Philippines Corporate Governance Leader recognised with prestigous award

On November 29, the Manila Bulletin reported that Dr Jesus P. Estanislao had been jointly awarded the Management Association of the Philippines’ Management Man of the Year. Dr Estanislao is a leader in promoting and focusing on good corporate governance. By recognizing his work with such an award, it highlights the current global focus on corporate governance and the failures that have lead to the current financial crisis; and the need to better protect investors, creditors, employees, customers, and taxpayers.

The article, by Dr Jaime Laya, clearly outlines where the failures of Corporate Governance have historically been, with an emphasis on management and Boards putting self interest over company interest. It is this very sentiment which has led to many regulators, including those in the Philippines, to issue more regulations focused on integrity, fairness, accountability and transparency in corporate operations.

The Philippine's Code of Corporate Governance and the related annual scorecard are good examples and provide a solid foundation for Corporate Governance regulation. However, as reported in the World Bank's Corporate Governance Country Assessment undertaken in 2006 and in Dr Laya’s article, enforcement and consistency of the regulator appear to be an area for improvement to ensure the Code is complied with and its importance recognised.

It is vital that such work continues to be awarded, to ensure that the importance of Corporate Governance is acknowledged on an ongoing basis.

To review Dr Laya’s full article please use the following link. Dr Jesus P Estanislao