DMCI, Semirara, Axelum recognized for corporate governance

MANILA, Philippines — Listed companies Axelum Resources Corp., DMCI Holdings and Semirara Mining and Power Corp. (SMPC) are among the companies recognized by the Institute of Corporate Directors (ICD) for upholding corporate governance.

DMCI Holdings received the 1 Golden Arrow recognition while SMPC was awarded the 3 Golden Arrow recognition. Both have been ASEAN Corporate Governance Scorecard (ACGS) Golden Arrow awardees since 2019.

“The ACGS measures the performance of the companies in the areas of facilitating the rights and the equitable treatment of shareholders, how they relate to their different stakeholders, ensuring transparency and accountability through timely disclosure of material information, and how the board guides the company strategically, monitors the management, and ensures the board’s accountability to the company and the shareholders,” DMCI and Semirara said in a joint statement.

The awards were conferred after the two companies exhibited observable conformance with the Philippine Code of Corporate Governance and internationally recommended corporate governance practices as espoused by the ACGS.

Axelum Resources, meanwhile, was conferred 1 Golden Arrow.

Recipients are measured for exhibited conformance with the Philippine Code of Corporate Governance and internationally-recommended corporate governance practices espoused by the ASEAN Corporate Governance Scorecard.

Axelum Resources chairman and CEO Romeo Chan welcomed the recognition, saying it is a strong testament to the company’s commitment to adhere to the highest standards of corporate transparency and integrity in the conduct of business.

“As an organization, we are fortunate to be comprised of like-minded individuals who believe in the purpose of upholding best practices,” Chan said.

The scorecard is composed of 184 questions across five key principles namely rights of shareholders, equitable treatment of shareholders, role of stakeholders, disclosure and transparency and responsibilities of the board.

The ASEAN Corporate Governance Scorecard is an initiative of the ASEAN Capital Markets Forum, a high-level grouping of capital market regulators from all ASEAN jurisdictions.

It aims to encourage publicly-listed companies in ASEAN to adopt the principles of corporate governance to promote inclusive economic growth in the region.