ASEAN integration will happen in 2015 and the Philippines will have to be ready for it. One of the areas that needs to be addressed is the need to harmonize the current standards of corporate governance with the ASEAN Corporate Governance Scorecard (ACGS), which was introduced in 2012, to raise corporate governance standards and practices of ASEAN Publicly Listed Companies (PLCs).
To improve the performance of Philippine PLCs to regional standards, the project will modify the ACGS to suit the needs and requirements of particular sectors without diluting the concept of having an objective measurement. The Institute of Corporate Directors (ICD) will assist Philippine PLCs to meet the ASEAN standards by recommending measures to strengthen areas of weak governance and formulate regulatory reforms that would serve to institutionalize the improved corporate governance standards and scorecards.
ICD shall also encourage national government oversight agencies to adopt the standards and include them in regular performance monitoring of PLCs and Government-Owned and Controlled Corporations (GOCCs). ICD will also work with the academic institutions to integrate the ACGS in their business courses.
|Location||Philippines, East Asia and Pacific|
|Value||USD 358 Thousand|