Globe Telecom made it to the top 50 publicly-listed companies (PLCs) in the Association of Southeast Asian Nations (ASEAN) for excellent performance in the ASEAN Corporate Governance Scorecard (ACGS). This is a testament to the company’s commitment to good governance principles to create shared value for all stakeholders.
The prestigious award was conferred by the ASEAN Capital Markets Forum (ACMF) at the ASEAN Corporate Governance Awards ceremony on November 21, 2018 in Kuala Lumpur, Malaysia. ACGS assessed close to 600 publicly-listed companies for their corporate governance practices which aim to protect their firms from financial crises and promote greater capital market development.
“The key is finding the equilibrium between governance and business. We believe that finding the right balance is the crux to sustainability and shareholder value,” said Marisalve Ciocson-Co, Globe Senior Vice-President for Law and Compliance, Chief Compliance Officer and Assistant Corporate Secretary.
The ACGS is an instrument for the assessment and ranking of PLCs among participating countries, namely: Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam. This initiative was developed in 2011 by the ACMF and in collaboration with the Asian Development Bank. The scorecard is also aligned with the corporate governance principles by the Organisation for Economic Cooperation and Development (OECD).
Assessment of listed firms under ACGS underwent a rigorous two-stage process: local assessment conducted by domestic ranking body (DRB) assessing and ranking their respective Philippine listed firms, as well as a peer review by other DRBs assessing listed companies from other countries. This is then followed by a series of dialogues and discussions among DRBs and the ACGS working group to reconcile differences and discrepancies in assessments and scores.
Globe has been consistently recognized as one of the top listed firms in ASEAN since the 2015 ACGS run. ACGS compliance is spearheaded by Globe Corporate and Legal Services Group and Globe Chief Compliance Officer Ciocson-Co. Other companies recognized in the Top 50 were Singapore Telecommunications Limited (Singtel), Ayala Corporation, Ayala Land, Inc., and Manila Water Company, Inc.