Forum to Help Philippines Launch Listing Segment for Companies with Higher Corporate Governance Standards

published by The Global Corporate Governance Forum, March, 2011.

The Global Corporate Governance Forum, in partnership with the Philippine Stock Exchange (PSE), Institute of Corporate Directors (ICD), and IFC Manila Office, convened a Business-Investor Dialogue in Manila on March 22, 2011.

The focus of the Dialogue was on the Maharlika Board, a special listing segment for companies that voluntarily commit to higher corporate governance standards, beyond those required by law. In exchange, companies that qualify will receive discounts on listing and maintenance fees paid to the PSE. It is part of the government’s program to promote the Philippines as a prime investment destination.

The proposed Maharlika Board, the first of its kind in Asia, draws inspiration from the highly successful Novo Mercado, which was launched in 2000 by BOVESPA, Brazil’s stock exchange. The Novo Mercado is credited with transforming Brazil’s previously laggard stock market into one of the most robust markets in the world. The Forum has been cooperating with the PSE to provide technical assistance in the design and launch of the project. (continue reading… )

 

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