PHILIPPINE companies appear ready to adopt the 2016 Code of Corporate Governance for Publicly Listed Companies (2016 CG Code) issued by the Securities and Exchange Commission (SEC). While the various CG players have put forward meaningful efforts to establish and promote CG practices, so much more need to be done.
This was the conclusion of the Philippine Corporate Governance Survey Report conducted by Isla Lipana and Co./PwC Philippines (PwC) for the fifth Annual Forum on Good Governance, Ethics and Compliance, held on May 24 at a Pasay City hotel.
The survey, done for the Good Governance Advocates and Practitioners of the Philippines (GGAPP), reflected its forum’s theme “Gaps and Bridges: The Future of Philippine Governance”. Respondents were asked about the current practices of publicly listed companies, their readiness to comply and the changes needed to adapt to the new code.
“We hope GGAPP and PwC’s modest effort at developing substantive knowledge and information on corporate governance in the Philippines will inspire others to contribute to enriching this body of knowledge further,” said. Vincent Edward Festin, GGAPP chairman.
Jocelyn C. Villar-Altamira, GGAPP President, said, “This survey is just the first step that hopefully will enable all of us to make better informed decisions and take innovative measures to ensure continued adherence by all to the corporate governance principles of fairness, accountability, integrity and transparency.”
Alexander Cabrera, PwC Philippines’s chairman and senior partner, said, “PwC is honored to embark with GGAPP on this first-ever journey to capture on paper the actual practices and intention of public companies on corporate governance.”