CEMEX Philippines awarded as one of the top performing publicly-listed companies under ACGS
CEMEX Holdings Philippines (CHP) recently bagged a prestigious Golden Arrow Recognition during a ceremony hosted by the Institute of Corporate Directors (ICD) held at Conrad Manila, Pasay City. Golden Arrow Recognitions were given to publicly-listed companies that were considered top performing companies in the Philippines under the ASEAN Corporate Governance Scorecard (ACGS) based on the results of the 2018 assessment of the corporate governance practices of 247 companies listed on the Philippine Stock Exchange.
Since it began its operations in the Philippines in 1997, CEMEX has grown to become one of the leading cement producers and a partner for nation-building in the country.
The Golden Arrow Recognition affirms that CHP is on the right track in aspiring to operate beyond national legislative requirements and achieve international best practices in corporate governance.
Jointly developed by Asian Development Bank (ADB) and the ASEAN Capital Markets Forum, the ACGS involves an assessment based on publicly available information on the corporations. The ACGS aims to raise the corporate governance standards and practices among publicly-listed companies in the ASEAN, to make well-governed companies more attractive to investors and to promote the ASEAN as an investment asset class. Six ASEAN countries namely the Philippines, Indonesia, Malaysia, Singapore, Thailand, and Vietnam participate in the ACGS.
The Organization for Economic Cooperation and Development (OECD) Principles of Corporate Governance were used as the main benchmark for the ACGS, given their global acceptance from policymakers, investors, and other stakeholders.
“We at CEMEX are honoured to be recognized for our commitment to adhere to internationally recognized corporate governance policies. Receiving a Golden Arrow encourages us to continuously adopt the highest standards of integrity and transparency, ethics and compliance in all our dealings with shareholders and stakeholders,” said Ignacio Mijares, CHP President & CEO.
Garnering a Golden Arrow under the ACGS not only validates the accomplishments of the company in integrating corporate governance best practices in its local business development projects, but also underscores the sound implementation of its socioeconomic programs and environmental initiatives that seek to support nation-building.
CEMEX has a rich history of improving the welfare of those it serves through innovative building solutions, efficiency advancements, and efforts to promote a sustainable future in more than 50 countries worldwide. In the Philippines, CHP’s subsidiaries Apo Cement Corporation in Cebu and Solid Cement Corporation in Rizal produce and market a broad product mix of building solutions. These cement manufacturing plants carry the well-established cement brands Apo and Rizal. More information is available at www.cemexholdingsphilippines.com.