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Shang Properties, Inc. to hold 2023 Annual Meeting of Stockholders on June 28

 


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Spider-Man: Across the Spider-Verse spins new spider worlds

Spider-Man: Across the Spider-Verse (2023) — IMDB.COM

LOS ANGELES — American film-producing and writing duo Christopher Miller and Phil Lord were determined to weave a combination of art and heart into Sony Picture’s Spider-Man: Across the Spider-Verse, and that meant broadening the stories of the Spider people.

For their sequel to 2018’s Spider-Man: Into the Spider-Verse, they have sought to build new worlds to immerse audiences in a web of animated adventure.

“We wanted each one to look very distinctive and have their own aesthetic,” Mr. Miller told Reuters ahead of the film’s opening on Friday. “So that was a really fun opportunity to tell a story where you get to go to all these places and see these worlds you’ve never seen before and give the audience something they’ve never experienced.”

The movie traces the journey of teenager Miles Morales, voiced by Shameik Moore, embarking on a mission with love interest Gwen Stacy, voiced by Hailee Steinfeld, to save the Spider-People in every universe from catastrophe.

The animation styles were influenced by the Miles Morales Marvel comic books created by Brian Michael Bendis and Sara Pichelli, and also incorporate a watercolor look often seen in cover art for comic book series Spider-Gwen.

The voice cast includes Issa Rae as Spider-Woman, Oscar Isaac as Spider-Man 2099, Daniel Kaluuya as Spider-Punk and Brian Tyree Henry as Miles’ father, Jefferson Davis.

The theme? For people from all walks of life to unapologetically accept themselves.

“With this story in particular, there are just so many grounded themes of just coming into your own, trusting yourself, learning yourself,” Ms. Rae said.

At the world premiere in Los Angeles on Tuesday last week, Mr. Henry told Reuters that there is a Spider-Man for anyone because heroes look like every sort of person from every background.

The pre-pandemic Spider-Man: Into the Spider-Verse raked in over $35 million during its first three days of release and went on to win the 2019 Oscar for best animated feature film.

Despite some concerns that those box-office-busting days are far from returning, the film debuted with $120.5 million in the domestic box office, the second-biggest opening weekend of the year behind The Super Mario Bros. film that garnered $146 million. The movie’s box office performance surpassed Sony Pictures Animation’s and the BoxOffice Pro’s estimates of $75 million to $115.5 million over its first three days of release in the US and Canada.

For many film critics, this new superhero movie has all the makings of a box office success.

Early feedback from review aggregator Rotten Tomatoes gave the film a 95% on the Tomatometer.

“This feels like it could have been the first movie designed to earn a thumbs up from Andy Warhol and Stephen Hawking,” Owen Gleiberman of Variety wrote. — Reuters

A Brown Company, Inc. to hold annual meeting of stockholders via remote communication on June 30

 


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CTA denies OceanaGold’s refund claim

CTA.JUDICIARY.GOV.PH

THE Court of Tax Appeals (CTA) has denied the refund claim of OceanaGold Philippines, Inc. worth P142.24 million allegedly representing its wrongfully collected excise taxes from July to December 2017.

In a 31-page ruling dated June 1 and made public on June 2, the CTA Special First Division said the firm failed to prove its entitlement to a refund of the subject excise taxes.

“Petitioner (OceanaGold), however, failed to prove that the payments of the subject excise taxes, during the five-year period were detrimental to its recovery of the said pre-operating and property expenses,” Associate Justice Catherine T. Manahan said in the ruling.

Citing the 1994 Financial or Technical Assistance Agreement between the government and Arimco Mining Corp. to which the OceanaGold is a contractor, the court said the firm failed to prove the taxes resulted in a loss in its operating expenses.

OceanaGold, a multinational gold producer, argued that it complied with Tax Code requirements and that it is exempt from excise tax until the end of the recovery period under the Philippine Mining Act and a circular of the Department of Environment and Natural Resources.

The tribunal acknowledged the entitlement to tax incentives under the law, but it said the law mandates a contractor to prove that the taxes were detrimental to its operating expenses during the subject period.

“Petitioner must show that the collection of excise tax during the recovery period resulted in loss or harm in its person or property,” it said.

“There is no specific evidence which shows such fact, and in sum, we see no valid ground to grant the present claim for refund.” — John Victor D. Ordoñez

Century Pacific Food, Inc. sets 2023 Annual Stockholders’ Meeting on July 6

Notice of Annual Stockholders’ Meeting

Notice is hereby given that the Annual Stockholders’ Meeting will be held on Thursday, July 6, 2023 at 8:30 in the morning.

The agenda for the said meeting shall be as follows:

  1. Call to Order
  2. Secretary’s Proof of Due Notice of the Meeting and Determination of Quorum
  3. Approval of the Minutes of the Stockholders’ Meeting held on June 30, 2022
  4. Management’s Report
  5. Ratification of Acts of the Board of Directors and Management During the Previous Year
  6. Election of Directors (including Independent Directors)
  7. Appointment of External Auditor
  8. Approval of the Amendment of the Company’s Articles of Incorporation
  9. Other Matters
  10. Adjournment

A brief explanation of the agenda item which requires stockholders’ approval is provided in the Definitive Information Statement. The Definitive Information Statement, Management Report, and Annual Report for 2022 will be uploaded to the Company’s Website at https://www.centurypacific.com.ph/ and at PSE EDGE under Century Pacific Food, Inc. Company Disclosures.

The record date for the determination of the shareholders entitled to vote at said meeting is on May 16, 2023.

ln light of current conditions and in support of the efforts to contain the spread of COVID-19 virus, stockholders may attend the meeting and vote via remote communication only.

Stockholders should pre-register at this link: https://centurypacific.com.ph/investor-relations/ASM2023 from June 7, 2023 to June 11, 2023.

Upon registration, Stockholders shall be asked to provide the information and upload the documents listed below (the file size should be no larger than 5MB):

A. For individual Stockholders:

  1. Email address
  2. First and Last Name
  3. Address
  4. Mobile Number
  5. Current photograph of the Stockholder, with the face fully visible
  6. Stock Certificate Number and number of stocks held
  7. Valid government-issued ID
  8. For Stockholders with joint accounts: A scanned copy of an authorization letter signed by all Stockholders, identifying who among them is authorized to cast the vote for the account, as well as valid government-issued ID of the authorizing stockholders

B. For corporate/organizational Stockholders:

  1. Email address
  2. Name of stockholder
  3. Address
  4. Mobile Number
  5. Phone Number
  6. Stock Certificate Number and number of stocks held by the stockholder
  7. Current photograph of the individual authorized to cast the vote for the account (the “Authorized Voter”)
  8. Valid government-issued ID of the Authorized Voter
  9. A scanned copy of the Secretary’s Certificate or other valid authorization in favor of the Authorized Voter

Stockholders who will join by proxy shall download, fill out and sign the proxy form found in https://centurypacific.com.ph/investor-relations/ASM2023. Deadline to submit proxy forms is on June 16, 2023.

All registrations shall be validated by the Corporate Secretary in coordination with the Stock Agent. Successful registrants will receive an electronic invitation via email with a complete guide on how to join the meeting and how to cast votes.

Only stockholders of record as of the close of business on May 16, 2023 are entitled to notice and to vote at the meeting.

(SGD.)
MANUEL GONZALEZ
Corporate Secretary

 


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‘The lady doth protest too much, methinks.’

PHILSTAR FILE PHOTO

That is a line from William Shakespeare’s play Hamlet that has become a common expression that implies that someone who denies something very strongly and repeatedly only puts into others’ minds that the opposite is true.

After her demotion from senior deputy speaker to deputy speaker on May 17, Pampanga Representative Gloria Macapagal Arroyo released a long-winded statement denying that she plotted to oust Leyte Representative Martin Romualdez from the Speakership. She explained that while she aspired to be Speaker of the House of Representatives after Ferdinand Marcos, Jr. was elected president, she gave up the goal when she realized that Mr. Marcos was more comfortable with his first cousin, Mr. Romualdez, as Speaker.

She said she would never take any action that would destroy the UniTeam that she helped form. She also clarified that she did not have any conversation with any politician or lawmaker to plot, support, encourage, or participate in any way in any alleged House coup.

The other Sunday, May 28, Ms. Arroyo once again denied rumors that she was “duped” by a congresswoman into planning to oust Speaker Romualdez after being told the plan had the blessings of First Lady Liza Marcos. She said, “no House coup can ever succeed without the consent of the President,” stressing that she did not talk with any House member to “plot, support, encourage, or participate in any way” in such overthrow efforts. “I made a humble contribution to the joining of forces that became the UniTeam, and the resulting supermajority in the House is a major force for delivering our President’s agenda. Thus, I would never take any action to destroy it,” she added.

Ms. Arroyo doth protest too much, methinks.

She has put into my mind the opposite of what she vehemently denies. Also, she must have done something hateful to the powers that be in the House of Representatives for her to be demoted in rank unceremoniously. To a person with a superiority complex like her (the position of “senior deputy speaker” was created just for her because she was once president), the demotion to the level of nine other deputy speakers is a painful punishment.

She herself thinks the cause of her being suspected of plotting a coup was her special meeting with a delegation of congressmen outside the country. Yet, she does not explain what the meeting was about to allay suspicion of a sinister scheme on her part. Maybe she has difficulty weaving a plausible story other than the true one.

She says she no longer aspires to be Speaker of the House. I take that pronouncement with a grain of salt. So have veteran politicians and prominent civil society personalities it seems. That is because she has a reputation for going against her own avowals.

When she was installed as the new president on Jan. 20, 2001, the day after President Joseph Estrada was chased out of Malacañang, she said: “We must change the character of our politics in order to create fertile ground for true reforms. Our politics of personality and patronage must give way to a new politics of party programs and process of dialogue with the people.” Shortly after, she nominated her son, Mikey, who had no preparation nor inclination for public office (he wanted to be a movie actor), for vice-governor of Pampanga, and Ralph Recto and Francis Pangilinan for senators simply because they are the husbands respectively of showbiz celebrities Vilma Santos and Sharon Cuneta.

In December 2002, she announced in dramatic fashion that she would not run for president in the elections of 2004. On Rizal Day, Dec. 30, 2002, she declared:

“Today, we are honoring Jose Rizal. A century ago, he made the ultimate sacrifice for the Filipino people, giving up his life at Luneta. As we honor him today, it is fitting that I ask each Filipino to also make a sacrifice for our country. My reading of the political winds tells me that the 2004 elections may well go down in history as among the most bitterly contested elections ever. Consequently, we may end up stalling national growth for a few years more. In view of this, I have decided not to run for President during the elections of 2004.

“On the other hand, relieved of the burden of politics, I can devote the last year and a half of my administration to the following: first, strengthening the economy: to create more jobs and to encourage business activities that is (sic) unhampered by corruption and red tape in government; second, healing the deep division within our society; third, working for clean and honest elections in 2004.”

Various sectors of Philippine society sang praises to her for abandoning her quest for a mandate by the electorate in the presidential race in 2004. The usually critical press hailed her for her decision not to run in the presidential derby in 2004 to heal a deeply divided country. The Catholic hierarchy also applauded her for her “example of self-sacrifice.”

But she changed her mind.

On Oct. 4, 2003 she declared:

“I longed together with our people to savor the gains of unity by taking myself out of the political landscape. For a while our enemies halted and we moved forward. We proved to ourselves how much we can achieve when we defeat divisiveness. I have gained the experience necessary to understand what we need to do in order to change society in a way that leads to economic development and the elimination of poverty.

“Thus, I have deferred my retirement. I will sacrifice my yearnings for personal quiet and release from presidential strain and anxiety. And I will offer myself to the electorate in 2004. I will offer myself as the leader with the experience and vision necessary to change society, to achieve economic development, and eliminate poverty. Tatakbo ako sa pagka-pangulo sa eleksyon ng Mayo 2004 (I will run for president in the elections of May 2004).

“I am not motivated to run because I was thrust, shoved, urged or pressed. I see the need for a greater sacrifice and I will make it.”

To her, not running for president is a sacrifice. So is running for president. Either way she is a martyr.

I expect her to maneuver to be speaker again. She did it on July 23, 2018. While members of Congress were waiting for President Rodrigo Duterte to deliver his third State of the Nation Address, Representative Arroyo was directing a power play to get her elected speaker in place of Pantaleon Alvarez. She succeeded in spite of the fact that Mr. Alvarez was a fellow Davaeno and long-time friend of President Duterte.

But she has to settle scores first. She has been crossed not once but twice. It should be noted that on the two occasions she denied plotting to overthrow Speaker Romualdez, she made reference to her having contributed to the joining of the forces that became the UniTeam, and the resulting election of Bongbong Marcos and Sara Duterte as president and vice-president, respectively. I take her reference to her being the broker of the alliance of the two political forces as her way of saying she should be part of the triumvirate that lords over the present supermajority. But she was edged out by the first cousin of the President. That is offense No. 1.

As a consolation, she was given the ceremonial position of senior deputy speaker. But even that was taken away from her, unceremoniously at that. That is offense No. 2.

I wrote in my last column that Ms. Macapagal Arroyo will not take lightly the wrongs done to her. Woe unto those who had hurt her prodigious pride for they shall suffer considerably. Hell has no fury like Gloria Macapagal Arroyo wronged.

Let me close with another line from one of Shakespeare’s plays in The Merchant of Venice, Shylock asks rhetorically: “If you prick us do we not bleed? If you tickle us do we not laugh? If you poison us do we not die? And if you wrong us shall we not revenge?”

 

Oscar P. Lagman, Jr. has been a keen observer of Philippine politics since the 1950s.

Financing sustained growth: MUP pension reform

(First of four parts)

This is the first of a four-part series on the subject of financing sustained growth. We start by looking at the cash operations report as of April this year which the Bureau of the Treasury (BTr) released last week.

HIGHER REVENUES, ANOTHER BUDGET SURPLUS
The good news is that tax revenues have reached P400 billion for the first time, while expenditures have not increased by a proportional amount — so we experienced a big fiscal surplus of P67 billion in April, compared with a deficit of P274 billion in 2020.

I computed the comparable January-April totals from 2019 to 2023 — the good news is that the deficit this year is the lowest since 2020, and while borrowings are still at P1 trillion, this is lower than in 2020. National Government (NG) spending and interest payments for public debt are the highest this year (see Table 1).

So, revenues have acquired a momentum of their own as the economy expands its recovery and this is good. The immediate and medium-term goals are to significantly reduce the deficit and annual borrowings, and reduce interest payments and amortization. There must also be a significant reduction in some items of the expenditure side.

During non-crisis years (whether caused by economic issues, a virus, etc.), the government should aim to have a fiscal surplus and retire some public debt so that the debt/GDP ratio can go down to 30%, even 20%, and we can save on interest payments and get higher credit ratings. Then, when a crisis hits, the debt/GDP ratio can go up again to 40% or higher. Once a crisis is over, it is time to again retire more public debt and aim to get the debt/GDP ratio back to 30% or less. We should target more fiscal responsibility, with a government living within its means, and welfare dependents learning how to let go of subsidies and contributing to the economy someday.

MUP PENSION REFORM
The annual pension for military and uniformed personnel (MUP) remains a big and major deficit generator yearly. The full amount is taken from taxpayers because MUPs themselves make no contributions to their retirement — they keep all their salaries and bonuses monthly.

I computed government revenues, expenditures, and public debt per employed person in the Philippines, then the MUP pension burden. The bad news is that public debt per employed person has jumped from P193,000 in 2019 to P294,000 in April 2023.

Expenditures for active personnel include their a.) basic pay, b.) other compensations (combat duty pay, combat initiative pay, hazard duty pay, etc.), and, c.) other benefits (terminal leave, retirement gratuity, PhilHealth and Pag-IBIG contributions by government, etc.).

Active-duty personnel like soldiers are not just put in harm’s way, they are well protected by taxpayers with high spending on capital outlay (CO) like tanks and trucks, fighter jets and choppers, boats and battle ships, and with high maintenance and other operating expenses (MOOE) like ammunition, bombs and gasoline.

The numbers show the following.

One, for active personnel, CO + MOOE rose from P106 billion in 2019 to P145 billion this year. Their basic pay also rose consistently.

Two, the MUP pension burden per employed person has increased from P2,400 in 2019 to P3,300 in 2022, and is projected to reach P4,400 this year.

Three, the MUP pension alone over the basic pay of active-duty personnel has increased, from 63% in 2019 to 94% last year, and is projected to reach 115% this year. And pension over total expenditures for active personnel has increased from 24% in 2019 to 41% this year (see Table 2).

The economic team led by the Department of Finance (DoF) and Department of Budget and Management (DBM) recently conducted consultations with the Armed Forces of the Philippines, the Philippine Air Force, and the Presidential Security Group.

The MUPs’ optional retirement beneficiaries can choose from any of these three options: 1.) Receive all their pension benefits in one lump sum upon retirement, 2.) Get 60 months pension in advance then a monthly pension after five years, and, 3.) receive pension benefits at the age of 57.

These proposals are fine. What I am proposing to the economic team — and I hope the MUP pensioners will consider this — is that their pensions should be taxed. Currently their generous pension is tax-free. The pensioners contributed zero to the fund when they were still on active duty, and as pensioners contribute zero to it in the form of tax. Since they benefit from tax money, they should contribute to such a fund.

PDEAA HOMECOMING
On June 22, the Program in Development Economics Alumni Association (PDEAA) of the UP School of Economics (UPSE) will hold a homecoming, with two prominent alumni of the program as guest speakers. They are Finance Secretary Benjamin Diokno (the 7th PDE batch) and DBM Secretary Amenah Pangandaman (the 33rd PDE batch). The two speakers will talk about sustaining economic growth and how to finance it, and how to better allocate spending given limited fiscal space.

After the lectures, there will be some programs for the alumni. So, graduates of PDE from the late 1960s to recent batches are all invited to attend this very important event.

(To be continued.)

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers

minimalgovernment@gmail.com

Lumina Homes unveils ‘eco-bins’ in projects

LUMINA HOMES introduced an eco-bins system at its residential project in Pandi, Bulacan last April.

“Eco-bins function as an efficient waste management system that is built right into the property’s wall. With such convenient access to waste containers, homeowners will generally find it easier and simpler to keep their dwellings cleaner, neater, and healthier,” Lumina Homes said in a statement.

Lumina Pandi is a 22-hectare house and lot development with amenities such as a 24/7 guarded entrance with CCTV, covered basketball court, mini gardens and a playground.

Prospective homeowners check out the eco-bin system by visiting Lumina’s model home in Barangay Pinagkuartelan, Pandi, Bulacan.

Lumina Homes is also planning to launch projects in Plaridel, Calumpit, Baliwag, and San Miguel in Bulacan.

BPI eyes $200-million syndicated term loan facility

BPI FACEBOOK PAGE

BANK of the Philippine Islands (BPI) is looking to secure a syndicated term loan facility worth at least $200 million to partly refinance $600 million in debt maturing in September, it said on Monday.

The Ayala-led bank said the loan could be upsized to $300 million if the offer is oversubscribed, according to the indicative term sheet and timeline for the loan.

BPI is eyeing a three-year maturity term for the loan, with an offer term of two months after the loan has been made official.

The Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch (HSBC) and Standard Chartered Bank (Singapore) Ltd. will be the mandated lead arrangers, bookrunners and underwriters for the loan.

BPI is looking to have the loan signed on July 12, and to have the participating banks commit on either June 30 or during the week of July 3.

“We mandated a few weeks ago but only just recently launched. We just had the call with participating banks yesterday,” BPI Chief Finance Officer and Chief Sustainability Officer Eric Roberto M. Luchangco told reporters on Friday.

BPI booked an attributable net income of P12.134 billion in the first quarter, 51.98% higher year on year, driven by improved net interest earnings and lower loan loss provisions.

Its shares went up by 70 centavos or 0.7% to end at P100.70 apiece on Monday. — A.M.C. Sy

PetroGreen, state entities meet for offshore wind project

PETROGREEN Energy Corp. on Monday said that it had conducted a port evaluation meeting for its 2,000-megawatt (MW) offshore wind power project in Ilocos Norte.

In a statement, the renewable energy (RE) arm of listed PetroEnergy Resources Corp. said the meeting was conducted by its joint venture entity called BuhaWind Energy with the Department of Energy (DoE) and other relevant agencies.

BuhaWind Energy is jointly owned by PetroGreen and Copenhagen Energy. The other agencies involved in the meeting are the Department of Transportation, Philippine Ports Authority (PPA), Philippine Coast Guard, and Maritime Industry Authority.

PetroGreen said the “high level” ports evaluation will determine additional works, improvements, and costs needed for the candidate ports in Ilocos Norte, which are deemed suitable for offshore wind development and operations.

“The PPA was tasked to validate the initial findings in order to make the facility ready by 2026,” PetroGreen said.

“The potential of an economic zone development around the ports for industrial and commercial activities powered by clean energy from the Northern Luzon offshore power project was also raised,” the company added.

Separately, the DoE said that it is set to release a policy and administrative framework for the optimal development of offshore wind resources in the country.

“We are pleased with the positive response from local and foreign investors eyeing our RE potential. We are working on policies that would minimize roadblocks, especially for offshore wind installations,” Energy Secretary Raphael P.M. Lotilla said in a media release.

In May, the DoE issued implementing guidelines for Executive Order 21, which will adopt a whole-of-government approach to expedite the processing of permits and requirements for offshore wind energy projects.

Last month, the department said it had awarded 65 offshore wind contracts with a combined potential capacity of 51.23 gigawatts (GW), which it deemed enough to supply the country’s future energy demand.

Under the Philippine Offshore Wind Roadmap, the Philippines has an estimated potential capacity of 178 GW from offshore wind resources. This is expected to help the country reach its aim of increasing the share of renewables to 35% of the country’s energy mix by 2030 and 50% by 2040. — Ashley Erika O. Jose

New SM mall opens in Bataan

BW FILE PHOTO

SM Prime Holdings, Inc. recently opened its first mall in Bataan province.

Located in the city of Balanga, SM City Bataan is also the company’s 83rd shopping mall.

Bataan Rep. Albert S. Garcia said the new mall has create jobs for many residents not just in Balanga, but also Pilar, Orani, Orion and Hermosa.

“I’m happy to know that these jobs are filled by Bataeños. That is really what we were aiming for to begin with — to present more job opportunities that will help make the lives of every Bataeño better,” he was quoted as saying in a statement.

Mr. Garcia also noted that SM City Bataan features homegrown businesses, including family-owned brands and locally managed franchises, in prominent spaces within the mall.

“It’s a big thing that homegrown local brands are now in SM. In addition to helping fellow Bataeños, many will be motivated as well to go out and do business with SM to promote the local food industries of the province,” Roberto Santos, the owner of Chedeng’s Snack Bar, said.

SM City Bataan also serves as a center of accessibility as the Bataan Common Terminal is located within the mall compound.

“The common terminal serves all public utility vehicles in and out of the city. Not only will this help the general workforce of the mall, but it will also bring comfort to all our commuting customers,” Jhoanalyn Gatdula, assistant mall manager of SM City Bataan, said.

Mallgoers are greeted by a mural with clay pots or “banga” that capture a part of the cultural identity of Balanga’s residents. Another entrance features gel lights-formed birds representing the Ibong Dayo festival that are integrated into another mural as a nod to the efforts of the city’s Wetland and Nature Park, an outdoor sanctuary in the protection of migratory birds.

Religiosity, ethical leadership, and good governance

NATALIE PEDIGO-UNSPLASH

As a staunch advocate of good corporate governance, I have been both happy and dismayed by the developments on good corporate governance. Happy because there have been major strides in improving corporate governance practices and dismayed because many companies continue to be embroiled in governance controversies.

In the last few months, we have seen two banks, Silicon Valley Bank (SVB) and Credit Suisse, go under.

It makes one think: what else is needed since regulating bodies and institutions have created enough structures and mechanisms to prevent corporate disasters? These bank failures show that rules and policies are not enough. Despite universally accepted codes, corporate governance has different meanings and implications in the country where it is practiced and shaped by its culture.

I recently published a study about the role of religiosity and ethical leadership in good corporate governance. This study is particularly significant as the Philippines presents a cultural context that manifests in a unique corporate setup, such as the prevalence of family-ownership structure and cultural values, specifically religiosity, as espoused by the organization.

According to Gallup International, 90% of Filipinos declared themselves religious (having a strong religious feeling or belief). But does this religiosity lead to ethical behavior? A person’s upbringing is influenced by the values espoused by one’s religion. These values include social justice, ethical behavior, and good governance. We can capitalize on the role of religion as an enabler of ethical business cultures among board members. However, despite the inherence of religion as a positive influence on good governance, history has shown us how individuals have failed in their primary roles as stewards of their organizations. Similarly, companies with excellent corporate governance indicators did not guarantee ethical behavior or business success.

Behavioral transformation is a long and tedious process that requires psychological techniques but may benefit governing organizations in the long run. Ethical behaviors play a crucial role in forming and developing good governance behavior. Religion as a precept needs to be stronger to ensure good corporate governance. The link between religion and ethics has been, at best, ambiguous. As an educator and practitioner of good governance, I propose that board ethical leadership must be a component of corporate governance.

Ethical leadership is the demonstration of normatively appropriate conduct through personal actions and interpersonal relationships and promotion of such conduct to followers. This can be related to how directors in organizations promote ethical behaviors and consequently communicate this behavior through examples and decisions made by the board.

To improve corporate governance practice, I strongly believe there is a need to provide a deeper understanding of director behavior by focusing on a specific foundational value (religion) and how this can be used to strengthen ethical leadership. Boards may use these insights to assess director behavior and how this can guide them in performing their roles as stewards of their organizations, not just through compliance and set structures but beyond compliance through behavioral and ethical foundations. Enterprise, ethics, and religion are interdependent components of good corporate governance behavior that organizations can harness toward organizational success.

 

Leveric T. Ng is a management consultant and faculty member of De La Salle University and the Ateneo Graduate School of Business. A DLSU DBA graduate, his research interests are in the areas of corporate governance and leadership. He is also a fellow of the Institute of Corporate Directors and a member of the Philippine Academy of Management.

leveric.ng@dlsu.edu.ph

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