incentives and financial regulatory structures with the goal of promoting good governance. Thus, the ACGS was developed to assist in evaluating PLCs.
The scorecard presents a list of questions used to rate a company’s governance practices based on the principles of corporate governance developed by the Organization for Economic Cooperation and Development. Six countries (Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam) volunteered to have their PLCs assessed by the ACMF using the Scorecard, to have a common governance standard which makes PLCs comparable with each other and to promote Asean as an asset class.
During the awards, the top 5 PLCs across the region, and the rest of the top 50 will be recognized. Special mention will be given to the top two most improved PLCs from each of the participating countries.
These events are co-presented by the Asian Development Bank and the Philippine Securities and Exchange Commission, in partnership with the International Finance Corporation, the Institute of Corporate Directors, and the Philippine Stock Exchange.