Corporate_Governance_Trends_in_Philippine_Listed_Companies.pptx

Corporate_Governance_Trends_in_Philippine_Listed_Companies.pptx

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Corporate Governance Trends in Philippine Listed Companies Cresmundo, Armee Jay L.
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Introduction 100 largest publicly listed companies (by revenue) Between 2002 (year Sec issued Code of Corporate Governance) and 2007 Objectives: Assess state of corporate governance in the Philippines and the direction it is going Provide useful benchmark for companies wishing to improve governance practices Re-evaluate rules, regulations and guidelines relating to corporate governance Minimal compliance by most of the companies Marked improvements have been observed
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Background
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Methodology Top 100 publicly listed companies based on reported revenues for 2007 Reviewed corporate governance practices: Board composition Number of independent directors Separation of the roles of the Chairman and CEO Disclosures on executive compensation and related party transactions Adoption of corporate governance manual Implementation of performance evaluation system Disclosure of corporate governance practices Creation of various board committees
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Methodology Reviewed ownership concentration information Online survey undertaken by Social Weather Stations (SWS): Sent emails to directors and officers inviting them to participate in the survey Asked respondents to state their degree of agreement or disagreement with 31 test statements 29% (representing 75 out of the 100 companies) participated in the survey
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Key Findings Number of Board Directors “Minimum of 5 but not more than 15 members”
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Key Findings Male/Female Director Ratio
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Key Findings Identification of Independent Directors
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Key Findings Number of Independent Directors “At least TWO independent directors or at least 20% of the members of the Board, whichever is less”
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Key Findings Separation of Roles of the Chairman and CEO “The Code does not require separation of the two roles”
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Key Findings Relationship between Chairman and CEO “If separate, company shall disclose their relationship upon election”
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Key Findings Frequency of Board Meetings “Boards should properly discharge functions by meeting REGULARLY”
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  • Fall '14
  • molina

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