Five listed firms as well as five brokerages houses were recently awarded by the Philippine Stock Exchange for good corporate governance.
The local bourse awarded Aboitiz Equity Ventures Inc., China Banking Corp., Manila Electric Co., Manila Water Company Inc. and Philippine Long Distance Telephone Co. during the annual 2013 PSE Bell Awards.
The Bell Awards awardees among stock trading firms, on the other hand, were A.T. de Castro Securities Corp., BDO Securities Inc., COL Financial Group Inc., Maybank ATR Kim Eng Securities Inc., R.S. Lim and Company Inc. and Salisbury BKT Securities Corp.
The listed firms were evaluated based on their compliance with the PSE’s Corporate Governance Guidelines for Listed Companies, which provide, among others, a sound business strategy, an effective board of directors and policies to protect shareholders rights.
As for trading participants, they were assessed based on their compliance record, effective organizational structure, and sound internal controls.
Both the listed firms and brokerage companies were also judged based on their compliance with rules of the PSE and the Securities and Exchange Commission (SEC), pertinent laws and regulations of other concerned government agencies.
“What we confer to our finalists and awardees is not just one-time success, but their continued and consistent efforts to instill excellence in the way they run their businesses. It is a recognition of their consciousness to always be excellent in all the things they do, going beyond the minimum requirements to make their companies better and more relevant,” said PSE Chairman Jose Pardo in his speech at the Bell Awards ceremony.
The 2013 PSE Bell Awards Panel of Judges was headed by SEC chairperson Teresita Herbosa. Also part of the judging panel were Darlene Berberabe, Home Development Mutual Fund president and chief executive officer; Emilio de Quiros Jr., Social Security System president and CEO; Gregorio Navarro, Deloitte Philippines Managing Partner and Management Association of the Philippines president; and Dr. Alfredo Pascual, University of the Philippines president.
The Bell Awardees were chosen from 10 finalists from the listed company category and 12 finalists from the trading participants group.
The other finalists among the listed firms were Ayala Corp., Globe Telecom Inc., Rizal Commercial Banking Corp., Semirara
Mining Corp. and SM Prime Holdings Inc. Meanwhile, the other finalists in the stock brokerage house category include A & A Securities, Alpha Securities, CLSA Philippines Inc., First Metro Securities Brokerage Corp., JSG Securities and Pan Asia Securities Corp.
The PSE has 254 publicly listed companies and 135 active trading participants.