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Founded on November 28, 1928, Philippine Long Distance Telephone Company (PLDT or the “Company”) is the leading telecommunications provider in the Philippines. Through its three principal business groups – wireless, fixed line, and information and communication technology – PLDT offers the largest and most diversified range of telecommunications services across the Philippines’ most extensive cellular, fiber optic backbone and fixed line, and satellite networks.
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General Info
As a publicly listed company, with shares traded at the Philippine Stock Exchange (“PSE”) and its American Depository Receipts listed and traded at the New York Stock Exchange (“NYSE”), PLDT is mandated by Philippine and US regulators to comply with their prescribed corporate governance laws, rules and regulations. However, beyond legal compliance, PLDT, its Board of Directors (“Board”), Officers, and Employees, are dedicated to developing a culture of good corporate governance in the conduct of its business.
Thus, PLDT's corporate governance practices and standards not only comply with, but on certain matters, even exceed, the requirements of the Code of Corporate Governance (the “PSEC Governance Code”) that was promulgated by the Philippine Securities and Exchange Commission (“PSEC”) under its Memorandum Circular No. 2, Series of 2002 and some of the requirements of the US regulators.
For one, our Board currently has four (4) independent members out of the thirteen (13) directors. This surpasses the requirement of Philippine law which only calls for at least two (2) independent directors or such independent directors that shall constitute at least twenty percent (20%) of the members of the Board, whichever is fewer.
For another, we have four (4) working Board committees: Governance and Nomination, Audit, Executive Compensation and Finance. Each committee has its own written charter covering the relevant Committee’s composition, membership qualifications, functions and notably responsibilities, conduct of meetings, and reporting procedures to the Board.
The Governance and Nomination Committee is the result of the Board’s commitment to corporate governance compliance when it re-constituted and expanded the then existing Nomination Committee to cover corporate governance-related oversight functions.
Further, the Company’s Code of Business Conduct and Ethics (“Code”) not only applies to the Company’s President and CEO and senior financial officers but to the Board, Officers and all Employees.
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PLDT CG History
By virtue of its listing in the Philippine Stock Exchange and New York Stock Exchange, PLDT falls within the ambit of Philippine and U.S. regulatory bodies and must comply with their laws, rules and regulations. In this regard, PLDT has established various policies and initiatives to ensure that its business practices will be compliant with global best practices. Significant dates in our compliance efforts are as follows:
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