China Bank President William C. Whang flanked by ICD CEO Alfredo E. Pascual and SEC Chairman Emilio B. Aquino.
China Banking Corporation (China Bank, PSE stock symbol: CHIB) was recognized anew for its excellence in corporate governance and commitment to international best practices. The Institute of Corporate Directors (ICD) conferred a four-arrow recognition to China Bank at The ASEAN Corporate Governance Scorecard (ACGS) 2019 Recognition Night last June 11 at the Conrad Manila Hotel in Pasay City. The four-arrow recognition represents China Bank’s achievement of scoring 110 to 119 points out of the 130 highest possible points in the ACGS. China Bank is the only bank among the six publicly-listed companies (PLCs) with this score range in the 2018 ACGS, including SM Investments Corp. and SM Prime Holdings, Inc.
The ACGS is an instrument for assessing the governance practices of listed companies in the participating ASEAN member countries. Aligned with the corporate governance principles by the Organization for Economic Cooperation and Development (OECD), the ACGS encourages PLCs to go above and beyond national legislative requirements and adopt international best practices to boost investor confidence.
“Good corporate governance is in China Bank’s DNA. We are committed to uphold the high standards set by the ACGS to remain sustainable and to create shared value for all stakeholders,” said China Bank President William C. Whang.
China Bank has been a good governance frontrunner in the region. The ASEAN Capital Markets Forum (ACMF) awarded China Bank in 2018 as one of the Top 50 PLCs in ASEAN and the Top 3 PLC in the Philippines. Since 2013, China Bank has been consistently among the top 50 Philippine listed companies evaluated under the ACGS. The Philippine Stock Exchange also recognized the bank for its governance excellence for six straight years. UK publications Global Banking and Finance Review and Capital Finance International also named China Bank as the Best Bank for Corporate Governance - Philippines in 2018.
The Securities and Exchange Commission (SEC) is the chief regulatory body that monitors corporate governance standards among local PLCs. The ICD, a non-stock, non-profit organization dedicated to the study and professionalization of Philippine corporate directorship, is the domestic ranking body for the ACGS under the auspices of the SEC.
Aside from the 4-arrow recognitions given to six PLCs including China Bank, ICD awarded 42 other PLCs with 3-arrow (100 to 109 points), 2-arrow (90 to 99 points), and 1-arrow (80 to 89 points) recognitions.