By Kris M. Crismundo
MANILA, Nov 13 (PNA) — Eleven Philippine-based firms will be named as best examples in Southeast Asia in practicing corporate good governance, Institute for Solidarity in Asia (ISA) Chair Jesus Estanislao said on Friday.
In his keynote speech during the Asia Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC) luncheon meeting with Senior Officials in Makati City, Estanislao said the ASEAN Corporate Governance will name the top 50 firms in the region with highest scores in good governance.
“I am particularly pleased to show that 11 of the 50 top-scoring ASEAN publicly listed corporations are Philippine corporations,” he said.
Of the 11 listed Filipino firms, four are owned by magnate Jaime Augusto Zobel de Ayala, who is also one of the country’s representative for ABAC.
The first ASEAN Corporate Governance Awards, to be held in Manila on Saturday, names publicly-listed companies abiding rules, practices and principles of good governance as espoused by Organization for Economic Co-operation and Development (OECD).
“The fight against corruption cannot be a mere flash in a time. It has to be systemic, strategic and sustained. And this is how we have come to our good governance advocacy in both the private and public sector together,” Estanislao noted.
“We have found that good governance is the other side of the same coin in fighting against corruption,” he said adding that corruption further adds to the poverty situation in the region. (PNA)