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Sunday, November 16, 2003
BPI among 'best in governance'
THE Bank of the Philippine Islands (BPI) was adjudged one of the best in corporate governance in a survey by a financial magazine based in Hongkong.
BPI made it to the list of Asian companies with Globe Telecom and Ayala Land, member-companies under the Ayala Group.
BPI, placing third together with Ayala Land, is the only bank in the list of the best in the Philippines, which also include Globe Telecom, first; SM Prime, second; and PLDT, fourth.
The Asset, a financial magazine based in Hongkong, determined the ranking of the companies after a survey of global institutional investors doing business in China, Hongkong, India, Indonesia, South Korea, Malaysia, Singapore, Taiwan, Thailand and the Philippines.
Survey targets were the top 100 institutional investors, with a total of $200 billion invested in Asian equities.
These behemoths accounted for 90 percent of equity assets held by institutional investors.
A total of 27 institutional investors with over $1.8 billion assets under management participated in this year's survey.
It was the greatest response ever, said the publication's research team.
The survey targets were asked to nominate the best six companies in terms of good corporate governance. It was their response that formed the basis of the rankings.
According to the magazine, investors are interested in how the corporation relates to shareholders; transparency, regularity, and depth of financial reporting; business strategy and competitive positioning; growth prospects and dividend policy.
(November 15, 2003 issue)
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