Security Bank Wins Award in the ICD 2009 Corporate Governance Scorecard

Security Bank Corporation was recently cited as one of the Top-scoring Publicly Listed Companies (PLCs) by the Institute of Corporate Directors” (ICD) in its 2009 Corporate Governance (CG) Scorecard.

The CG Scorecard project ranks PLCs according to how they perform relative to a set of corporate governance criteria which includes policies and practices relating to Rights of Shareholders, Equitable Treatment of Shareholders, Role of Stakeholders, Disclosure and Transparency, and Board Responsibilities. The project aims to raise standards of corporate governance practices not only by ensuring compliance to minimum regulatory requirements but also by encouraging the adoption of recognized best practices in corporate governance.

?We are deeply honored to be recognized among the country’s top corporations committed to the principles of responsible governance and its adherence to the best practices of accountability, transparency and integrity. This recognition validates Security Bank’s dedication in executing a consistent business strategy geared towards outstanding corporate performance that sustains the long term interest of our stakeholders,? said Alberto Villarosa, Security Bank President and Chief Executive Officer.

Now on its 5th year, the CG Scorecard project is jointly administered with ICD’s partners namely the Securities and Exchange Commission (SEC), the Philippine Stock Exchange (PSE), the Institute of Internal Auditors of the Philippines (IIA-P), the Ateneo Law School and the Center for International Private Enterprise (CIPE).

?We are very happy with the results as they show continued improvement in compliance and corporate governance practices among our listed companies. The challenge is to step up the plate, go beyond mere compliance and into governance that delivers performance and breakthrough results. I congratulate Security Bank for winning the Silver Award for 2009 CG Scorecard. The award demonstrates the bank’s commitment and adherence to good governance principles and practice,? Dr. Jesus Estanislao, chairman of the ICD said.

Security Bank continues to inspire strong investor confidence as one of the best performing Banks in the industry consistently reporting the highest return on equity (ROE) in the banking industry for the past three consecutive years, with an impressive ROE of 20.1% in the first quarter of 2010. Its capital adequacy ratio indices also remain to be among the best in the industry, showing an NPL ratio of 1.5% and NPL cover of 303% in the first quarter of the year.