Manila Water Company

Corporate Governance

Awards/ Citations for Corporate Governance

Corporate Governance Asia Annual Recognition Awards 2008

Manila Water has been chosen to be one of the recipients of the Corporate Governance Asia Annual Recognition Awards 2008. This marks the second straight year that Manila Water was cited by Corporate Governance Asia (please see below).


This year, Corporate Governance Asia included the following items to its criteria for the award:

  • Rights of shareholders
  • Disclosure and transparency
  • Board and management discipline
  • Audit and remuneration committee
  • Independent, non-executive directors
  • Public impression
  • Investor relations
  • Corporate governance as a business proposition
  • Corporate social responsibility and environmental practices

2007 Corporate Governance Scorecard Project

Manila Water received two awards at the Institute of Corporate Directors’ (ICD) Annual Dinner on May 28, 2008. Manila Water was among the 20 companies given an award for garnering the highest ratings in the 2007 Corporate Governance Scorecard Project, jointly conducted by the ICD, Philippine Stock Exchange and Securities and Exchange Commission among 138 publicly-listed companies. From its average rating of 71% in the 2006 Corporate Governance Scorecard Project where Manila Water ranked 7th out of 64 listed companies (please see below), Manila Water’s rating jumped to 85% in 2007.

Manila Water was also one of 11 companies to receive a citation for its active participation in the ICD Companies’ Circle, composed of publicly-listed companies who have committed to strengthen corporate governance practices in the country. The Companies’ Circle meets monthly and undertakes projects such as the review of the SEC Code of Corporate Governance and the SEC Manual of Corporate Governance.

Corporate Governance Asia Annual Recognition Awards 2007

Manila Water was chosen as one of the recipients of the Corporate Governance Asia Annual Recognition Awards 2007. The award was given to Manila Water in recognition of its continuing commitment to the development of corporate governance in the region.

Corporate Governance Asia is the only journal currently specializing in corporate governance in the region. It evaluated the performance of key companies and listed those that have contributed significantly to the over-all development of corporate governance during the past year. In the Philippines, seven companies were chosen. Along with Manila Water, Ayala Corporation, Globe, Metrobank, PLDT, San Miguel Corporation and SM Investments were also cited.

According to Corporate Governance Asia, the annual recognition awards recognize Asian companies that demonstrate excellence in corporate governance with Asian values and spirit. The criteria for the award are as follows:

  • The awardee must have a previous publicly-acclaimed track record for corporate governance (This can be in the form of other CG-related awards);
  • The awardee must have been involved in a specific publicly-known activity/activities (legislation, surveys, studies, etc.) directly related to improving or enhancing the standards of corporate governance during the past 12 months; and
  • The awardee must have implemented significant and specific CG-related reforms during the past 12 months.

2007 Asiamoney Award

In January 2007, Manila Water was voted 2nd Best Over-all for Corporate Governance in the Philippines for 2006 in a survey conducted by Asiamoney. The criteria for the survey were disclosure and transparency, responsibilities of management and the board of directors, shareholders’ rights and equitable treatment, and investor relations.

Manila Water considered the high rating as a significant achievement for the company especially because it was given only a matter of months from its listing in March 2005. Further, Manila Water and is the only medium-sized company among the seven Philippine awardees. The rest of the awardees were large-cap stocks.

Asiamoney, a leading financial publication, conducted the survey among CEOs, CIOs and senior executives from fund management and hedge fund companies in the Asia-Pacific region, UK and USA, as well as heads of research and senior analysts in brokerages across the region. Asiamoney received a total of 88 valid responses, from 76 different institutions. Seventeen Philippine companies were cited in the survey, with Manila Water coming after PLDT. Manila Water’s parent company Ayala Corporation was voted third best.

2006 Corporate Governance Scorecard Project

Manila Water ranked seventh in the 2006 Corporate Governance Scorecard Project for Publicly-Listed Companies conducted by the Institute of Corporate Directors. This marked the first time that Manila Water was included in the Scorecard Project as it was listed only in March 2005, hence the company considers its high rank quite a feat.

The Scorecard Project involves an annual rating of the corporate governance practices of local publicly-listed companies. 64 listed companies were rated for 2006. The project was conducted under the auspices of the Capital Markets Development Council and the President’s Governance Advisory Council. The criteria for the project are rights of shareholders, equity of shareholders, role of stakeholders, disclosure and transparency, and board responsibility.





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