Corporate Governance Country Assessment : Republic of the Philippines
Corporate governance in the Philippines is characterized by concentrated ownership by a limited number of family shareholders, within a bank-dominated financial market. A comprehensive set of corporate law and capital market regulations are enforce...
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| Format: | Pre-2003 Economic or Sector Report |
| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2001/09/6583447/philippines-report-observance-standards-codes-rosc-corporate-governance-country-assessment http://hdl.handle.net/10986/14523 |
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okr-10986-145232021-04-23T14:03:16Z Corporate Governance Country Assessment : Republic of the Philippines World Bank ACCOUNTING ACCOUNTING PRINCIPLES ACCOUNTING PROCEDURES AUDITING AUDITORS AUTHORIZED CAPITAL AUTONOMY BANKING LAW BANKRUPTCY BANKS BENCHMARKS CAPACITY BUILDING CAPITAL MARKETS CASH DIVIDENDS CENTRAL BANK CHARTERS COMPANY COMPETITIVENESS CONSOLIDATION CORPORATE CONTROL CORPORATE DIRECTORS CORPORATE GOVERNANCE CORPORATE INFORMATION CORPORATE MERGERS CORPORATE OFFICERS CORPORATE OWNERSHIP CORPORATE PERFORMANCE CORPORATION CORPORATIONS DAMAGES DEBT DISCLOSURE DISCLOSURE REQUIREMENTS DIVIDENDS DOMESTIC INVESTMENT FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL STABILITY FIXED ASSETS FORECASTS FOREIGN CURRENCY GDP INSIDER TRADING INSOLVENCY LAW INSTITUTIONAL INVESTORS INSURANCE INTERNATIONAL ACCOUNTING STANDARDS INVESTMENT COMPANIES INVESTMENT DECISIONS LARGE SHAREHOLDERS LAWS LEGISLATION LISTED COMPANIES MANDATES MARKET VALUE MARKETABLE SECURITIES MINORITY SHAREHOLDERS MUTUAL FUND NASDAQ NET INCOME BEFORE TAX OPERATING COMPANIES OUTSTANDING CAPITAL STOCK OWNERSHIP CONCENTRATION OWNERSHIP DISCLOSURE REQUIREMENTS OWNERSHIP STRUCTURE PENALTIES PORTFOLIO PREEMPTIVE RIGHTS PRINCIPAL SHAREHOLDERS PYRAMID STRUCTURES REGULATORY FRAMEWORK RETAINED EARNINGS RETIREMENT RETURN ON EQUITY RISK FACTORS RISK MANAGEMENT SHAREHOLDER MEETINGS SHAREHOLDERS SHAREHOLDERS EQUITY SME STATEMENT STATEMENTS STOCKBROKERS SUBSCRIPTION SUBSIDIARIES SUBSIDIARY TOTAL MARKET CAPITALIZATION TRANSACTION COSTS TRUSTS UNLISTED COMPANIES VOTING SHARES WAGES Corporate governance in the Philippines is characterized by concentrated ownership by a limited number of family shareholders, within a bank-dominated financial market. A comprehensive set of corporate law and capital market regulations are enforced by relatively weak institutions that are undergoing restructuring reforms. As in many East Asian countries, the need to strengthen corporate governance was highlighted during the financial crisis in the region, and recent securities market scandals. This report benchmarks Philippine corporate governance against the OECD Principles of Corporate Governance, which have been recognized as one of the core standards underpinning the international financial architecture. As such, the report focuses primarily on corporate governance issues affecting listed companies and equity providers. Recommendations on related corporate governance issues such as banking and the governance of group structures, though relevant to the reform dialogue, are beyond the scope of this report. (Two parallel ROSCs are being prepared to assess the Philippines on accounting and auditing, and insolvency and creditor rights, which will provide greater detail on these issues.) The policy recommendations in this ROSC are intended to highlight areas in which the Philippine corporate governance system could be strengthened. They are grouped under four main headings: improving the disclosure of non-financial information, strengthening the rights of (minority) shareholders, enhancing the role of the board of directors, and ensuring the independence of the audit. 2013-07-24T16:59:36Z 2013-07-24T16:59:36Z 2001-09 http://documents.worldbank.org/curated/en/2001/09/6583447/philippines-report-observance-standards-codes-rosc-corporate-governance-country-assessment http://hdl.handle.net/10986/14523 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Pre-2003 Economic or Sector Report Economic & Sector Work East Asia and Pacific Philippines |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING ACCOUNTING PRINCIPLES ACCOUNTING PROCEDURES AUDITING AUDITORS AUTHORIZED CAPITAL AUTONOMY BANKING LAW BANKRUPTCY BANKS BENCHMARKS CAPACITY BUILDING CAPITAL MARKETS CASH DIVIDENDS CENTRAL BANK CHARTERS COMPANY COMPETITIVENESS CONSOLIDATION CORPORATE CONTROL CORPORATE DIRECTORS CORPORATE GOVERNANCE CORPORATE INFORMATION CORPORATE MERGERS CORPORATE OFFICERS CORPORATE OWNERSHIP CORPORATE PERFORMANCE CORPORATION CORPORATIONS DAMAGES DEBT DISCLOSURE DISCLOSURE REQUIREMENTS DIVIDENDS DOMESTIC INVESTMENT FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL STABILITY FIXED ASSETS FORECASTS FOREIGN CURRENCY GDP INSIDER TRADING INSOLVENCY LAW INSTITUTIONAL INVESTORS INSURANCE INTERNATIONAL ACCOUNTING STANDARDS INVESTMENT COMPANIES INVESTMENT DECISIONS LARGE SHAREHOLDERS LAWS LEGISLATION LISTED COMPANIES MANDATES MARKET VALUE MARKETABLE SECURITIES MINORITY SHAREHOLDERS MUTUAL FUND NASDAQ NET INCOME BEFORE TAX OPERATING COMPANIES OUTSTANDING CAPITAL STOCK OWNERSHIP CONCENTRATION OWNERSHIP DISCLOSURE REQUIREMENTS OWNERSHIP STRUCTURE PENALTIES PORTFOLIO PREEMPTIVE RIGHTS PRINCIPAL SHAREHOLDERS PYRAMID STRUCTURES REGULATORY FRAMEWORK RETAINED EARNINGS RETIREMENT RETURN ON EQUITY RISK FACTORS RISK MANAGEMENT SHAREHOLDER MEETINGS SHAREHOLDERS SHAREHOLDERS EQUITY SME STATEMENT STATEMENTS STOCKBROKERS SUBSCRIPTION SUBSIDIARIES SUBSIDIARY TOTAL MARKET CAPITALIZATION TRANSACTION COSTS TRUSTS UNLISTED COMPANIES VOTING SHARES WAGES |
| spellingShingle |
ACCOUNTING ACCOUNTING PRINCIPLES ACCOUNTING PROCEDURES AUDITING AUDITORS AUTHORIZED CAPITAL AUTONOMY BANKING LAW BANKRUPTCY BANKS BENCHMARKS CAPACITY BUILDING CAPITAL MARKETS CASH DIVIDENDS CENTRAL BANK CHARTERS COMPANY COMPETITIVENESS CONSOLIDATION CORPORATE CONTROL CORPORATE DIRECTORS CORPORATE GOVERNANCE CORPORATE INFORMATION CORPORATE MERGERS CORPORATE OFFICERS CORPORATE OWNERSHIP CORPORATE PERFORMANCE CORPORATION CORPORATIONS DAMAGES DEBT DISCLOSURE DISCLOSURE REQUIREMENTS DIVIDENDS DOMESTIC INVESTMENT FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL STABILITY FIXED ASSETS FORECASTS FOREIGN CURRENCY GDP INSIDER TRADING INSOLVENCY LAW INSTITUTIONAL INVESTORS INSURANCE INTERNATIONAL ACCOUNTING STANDARDS INVESTMENT COMPANIES INVESTMENT DECISIONS LARGE SHAREHOLDERS LAWS LEGISLATION LISTED COMPANIES MANDATES MARKET VALUE MARKETABLE SECURITIES MINORITY SHAREHOLDERS MUTUAL FUND NASDAQ NET INCOME BEFORE TAX OPERATING COMPANIES OUTSTANDING CAPITAL STOCK OWNERSHIP CONCENTRATION OWNERSHIP DISCLOSURE REQUIREMENTS OWNERSHIP STRUCTURE PENALTIES PORTFOLIO PREEMPTIVE RIGHTS PRINCIPAL SHAREHOLDERS PYRAMID STRUCTURES REGULATORY FRAMEWORK RETAINED EARNINGS RETIREMENT RETURN ON EQUITY RISK FACTORS RISK MANAGEMENT SHAREHOLDER MEETINGS SHAREHOLDERS SHAREHOLDERS EQUITY SME STATEMENT STATEMENTS STOCKBROKERS SUBSCRIPTION SUBSIDIARIES SUBSIDIARY TOTAL MARKET CAPITALIZATION TRANSACTION COSTS TRUSTS UNLISTED COMPANIES VOTING SHARES WAGES World Bank Corporate Governance Country Assessment : Republic of the Philippines |
| geographic_facet |
East Asia and Pacific Philippines |
| description |
Corporate governance in the Philippines
is characterized by concentrated ownership by a limited
number of family shareholders, within a bank-dominated
financial market. A comprehensive set of corporate law and
capital market regulations are enforced by relatively weak
institutions that are undergoing restructuring reforms. As
in many East Asian countries, the need to strengthen
corporate governance was highlighted during the financial
crisis in the region, and recent securities market scandals.
This report benchmarks Philippine corporate governance
against the OECD Principles of Corporate Governance, which
have been recognized as one of the core standards
underpinning the international financial architecture. As
such, the report focuses primarily on corporate governance
issues affecting listed companies and equity providers.
Recommendations on related corporate governance issues such
as banking and the governance of group structures, though
relevant to the reform dialogue, are beyond the scope of
this report. (Two parallel ROSCs are being prepared to
assess the Philippines on accounting and auditing, and
insolvency and creditor rights, which will provide greater
detail on these issues.) The policy recommendations in this
ROSC are intended to highlight areas in which the Philippine
corporate governance system could be strengthened. They are
grouped under four main headings: improving the disclosure
of non-financial information, strengthening the rights of
(minority) shareholders, enhancing the role of the board of
directors, and ensuring the independence of the audit. |
| format |
Economic & Sector Work :: Pre-2003 Economic or Sector Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Corporate Governance Country Assessment : Republic of the Philippines |
| title_short |
Corporate Governance Country Assessment : Republic of the Philippines |
| title_full |
Corporate Governance Country Assessment : Republic of the Philippines |
| title_fullStr |
Corporate Governance Country Assessment : Republic of the Philippines |
| title_full_unstemmed |
Corporate Governance Country Assessment : Republic of the Philippines |
| title_sort |
corporate governance country assessment : republic of the philippines |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2001/09/6583447/philippines-report-observance-standards-codes-rosc-corporate-governance-country-assessment http://hdl.handle.net/10986/14523 |
| _version_ |
1764427548120317952 |