DBP Exec Cites Importance of Corporate Governance

Manila Bulletin, October 24, 2004 | Go to article overview
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DBP Exec Cites Importance of Corporate Governance

Byline: EDU H. LOPEZ

The stated-owned Development Bank of the Philippines (DBP) has adopted a code of ethics to guide officers and staff in carrying out their duties and responsibilities in accordance with high professional and ethical standards.

The code will ensure that the bank conducts its business within the rules of law and the bounds of moral and social conscience.

Speaking at the opening day of the Asia-Pacific seminar workshop on enhancing corporate governance, DBP president and chief executive officer Reynaldo G. David said the code emphasizes adherence to the principles of accountability, transparency, integrity, good faith, and confidentiality, as well as to avoid conflict of interest in every transaction.

"To complement this code, a training program, internal communications system, performance management system, feedback mechanism, rewards program, system of checks and balances, amongst others are in place to reinforce the practice of the ethical standards and core values amongst DBP officers and employees," said David.

David believes that it is very difficult for an institution to talk about doing corporate good without itself performing creditably.

"And to perform well, it is an imperative that you must have good corporate governance. I am fortunate to be at the helm of a development financial institution that has married its corporate social responsibility with sound corporate governance."

DBP has espoused the convergence of governance and risk mitigation mechanisms in the banks operations.

"Good governance is practiced as everybodys business, and risk management has become an operational responsibility of risk-taking units.

We know that corporate governance dictates adherence to ethical standards. No business can prosper in the long-term without certain core values," David said.

He cited studies that the best performing companies manage their businesses in a manner that meets or exceeds the legal, commercial, and public expectations that their shareholders expect of them.

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