SEC PHILIPPINES, the New ACMF Working Group D Secretariat
The Securities and Exchange Commission assumed the Chairmanship of the ASEAN Capital Markets Forum (ACMF) Working Group D from Securities Commission Malaysia during the recently concluded inaugural ASEAN Corporate Governance Conference and Awards held on 14 November 2015 at the Manila Polo Club, Makati City. The ACMF Working Group D is responsible for the ASEAN corporate governance initiative, comprising the ASEAN Corporate Governance Scorecard (ACGS) and the ranking of ASEAN Publicly-listed companies (PLCs), which is one of the several regional initiatives of the ACMF.
The ACGS and the consequent ranking of ASEAN PLCs were the basis for the recognition of the top 50 ASEAN PLCs, which included 11 corporations from the Philippines, namely: Aboitiz Equity Ventures, Ayala Corporation, Ayala Land, Inc., BDO Unibank, Inc., Globe Telecom, Inc. GT Capital Holdings, Inc., Manila Electric Company, Manila Water Company, Inc., Philex Mining Corporation, Philippine Long Distance Telephone Company and SM Prime Holdings, Inc.
Prior to taking the helm of the Working Group, the SEC has been active in promoting the ACGS initiative to the Philippine PLCs. In the first half of 2015, it conducted a series of Roundtable Discussions on the ACGS, which is believed to have contributed greatly to the increased scores of Philippine PLCs, leading to the inclusion of the aforementioned 11 companies in the top 50 ASEAN PLCs.
Under its Chairmanship, the SEC is tasked with steering the CG initiative to the next phase, beginning with a holistic review of the ACGS and coordinating with the CG experts and senior regulators from the other participating countries on all other relevant matters and work programmes that would further promote and strengthen corporate governance within the region.
ASEAN Corporate Governance Scorecard Country Reports and Assessments 2013-2014 (Asian Development Bank, 2014)