The Securities and Exchange Commission (SEC) has cited three publicly listed companies that have the most number of female directors in its board.
In its 2022 Gender and Development Awards, the regulator cited BHI Holdings Inc., National Reinsurance Corp. of the Philippines, and Monde Nissin Corp.
The said award was part of the agency’s call for corporations to ensure gender diversity in their boardroom.
“Year 2022 is an opportunity for the Philippine corporate sector to revitalize its leadership roles through gender diversity,” SEC Chairman Emilio B. Aquino said in his opening remarks for the event.
“This recognition marks not only the corporate governance breakthrough achieved by PLCs [publicly listed companies] today, but the ardent hope that these gender and development achievements will continue in the years to come. The SEC is confident that this event will inspire PLCs to continue their initiatives despite the difficulties and complications brought about by the pandemic.”
The awardees were listed firms that were in good standing and found to have the most number of woman directors in their board, based on their disclosures to the SEC and the public for the covered year 2021.
Ensuring female representation in the boardroom is in line with the recommendation that the boards of corporations should be as diverse as possible, gender-wise, among other good corporate governance practices, the agency said.
“The awards given by the commission should neither be construed as its express or implied endorsement of the awarded companies nor a guarantee that the awarded companies are high performing, profitable or compliant with all applicable regulations,” the SEC said.
“The awards shall be without prejudice to any penalty that may be imposed at a later time on the awarded companies if found to be in violation of the rules and regulations issued by the commission.”