The 2013 Asean Corporate Governance Scorecard (ACGS) for Publicly-Listed Companies (PLCs) has included the Philippine Stock Exchange Inc., the operator of the country’s stock exchange, on its list of top listed firms in the country.
The ACGS, a corporate governance rating system designed to raise corporate governance standards of Southeast Asian countries, is a joint initiative of the Asean Capital Markets Forum and the Asian Development Bank as part of the Asean Capital Market Integration Plan in 2015. Asean is the Association of Southeast Asian Nations.
PLCs were rated by ACGS based on the five Organization for Economic Cooperation and Development Principles of Corporate Governance.
“The inclusion of the PSE in the top 50 best performing listed companies in the ACGS is an affirmation that we are on the right track in terms of our corporate governance efforts,” said Hans Sicat, PSE president and chief executive officer.
“We will endeavor to improve on the good governance initiatives that we already have and see what additional policies we need to adopt to be at the forefront of corporate governance in the country and the region,” he added.
Besides the Philippines, other countries participating in the ACGS are Indonesia, Malaysia, Singapore, Thailand and Vietnam.
Earlier, the PSE was also awarded the Best Stock Exchange in Southeast Asia.
The organizers, Alpha Southeast Asia, cited the governance programs of the PSE as one of the more noteworthy accomplishments of the local bourse in conferring the recognition.