Two publicly-listed Aboitiz companies were recently honored for their outstanding adherence to good corporate governance practices based on a regional benchmark.
Holding company Aboitiz Equity Ventures, Inc. (AEV) and its power business unit Aboitiz Power Corporation (AboitizPower) were recognized among the Philippines’ top 10 publicly-listed companies (PLCs) for corporate governance in 2017, according to the Institute of Corporate Directors (ICD), a non-stock, not-for-profit organization dedicated to professionalizing corporate directorship and raising the country’s corporate governance standards.
AEV and AboitizPower scored at least 104.53 and 104.95 points, respectively (out of a possible 130 points) on the ICD’s ASEAN (Association of Southeast Asian Nations) Corporate Governance Scorecard, which ranked 247 PLCs based on rights of shareholders, equitable treatment of shareholders, role of stakeholders in corporate governance, disclosure and transparency, and responsibilities of the board.
Only 10 Philippine PLCs received this recognition.
“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,” said Erramon I. Aboitiz, AEV President and Chief Executive Officer.
The Aboitiz Group has consistently been recognized by the ICD for similar past accolades.
In 2016, AEV, together with 14 other listed local companies, were recognized by ICD as Governance Awardees after topping the following criteria: ASEAN Corporate Governance Scorecard, Shareholders, Public Disclosure and Transparency, Stakeholders and Board of Directors. (PR)