Foundation on corporate governance reforms launched

President Arroyo welcomed the commitment of business to institutionalize reforms in corporate governance, noting the involvement of, and substantial amounts pledged by, top business leaders to the non-stock, non-profit foundation, Philippine Business for Corporate Governance.

The President spoke at the launching of the foundation recently at the Makati Shangri-La Hotel and at the conference on governance reforms co-convened by the Business Sector Advisory Group chaired by Roberto R. Romulo.

Romulo announced that 11 individuals and corporations made a cumulative pledge of P20 million. Individual pledges were made by Washington SyCip, Roy Navarro and Ricardo Romulo.

Corporate pledges were made by the Aboitiz Group, Equitable-PCI Bank, Equitable Card Network, Nestle Philippines, Philamlife Foundation, Planters Development Bank, I-Bank and Ayala Corporation.

The incorporators are Jon Erramon Aboitiz, Joselito Campos, Antonio Cojuangco, Manuel Pangilinan, Cesar Purisima, Jerry Isla, Enrique Razon, Pedro Roxas, Willard Steven Uytengsu Jr., Alfonso Yuchengco III and Jaime Augusto Zobel de Ayala. Dr. Jesus Estanislao will be the chairman of the new foundation.

Romulo will become the chairman of the foundation's advisory board with Washington SyCip, Roy Navarro, Cesar Virata, Juan Santos, Ernesto Garilao, Antonio Go, Jose Cuisia Jr., Ramon del Rosario Jr., Ramon Sy and Jesus Tambunting as members.

PBCG is the institutionalization of the activities of the Institute of Corporate Directors (ICD) which was created in September 1999 by the Foundation for Community Building in the Asia-Pacific (FCA). The newly launched foundation will carry on ICD's mission with assurance of broader membership, extensive programs and solid funding.

Its umbrella programs include directors' training program, directors' videoconferencing forum, training the trainors (in hourse, on line and overseas), region and case development, consultancy program, regional networking, and advocacy program.

Romulo envisions that the newly launched PBCG willserve as instrument to ensure reform measures specified in the corporate governance reform agenda developed with key government, business and civil society organizations, are made systemic and permanent.

Close collaboration between the public and private sector to introduce corporate governance reforms and to deepen the educational and networking programs of the ICD has helped restore investor confidence, strengthen the capital market, and supported growth of the corporate sector and economy.

With the vision of becoming the primary Institute for Corporate Directors in the East Asian Region, PBCG is now poised to take on greater challenges in providing a wider range of globally recognized training courses, networking and linkage opportunities, and more aggressive advocacy and policy reform initiatives.