09/08/2011: Ambassador Cuisia Discusses PH Corporate Governance with IFC CG Expert
09 August 2011, Washington, D.C. - Philippine Ambassador to the United States Jose L. Cuisia, Jr. discussed the improving quality of corporate governance in the Philippines with Mr. Philip Armstrong, Head of IFC’s Global Corporate Governance Forum and an internationally acknowledged expert on corporate governance.
“The standard of corporate governance in publicly listed Philippine companies has significantly improved in the last several years as noted by key competitiveness rating institutions,” Ambassador Cuisia said.
Mr. Armstrong discussed updates on the proposed Maharlika Board (MB) which is a special listing segment on the Philippine Stock Exchange (PSE) “dedicated to companies that voluntarily adhere to higher corporate governance standards beyond what is required by law.” MB is a joint project of the PSE and the Forum, with pro bono strategic assistance provided by the Manila-based Institute of Corporate Directors.
MB was modeled after Brazil’s highly successful Novo Mercado, which was launched in 2000 and credited with transforming Brazil’s previously laggard stock market into one of the most robust markets in the world. It is the first of its kind in Asia and forms part of the Aquino administration’s efforts to promote the Philippines as a prime investment destination.
The Global Corporate Governance Forum is a multi-donor trust fund facility dedicated to corporate governance reform in emerging markets and developing countries. It is currently active in nearly 50 countries, 46 percent of which are low-income priority countries. END