ABS-CBN tops corporate governance survey among RP media


Posted at Apr 27 2009 01:20 PM | Updated as of Apr 27 2009 11:39 PM

Lopez-led ABS-CBN Broadcasting Corp. is the only media organization to be cited as one of the country's top 15 listed companies in corporate governance, as shown by an annual survey of the Institute of Corporate Directors (ICD).

In a disclosure to the local bourse on Monday, ABS-CBN said it is the only media company to garner a score of 90 percent or higher in the 2008 Corporate Governance Scorecard, a survey of corporate governance practices among 172 publicly-listed companies in the country.

Aside from ABS-CBN, Lopez-led holding firm First Philippine Holdings Corp. was also among the survey's top scorers in corporate governance, alongside Pangilinan-led Philippine Long Distance Telephone Co.

The Ayala Group also showed strong corporate governance, with seven firms included in the ICD's annual list. These are Ayala Corp., Ayala Land Inc., Bank of the Philippine Islands, Cebu Holdings Inc., Cebu Property Ventures and Development Corp., Globe Telecom Inc., and Manila Water Co.

Other firms who made it in the list include Aboitiz Equity Ventures, Centro Escolar University, Energy Development Corp., Petron Corp., and Semirara Mining Corp.

The ICD conducted the survey in partnership with the Philippine Stock Exchange, the Securities and Exchange Commission (SEC), and the Ateneo School of Law.

These groups judged listed companies based on a survey that measured corporate governance practices such as shareholder rights, treatment of shareholders, role of stakeholders, disclosure policies and transparency, and board responsibility.

The SEC has mandated the participation of publicly-listed firms in the said survey.

abs-cbnNEWS.com is the online news department of ABS-CBN Interactive Inc., a subsidiary of ABS-CBN Broadcasting Corp. ABS-CBN and First Philippine Holdings Corp. are both part of the Lopez Group of Companies.