Financial executives play a huge role in how an enterprise or corporation is governed. This was what the Financial Executives Institute of the Philippines (FINEX) has espoused and continues to advocate, the propagation of a more meaningful appreciation of the role of finance officers and executives in good corporate governance.
Two years ago, in the annual Search for CFO of the Year by FINEX and ING Bank N.V., the theme was “The Decade of the CFO: Championing Good Governance”. I am proud to say, the FINEX CFO of the Year for that year (2016) was none other than our indefatigable Chief Finance Officer (CFO) for Philex Mining Corporation, Danny Yu.
As Danny’s colleague, I can say that he was very much deserving of the accolade and award both for his financial expertise and his no-nonsense handling of Philex corporate governance, together with our President and CEO Euls Austin Jr., which has paid off in leaps and bounds.
Who would have thought that a mining company, navigating through the tempest waters of regulatory challenges and public perception, would emerge as one of the top 50 Publicly-Listed Companies (PLCs) in the ASEAN Region for Corporate Governance and one of the top 3 publicly listed companies in the Philippines for Corporate Governance.
But I digress.
FiNEX was registered as a non-stock, non-profit corporation with the Securities and Exchange Commission (SEC) back in January 1968; thus, it is now celebrating its Golden Jubilee as a forerunner in finance development not just in the country but also worldwide.
Recently, it held its Gala Night and, of course, corporate governance was at the forefront.
Former Prime Minister Cesar Virata spoke about a solid finance education as the backbone of good governance. The Virata School of Business (VSB) in the University of the Philippines is known as the leading institution for management education in the country. It has partnered with FINEX for scholarship programs and in the Development Center for Finance.
US Ambassador HE Sung Kim spoke about how corporate governance was a key element for their partnership on inclusive growth with the Philippines. He stressed that the deepening of cooperation between government and the private sector must go hand-in-hand with promoting good governance.
Manuel V. Pangilinan, who delivered the keynote, spoke about harnessing globalization and technology to deepen understanding of good governance. In his introduction of MVP, former Press Secretary Coloma said they chose MVP since he has, in running the companies under his wing, shown a passionate and unflinching adherence to good corporate governance .
MVP surprised the audience when he correlated good governance with basketball. At first glance, these two concepts look poles apart, but a deeper inspection would reveal that both actually correlate at the level of values and right practices.
Other noted guests, stalwarts of good governance all, were BSP Governor Nestor Espenilla, BSP Deputy Governor Chuchi Fonacier, SEC Chairperson Tess Herbosa, and National Treasurer Rosalia De Leon.
The evening was also the occasion to launch the FINEX Golden Jubilee Book, Pillars of Good Governance.
My hats off to FINEX, led by its president, Benedicta Du-Baladad, on the celebration of its Golden Jubilee. May it have 50 years and more in advocating the cause for good finance practice and good corporate governance.
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