Aboitiz Equity Ventures wins 2nd best annual report

Aboitiz Equity Ventures (AEV) won the second best annual report in the Management Association of the Philippines’ (MAP) First Best Annual Reports Awards for 2002, participated in by 29 listed companies in the Philippine Stock Exchange. AEV chief operating officer Erramon Aboitiz received the award on behalf of the company during the recent awards night held at the Mandarin Oriental Manila.

The criteria for the MAP awards included compliance by the financial statements in the annual reports with the rules prescribed by the Securities and Exchange Commission (SEC), which was given a weight of 35%. This coveredcompliance with generally accepted accounting principles and completeness of disclosures. The companies were also judged based on the quality of their disclosures in terms of understandability, readability and the extent of cross-referencing between notes and statement(35%). A weight of 20% was given to additional information disclosed by the companies above statutory requirements, and 10% for visual impact.

The participating companies were judged by a MAP steering committee composed of respected leaders in business, the academe and from government. Aside from AEV, the other companies were: ABS-CBN, Ayala Corporation, Ayala Land, Banco de Oro, Bank of the Philippine Islands, Central Azucarera de Tarlac, Chinabank, Chinatrust, CityState Savings Bank, Digital Telecommunications Phils., First Metro Investment Corporation, Globe Telecom, Jollibee Foods Corp., Keppel Phils., Keppel Phils. Marine, Keppel Phils. Properties, Macroasia Corp., Megaworld Corp., Metro Pacific Corp., Metrobank, Negros Navigation, Petron, Philippine Bank of Communications, Philippine National Bank, Roxas Holdings, San Miguel Corp., SPI Technologies The latest news about the Aboitiz Group and UnionBank.

Macro Asia Corporation, an aviation services firm owned by Lucio Tan, was awarded the first best annual report while Keppel Phils. Marine won third place.
The MAP awards aims to raise the quality level of Philippine Annual Reports to world-class standards, by encouraging the publication of accurate, informative, transparent, well presented and timely annual reports for shareholders, employees and the public at large who may have an interest in the business performance and activities of a company. The awards underscore the quality by which companies are practicing good governance principles of transparency, accountability and fairness in reporting financial and non-financial information about their activities in an aesthetically pleasing and user-friendly manner.