Security Bank Corporation was recognized as one of the Top-scoring Publicly-Listed Companies by the Institute of Corporate Directors' with the Silver Award during the ICD’s 9th Annual Dinner held recently, a press release from SBC said.
The Corporate Governance Scorecard is exercised yearly by the ICD in continuing its advocacy to promote good corporate governance practices beyond compliance.
It taken from the Organization for Economic Cooperation and Development Principles on Corporate Governance, the press release said. 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 and the Philippine Stock Exchange, it added.
Corporations were judged in terms of shareholder rights, equitable treatment of shareholders, role of stakeholders, disclosure and transparency, and board responsibilities, the press release said.
Alberto Villarosa, President and CEO of Security Bank, said “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.”
The 2011 Corporate Governance Scorecard is a joint project of the ICD and the Center for International Private Enterprise 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 in the banking industry for the past consecutive years.
The bank reported strong first quarter performance for 2012, with a 20 percent increase in its lending business, which went up to P99 billion, year-on-year, reflecting its focus on driving growth through core businesses, the press release said. It also registered a healthy increase of 12 percent in total operating income of P2.3 billion from the same period in 2011, and a net income of P1.1 billionresulting to an ROE of 14 percent for the first three months of the year it added.*