UnionBank Ranks Among the Silver Awardees for Good Corporate Governance
In the 2009 Corporate Governance (CG) Scorecard project participated in by 214 publicly listed companies (PLCs), UnionBank ranked in the “Silver Category” comprised of PLCs with overall scores from 90% to 94%. The Institute of Corporate Directors (ICD), proponent of the CG Scorecard project in the Philippines, awarded the top scoring PLCs during its 7th Annual Dinner held recently at the Manila Peninsula.
The Bank is joined in this category by Aboitiz Equity Ventures Inc., Aboitiz Power Corp., and Aboitiz Transport System Corp. Among the financial institutions in this category are China Bank, Security Bank, PS Bank and SM Investments Corporation. Participation in the CG scorecard project is one of the corporate governance requirements of the Securities and Exchange Commission (SEC) for PLCs.
The CG scorecard assesses a company’s corporate governance based on disclosure and transparency (25%), board responsibilities (25%), rights of shareholders (20%), equitable treatment of shareholders (20%) and role of stakeholders (10%). The ICD has a team of specially trained evaluators from the Ateneo Law School (ALS) that validates the self-assessments made by the companies.
ICD’s CG scorecard project is in partnership with the SEC, the Philippine Stock Exchange (PSE), the Institute of Internal Auditors of the Philippines, and is supported by the Center for International Private Enterprise. |
