The “person-on-the-street” approach was adopted in evaluating the corporate governance practices of the concerned banks. This takes on the perspective of a depositor or investor that has no other access to information aside from those available to the public, including those posted in banks’ website. Based on the evaluation of the submitted CGS of U/KBs, the industry charted a high average score of 84%.
Although this did not come as a surprise, we are nevertheless pleased as we take this as an indication that the banking industry is indeed embracing the principles of good governance. I would also like to share with you, that among the six (6) corporate governance categories, the U/KBs registered the highest score in Control Environment and Processes at 89%.