Corporate Governance Country Assessment : Republic of the Philippines
Corporate governance in the Philippines
is characterized by concentrated ownership by a limited
number of family shareholders, within a bank-dominated
financial market. A comprehensive set of corporate law and
capital market regulations are enforced by relatively weak
institutions that are undergoing restructuring reforms. As
in many East Asian countries, the need to strengthen
corporate governance was highlighted during the financial
crisis in the region, and recent securities market scandals.
This report benchmarks Philippine corporate governance
against the OECD Principles of Corporate Governance, which
have been recognized as one of the core standards
underpinning the international financial architecture. As
such, the report focuses primarily on corporate governance
issues affecting listed companies and equity providers.
Recommendations on related corporate governance issues such
as banking and the governance of group structures, though
relevant to the reform dialogue, are beyond the scope of
this report. (Two parallel ROSCs are being prepared to
assess the Philippines on accounting and auditing, and
insolvency and creditor rights, which will provide greater
detail on these issues.) The policy recommendations in this
ROSC are intended to highlight areas in which the Philippine
corporate governance system could be strengthened. They are
grouped under four main headings: improving the disclosure
of non-financial information, strengthening the rights of
(minority) shareholders, enhancing the role of the board of
directors, and ensuring the independence of the audit.
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Bibliographic Details
| Main Author: |
World Bank |
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| Language: | English
en_US |
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| Published: |
Washington, DC
2001-09
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| Subjects: | ACCOUNTING,
ACCOUNTING PRINCIPLES,
ACCOUNTING PROCEDURES,
AUDITING,
AUDITORS,
AUTHORIZED CAPITAL,
AUTONOMY,
BANKING LAW,
BANKRUPTCY,
BANKS,
BENCHMARKS,
CAPACITY BUILDING,
CAPITAL MARKETS,
CASH DIVIDENDS,
CENTRAL BANK,
CHARTERS,
COMPANY,
COMPETITIVENESS,
CONSOLIDATION,
CORPORATE CONTROL,
CORPORATE DIRECTORS,
CORPORATE GOVERNANCE,
CORPORATE INFORMATION,
CORPORATE MERGERS,
CORPORATE OFFICERS,
CORPORATE OWNERSHIP,
CORPORATE PERFORMANCE,
CORPORATION,
CORPORATIONS,
DAMAGES,
DEBT,
DISCLOSURE,
DISCLOSURE REQUIREMENTS,
DIVIDENDS,
DOMESTIC INVESTMENT,
FINANCIAL CRISIS,
FINANCIAL INSTITUTIONS,
FINANCIAL STABILITY,
FIXED ASSETS,
FORECASTS,
FOREIGN CURRENCY,
GDP,
INSIDER TRADING,
INSOLVENCY LAW,
INSTITUTIONAL INVESTORS,
INSURANCE,
INTERNATIONAL ACCOUNTING STANDARDS,
INVESTMENT COMPANIES,
INVESTMENT DECISIONS,
LARGE SHAREHOLDERS,
LAWS,
LEGISLATION,
LISTED COMPANIES,
MANDATES,
MARKET VALUE,
MARKETABLE SECURITIES,
MINORITY SHAREHOLDERS,
MUTUAL FUND,
NASDAQ,
NET INCOME BEFORE TAX,
OPERATING COMPANIES,
OUTSTANDING CAPITAL STOCK,
OWNERSHIP CONCENTRATION,
OWNERSHIP DISCLOSURE REQUIREMENTS,
OWNERSHIP STRUCTURE,
PENALTIES,
PORTFOLIO,
PREEMPTIVE RIGHTS,
PRINCIPAL SHAREHOLDERS,
PYRAMID STRUCTURES,
REGULATORY FRAMEWORK,
RETAINED EARNINGS,
RETIREMENT,
RETURN ON EQUITY,
RISK FACTORS,
RISK MANAGEMENT,
SHAREHOLDER MEETINGS,
SHAREHOLDERS,
SHAREHOLDERS EQUITY,
SME,
STATEMENT,
STATEMENTS,
STOCKBROKERS,
SUBSCRIPTION,
SUBSIDIARIES,
SUBSIDIARY,
TOTAL MARKET CAPITALIZATION,
TRANSACTION COSTS,
TRUSTS,
UNLISTED COMPANIES,
VOTING SHARES,
WAGES, |
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| Online Access: | http://documents.worldbank.org/curated/en/2001/09/6583447/philippines-report-observance-standards-codes-rosc-corporate-governance-country-assessment
https://hdl.handle.net/10986/14523
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