MANILA–ABS-CBN Broadcasting Corporation, in a disclosure to the Philippine Stock Exchange (PSE) Monday, announced that it was named by the Institute of Corporate Directors (ICD) as one the 15 highest-scoring companies and the only publicly-listed media organization to garner a score of 90 percent or higher in the 2008 Corporate Governance Scorecard, a survey of corporate governance practices among 172 publicly-listed companies in the country.
ICD further cited that the top 15 companies were at par with corporate governance practices of companies in more advanced economies.
The body conducted the survey in partnership with the PSE and the Securities and Exchange Commission (SEC) and the Ateneo School of Law.
They judged publicly-listed companies based on a questionnaire that measured corporate governance practices which include shareholder rights, treatment of shareholders, the role of stakeholders, disclosure policies and transparency, and board responsibility.
The SEC mandated the participation of publicly-listed companies in the survey.
ABS-CBN earlier reported it has posted a net income of P1.39 billion for 2008 or nine percent higher than the P1.26 billion netted in 2007.
The media conglomerate said this amount is generated from revenues of P22.3 billion.
ABS-CBN also reported that consolidated revenues from airtime and direct sales rose by P2.37 billion or 12 percent year-on-year to P22.3 billion in 2008, inclusive of gross revenue contribution from Skycable of P2.6 billion for three quarters beginning April 2008. A report from the Philippine News Agency