Globe Telecom Gets Platinum Award for Corporate Governance from ICD
MANILA, Philippines - Globe Telecom received back-to-back citations from the Institute of Corporate Directors (ICD) and ATR KimEng Securities, Inc. for its outstanding practice in good corporate governance.
Globe Chief Financial Officer Alberto de Larrazabal received the award.
Globe bagged the much-coveted Platinum award from the ICD having been a Gold awardee for the third consecutive year. This is the first time ICD bestowed Platinum awards and were given to only 7 Philippine companies. For a company to qualify for a Gold award, a score of at least 95% in its Corporate Governance (CG) scorecard must be achieved. With this award, Globe joins the elite roster of publicly-listed corporations in the country by consistently achieving the highest CG scores since 2005 with an impressive 98% for its 2010 scorecard.
The CG Scorecard ranks companies based on how they perform against a set of corporate governance
criteria which include policies and practices relating to Rights of Shareholders, Equitable Treatment of Shareholders, Role of Stakeholders, Disclosure and Transparency, and Board Responsibilities. The project is jointly administered with the Securities and Exchange Commission (SEC), the Philippine Stock Exchange (PSE), the Center for International Private Enterprise (CIPE), the Institute of Internal Auditors of the Philippines (IIA-P), and the Ateneo Law School.
The company was also recognized by the ATR KimEng Securities, Inc. as fully compliant among the telco and utilities sector companies in terms of corporate governance. Globe scored the highest rating with zero non-compliance (100 percent compliant), making it the only company in the Philippines to achieve such rating. …