Security Bank gets award for Corporate Governance
SECURITY Bank Corporation (PSE:SECB) was recognized as one of the Top-scoring Publicly-Listed Companies (PLCs) by the Institute of Corporate Directors’ (ICD) with the Silver Award during the ICD’s 9th Annual Dinner held recently.
The Corporate Governance Scorecard is exercised yearly by the ICD in continuing its advocacy to promote good corporate governance practices beyond compliance.
The CG Scorecard is derived from the Organization for Economic Cooperation and Development (OECD) Principles on Corporate Governance.
Questions are developed based from these principles. These questions contextualize best practices according to circulars, rules, regulations, and codes issued by the Philippine regulators, specifically the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE).
Corporations were judged in terms of shareholder rights, equitable treatment of shareholders, role of stakeholders, disclosure and transparency, and board responsibilities.
“It is our honor to be recognized among the country’s top organizations committed to the principles of responsible governance as we continue to uphold the best practices of transparency, accountability, and integrity. We attribute this achievement to our strong desire to sustain the long-term interest of our stakeholders,” said Alberto Villarosa, President and CEO of Security Bank.
The 2011 Corporate Governance Scorecard is a joint project of the ICD and the Center for International Private Enterprise (CIPE) in Washington, D.C.
Security Bank continues to elicit strong investor confidence as one of the best performing banks in the country, consistently reporting the highest return on equity (ROE) in the banking industry for the past consecutive years.
The bank reported strong first quarter performance for 2012, with a 20% increase in its lending business, which went up to PhP99 billion, year-on-year, reflecting its focus on driving growth through core businesses. The bank also registered a healthy increase of 12% in total operating income of P2.3 billion from the same period in 2011, and a net income of P1.1 billion resulting to an ROE of 14% for the first three months of the year.