03 July, 2009

Roxas Holdings Receives Above-Average Corporate Governance Rating

LISTED sugar group Roxas Holdings, Inc. (RHI) received an above-average score of 82 percent in the 2008 Corporate Governance Scorecard for Publicly-Listed Companies in the Philippines released by the Institute of Corporate Directors (ICD) in partnership with the Securities and Exchange Commission and the Philippine Stock Exchange.

According to the ICD, RHI’s score is much higher than the average score of 72 percent for the 169 Philippine publicly-listed companies that participated in the 2008 corporate governance scorecard.

In 2005, the ICD launched the scorecard, which adopts the template used by other East Asian countries such as Thailand, Hongkong, China and Indonesia, to promote transparency and accountability and the general practice of good corporate governance. At the same time, the scorecard aims to provide a standard method for measurement, ranking and progress tracking of corporate governance practices. The scorecard uses the five categories being broadly observed globally – the right of shareholders, equitable treatment of shareholders, the role of stakeholders in corporate governance, disclosure and transparency and board responsibility.