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Philippines Tries to Shed Poor Governance Reputation

Global Glimpses | November 22, 2010

The Philippine Stock Exchange has launched a new corporate governance code in an effort to improve standards among its listed companies.

A report last year by the Asian Corporate Governance Association said the PSE had the worst governance standards of 11 Asian markets it reviewed.

Developed with financial help from the British government, the PSE code follows Britain’s “comply or explain” approach, where companies are expected to implement the guidance or publish their reasons for not doing so.

Listed companies will have to submit a compliance report to the PSE’s disclosure department by the end of January each the year, explaining how they have followed the code in the previous 12 months, with detailed explanations of any non-compliance.

PSE chairman Hans B. Sicat said the new code would help...

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