FIRST PHILIPPINE HOLDINGS IS A CORPORATION THAT IS CONSTANTLY IN ACTION. WE’RE ALWAYS TRYING TO FIND WAYS TO DELIVER FOR OUR STAKEHOLDERS AND THE FILIPINO PEOPLE.
In recognition of its continuing pursuit to enhance shareholder value, First Philippine Holdings Corporation (First Holdings) received a gold award from the Institute of Corporate Directors (ICD) at their Annual Dinner held on May 27, 2009 at the Peninsula Manila.
First Holdings was among eight companies who received a gold award (a rating between 95 to 99%) for garnering the highest ratings, among 169 publicly-listed companies, in the 2008 Corporate Governance Scorecard Project (CG-Sc), jointly conducted by the ICD, Philippine Stock Exchange and Securities and Exchange Commission.
First Holdings President and COO Elpidio L. Ibañez stated, “This award validates our group’s advocacy to espouse integrity, transparency, and fairness in all our business practices. We are indeed very honored and would like to thank the ICD for this award.”
The companies reviewed under the CG-Sc Project were graded based on: (1) rights of shareholders, (2) equitable treatment of shareholders, (3) role of stakeholders (4) disclosure & transparency (5) board responsibilities. Average rating of the publicly-listed companies was 72%.
The top 15 companies (in alphabetical order) are: Aboitiz Equity Ventures, ABS-CBN Broadcasting Corp. & Subsidiaries, Ayala Corporation, Ayala Land Inc., Bank of the Philippine Islands, Cebu Holdings, Inc., Cebu Property Ventures and Dev. Corp., Centro Escolar University, Energy Development Corporation, First Philippine Holdings Corp., Globe Telecom, Manila Water Company Inc., Petron Corporation, Phil. Long Distance Telephone Company, and Semirara Mining Corporation.
ICD was formally established in 2004 and is chiefly made up of individual corporate directors and reputational agents committed to the professional practice of corporate directorship in the Philippines in line with global principles of modern corporate governance. It has been at the forefront of promoting corporate governance reforms in the country. The CG-Sc is one of the initiatives ICD has taken towards setting higher standards of corporate governance.