China Banking Corporation (China Bank) was again one of the top winners in the Philippines at the ASEAN Corporate Governance Scorecard (ACGS) Awards of the ASEAN Capital Markets Forum (ACMF) for the 2019 assessment year.
The ACGS Awards is organized by the Securities and Exchange Commission (SEC) and the Institute of Corporate Directors (ICD).
China Bank was conferred the Top 3 Philippine Publicly Listed Company (PLC) Award, the Top 20 ASEAN PLC Award, and the ASEAN Asset Class Award.
“We often say that good corporate governance is in China Bank’s DNA. The principle of doing what’s right and doing right by our stakeholders is an intrinsic part of the Bank’s corporate culture that it guides all our strategies, decisions, and actions,” said China Bank Chairman Hans T. Sy.
He added that, “It’s the foundation of the Bank’s success and resilience for the last 100 years and future sustainability; and in difficult times such as these, it’s our anchor, our boon.”
The ACMF assessed and ranked all PLCs in the participating ASEAN countries according to their overall ACGS scores.
For the Top 20 ASEAN PLC Award, given to the top 20 companies with the highest ACGS scores in the region, four are from the Philippines, including China Bank and SM Prime.
Out of the top 20 in ASEAN, ACMF ranked the top 3 highest scoring PLCs per country: China Bank, Ayala Land, and Globe for the Philippines.
Those that obtained a score of 97.5 points and above (which is at least 75 percent of the maximum attainable score of 130) received an ASEAN Asset Class Award.
Of the 135 recipients, 18 are from the Philippines, including seven SM Group companies: China Bank, 2Go, BDO, Belle Corp., Premium Leisure, SMIC, and SM Prime.
Source: Manila Bulletin by James A. Loyola