MANILA – Besting other listed local companies in the country, Globe Telecom bagged the Bell Awards for Corporate Governance, awarded by the Philippine Stock Exchange, in recognition of the leading telecommunication company’s commitment in upholding the principles and best practices in governance.
The award ushers a grand slam win for Globe Telecom for practicing good corporate governance, following a similar citation recently given to the company by the ASEAN Capital Markets Forum (ACMF). Globe was in the Top 3 in corporate governance among listed companies in the Philippines and Top 50 among listed companies in ASEAN region.
The Bell Awards, given to Globe for the second time in four years, acknowledges the company’s efforts in practicing good corporate governance. Globe first won the recognition in 2012, when the PSE first introduced the Bell Awards. Globe was also one of the Top 10 Publicly-Listed Companies in 2013 and 2014.
“It is an honor to be given yet another distinct recognition for the company’s continuing efforts in subscribing to the principles of good corporate governance. This further strengthens our resolve to promote accountability, transparency, fairness and professionalism within Globe, which we believe, helped lead the company to be a stronger and a robust organization that it is today,” Globe President & CEO Ernest Cu said.
The PSE Bell Awards for corporate governance aims to help address the need for better transparency, investor protection and corporate social responsibility among participants in the Philippine capital market by recognizing listed companies and securities firms that adhere to outstanding corporate governance principles and practices.
The criteria and mechanics of the Bell Awards involve a rigorous evaluation by the PSE based on the company’s compliance with the rules and regulations of the PSE, SEC and other pertinent regulatory agencies as well as the corporate governance guidelines survey established by the PSE. An independent panel of judges, composed of industry experts and advocates, selects the finalists and awardees. Ten listed companies will be shortlisted from which 5 will be chosen as awardees.
Corporate governance refers to the legal and factual regulatory framework for managing and supervising a corporation. It encompasses all the systems and mechanisms of shareholders and other stakeholders to ensure that management enhances the value of a corporation as it competes in an increasingly global market place.
In June this year, Globe earned a Best in Corporate Governance citation from Finance Asia based on a survey involving over 250 portfolio managers and buy-side analysts from around the world on their opinions on Asian-listed companies.
NOTE: This is a press release from Globe Telecom.
