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Sunday, May 24, 2009

ABS-CBN lauded for corporate governance

The Institute of Corporate Directors (ICD) recently honored ABS-CBN Broadcasting Corp. and Subsidiaries as one of the top-performing companies of 2008 based on the Fourth Corporate Governance (CG) Scorecard Project.

The annual event promotes transparency, accountability and the general practice of good corporate governance in all publicly-listed companies in the country.

With a grade of 93 percent, ABS-CBN proved once again that it is one of the country’s best-managed companies. It is also the only multimedia company in the Top 15 of the scorecard rankings.

A total of 138 corporations from different sectors were graded based on the rights of shareholders, equitable treatment of shareholders, role of stakeholders, disclosure and transparency and board responsibilities in the company.

ICD conducted the CG Scorecard with the help of the Securities and Exchange Commission, the Philippine Stock Exchange and the Ateneo School of Law.

ICD chairman Dr. Jesus Estanislao praised this year’s topnotchers for recognizing the importance of good governance in attracting investment and increasing their market value.

Estanislao said the importance of putting the interests of the shareholders in the heart of every decision made by the company’s board of directors, as done by the world’s globally-competitive corporations.

The ABS-CBN Corporate Board, tasked to make the biggest decisions for the country’s largest multimedia conglomerate, is headed by ABS-CBN chairman and CEO Eugenio Lopez III. ABS-CBN president Charo Santos-Concio sits as one of the 10 board members.

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