Corporate Governance Asia, a Hong Kong-based regional publication specializing in corporate governance issues, has honored the Philippine Long Distance Telephone Co. (PLDT) as one of “Asia’s Icons on Corporate Governance.”
This award-giving body aims to inspire excellence and the highest standards of corporate governance among corporations across Asia, especially with the region’s robust economic prospects, and as it emerges to be a preferred investment destination. As an Icon on Corporate Governance, PLDT was recognized for continuously upholding the best practices in corporate governance, having been consistently included in the annual awards for the past 10 years.
“PLDT has long been promoting corporate integrity as a way of life, creating a culture that finds transparency, accountability and fairness indispensable to the company,” said Napoleon Nazareno, PLDT president and chief executive officer, who accepted the award.
With a foundation built on these core values, PLDT is able to create value for its shareholders and fulfill its obligations to stakeholders with world-class governance policies, processes and practices, the company said in a statement.
PLDT Chairman Manuel Pangilinan was also honored at the awards as one of the Best Asian Corporate Directors. It was under his leadership that PLDT became the first Philippine company to be given an investment grade rating by all three major international ratings agencies.
Furthermore, Pangilinan continuously emphasized the link between values, performance and corporate governance. “It is the values which reside in your heart that will determine how the company will operate in good—but more importantly—in bad times,” he said.
The Manila Electric Co. and Metro Pacific Investments Corp., both also led by Pangilinan, also received honors at the Corporate Governance Asia Recognition Awards 2013, showing the group’s commitment to the highest standards of corporate governance.