Sammy Santos with Franz de la Fuente | August 3, 2018
The Aboitiz Group has been known both locally and abroad for its commitment to exemplary corporate stewardship. This was reaffirmed by the Institute of Corporate Directors (ICD) recently and named both Aboitiz Equity Ventures and AboitizPower among the top 10 performing Philippine publicly-listed companies (PLCs) in the 2017 ASEAN Corporate Governance Scorecard (ACGS). Both companies were honored at the ACGS Recognition Night held at the Tower Club in Makati City on July 31, 2018.
The ICD vetted 247 Philippine PLCs using a set of comparable standards, which articulates recommendations on policies and practices based on good governance principles of the Organization for Economic Cooperation and Development (OECD), with particular focus on five key areas, namely: rights of shareholders, equitable treatment of shareholders, the role of stakeholders, disclosure and transparency, and responsibilities of the board.
AEV and AboitizPower scored at least 104.53 and 104.95 points, respectively (out of a possible 130 points) on the ACGS. Despite the overall decline in the corporate governance scores of all Philippine PLCs, both Aboitiz companies significantly improved their scores and were cited to adhere to the best practices in the key areas of equitable treatment of shareholders, the role of stakeholders, and disclosure and transparency.
We are honored to receive these accolades for the whole Aboitiz Group. These were achieved amidst a stricter regulatory environment and affirm the Group’s commitment to corporate governance, its strong purpose, differentiated brand, rich culture, and unwavering core values.
– Erramon I. Aboitiz
President & Chief Executive Officer
This recognition is a testament that the Aboitiz Group plays an active and meaningful role in raising the bar of corporate governance in the Philippines as it continues to benchmark its corporate governance framework on international standards and best practices in the ASEAN region.