In recognition of its firm adherence to the best practices in corporate governance, China Banking Corporation (China Bank) was again named by the Institute of Corporate Directors (ICD) as one of the best-governed publicly-listed companies in the Philippines.
China Bank Chairman Hans T. Sy (3rd from left) and SEVP & COO Ricardo R. Chua (2nd from left), flanked by ICD Chairman Jesus P. Estanislao, SEC Chairperson Teresita J. Herbosa, and PSE President & CEO Hans B. Sicat at the Corporate Governance awarding last May 30.
As one of the top-scorers of ICD’s 2011 Corporate Governance (CG) Scorecard, China Bank joins an elite group of 16 other winners in the Gold category, with scores of 95% and above. ICD recognized 39 companies across various industries at the awarding ceremony last May 30 at the Peninsula Manila. China Bank Chairman Hans T. Sy and SEVP & COO Ricardo R. Chua accepted the award.
The Bank has been a consistent top-scorer in the CG Scorecard. This is the fourth time that ICD recognized China Bank—the first was in 2006— as one of the most transparent and best-governed institutions, and the second time that it won the gold award.
China Bank President & CEO Peter S. Dee views the new award as a confirmation of the Bank’s sound and principled banking practices. “We are honored and humbled by this award, which is a testimony of our commitment to achieving excellence in Corporate Governance,” he said.
ICD evaluated 196 publicly-listed companies for the 2011 CG scorecard. They were surveyed according to their CG practices in five categories: Rights of Shareholders, Equitable Treatment of Shareholders, Role of Stakeholders, Disclosures and Transparency, and Board Responsibility. The average score of all 196 companies garnered a score of 75% for 2011. The silver awardees earned scores from 90% to 94% and the gold awardees earned scores of 95% and above.
ICD is a non-stock, not-for-profit organization working in close partnership with other business, government, and civil society organizations to promote and uphold the practice of good corporate governance. The Corporate Governance Scorecard is an annual exercise by the ICD to promote good corporate governance practices beyond compliance. The 2011 Corporate Governance Scorecard is a joint project of the ICD and the Center for International Private Enterprise in Washington DC.
China Bank, established in 1920, was listed on the Philippine Stock Exchange in 1965, was the first bank in Southeast Asia to process deposit accounts on-line in 1969, and was the first Philippine bank to offer phone banking in 1988. The Bank provides a wide range of banking services through close to 300 branches and over 480 ATMs nationwide (including thrift bank subsidiary China Bank Savings). Complementing this vast network are electronic banking channels that provide efficient and secure 24/7 service: China Bank TellerPhone (phone banking) and China Bank Online (Internet and mobile banking).