Makati—(PHStocks)—The Philippine Stock Exchange Inc. (PSE) was named as one of the top 50 best performing listed companies in the Philippines in the 2013 ASEAN Corporate Governance Scorecard (ACGS) for Publicly-Listed Companies (PLCs).
The ACGS is a corporate governance rating system designed to raise the corporate governance standards of ASEAN countries. PLCs were rated by ACGS based on the five Organisation for Economic Co-operation and Development (OECD) Principles of Corporate Governance. The ACGS 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.
“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. We will endeavour 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,” PSE President and CEO Hans B. Sicat noted.
“This achievement is very important for us given the history of the PSE. We have been working very hard to improve the governance issues that hounded the market and even the country in the past and our programs are indeed paying off. We think we can still improve on our ranking as we introduce more reforms both for our company and the market as a whole,” Mr. Sicat added.
Aside from the Philippines, other countries participating in the ACGS are Indonesia, Malaysia, Singapore, Thailand and Vietnam.
The PSE was also recently awarded as 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 Exchange in conferring the recognition.