Manila Water is one of 230 companies from ASEAN member states included in the 2021 ASEAN Corporate Governance Asset Class. This certification is awarded to listed companies that demonstrate good corporate governance practices according to the criteria specified in the ASEAN Corporate Governance Scorecard. Contributed photo
MANILA, PHILIPPINES — Manila Water has achieved another milestone for its excellent corporate governance practices in the 2021 ASEAN Corporate Governance Regional Assessment.
Scoring at least 97.5 points in the ASEAN Corporate Governance Scorecard, Manila Water was one of 32 Filipino companies included in the 2021 ASEAN Corporate Governance Asset Class. A total of 230 companies from ASEAN Member States were honored at the virtual awards ceremony held on December 1st last year. The award ceremony was hosted by the Institute of Corporate Directors Philippines.
The ASEAN Corporate Governance Awards are based on the results of the ASEAN Corporate Governance Scorecard (ACGS), a strong collaboration and joint effort by both the public and private sectors through the involvement of market regulators, national ranking bodies and independent companies. It is the culmination of our efforts. Governance experts assess public companies (PLCs) from six participating ASEAN member states: Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam.
ACGS is an initiative under the ASEAN Capital Market Forum (ACMF) and the Asian Development Bank (ADB) based on the Corporate Governance Principles of the Organization for Economic Co-operation and Development (OECD).
READ: Manila Water’s ESG Risk Rating Improves: Rising Towards Sustainability Challenges
Through a standardized assessment of corporate governance practices and principles provided by the Scorecard, the initiative will raise overall corporate governance standards for PLCs in the region, increase investor visibility and make ASEAN a wise country. The purpose is to promote it as an investment destination. The corporate governance environment in the ASEAN region remains competitive and contributes to business growth in the ASEAN jurisdiction.
ACGS ratings are assigned by the ACMF to the National Ranking Bodies (DRBs) of each ASEAN member country, followed by a peer review conducted by the DRBs for participating neighboring countries in the region. Top PLC performers will be announced at the ACGS Awards Ceremony.
In 2019, Manila Water received a three-star arrow recognition from the Institute of Corporate Directors for its performance evaluation against the ACGS for the same year.
In 2018, Manila Water received a similar performance rating and was named one of the top 50 listed companies in ASEAN for corporate governance at the 2018 ASEAN Corporate Governance Awards.
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