ABS-CBN Corporation, the country’s largest multimedia conglomerate, was honored with a gold award by the Institute of Corporate Directors (ICD) in recognition of its exemplary corporate governance, proving that the Kapamilya network continues to be one of the best-managed companies in the country.
The Kapamilya multimedia firm earned a high score of 95% in ICD’s Corporate Governance Scorecard, an improvement from its score of 93% last year, when it was also awarded for corporate governance.
Along with other corporations from different sectors, ABS-CBN was graded based on the rights of shareholders, equitable treatment of shareholders, role of stakeholders, disclosure and transparency, and board responsibilities in the country.
The award was handed out during the ICD 8th Annual Dinner held Wednesday (May 25) at The Manila Peninsula. ABS-CBN chief finance officer Ron Valdueza and corporate communications head Bong Osorio received the award.
ICD is a premier organization in the Philippines which focuses on professionalizing corporate governance standards and practices in the country.
On the other hand GMA Network Inc. has also bagged the gold award in the Institute of Corporate Directors’ (ICD) Corporate Governance Scoreboard.
In a statement Thursday, GMA Network said it got the gold award after it garnered 96.8 percent in the ICD’s 2010 Corporate Governance Scoreboard.
“The award is a testament of GMA Network’s strict adherence to the standards of corporate governance… The recognition strengthens our belief that [daily] operations should be bound by virtues of integrity and transparency," said Ari Chio, GMA Network’s vice president for investor relations.
The award — the second for the broadcast giant — was given at the ICD’s 8th Annual Dinner held recently at the Rigodon Ballroom of the Peninsula Hotel Manila. The network got the silver award last year.
“The company [GMA Network] managed to enhance its compliance with the provisions of good corporate governance as it made the cut to the gold award this year," according to the GMA Network’s statement.
The network was one of 16 gold awardees that garnered an average of 95 percent and higher in five categories, including practices related to the rights of shareholders, equitable treatment of shareholders, role of stakeholders, disclosure and transparency, and board responsibility.
The corporate governance scorecard project — now in its sixth year — was administered by ICD’s partners like the Securities and Exchange Commission, the Philippine Stock Exchange, the Institute of Internal Auditors of the Philippines, the Ateneo Law School, and the Center for International Private Enterprise. — JE/VS, GMA News