State of Corporate Governance |
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Ayala Land (part of the Ayala Group) has a long-standing commitment to good corporate governance, which is indispensable for creating and sustaining value in the company for all its stakeholders.
The structure for corporate governance of Ayala Land is principally contained in its Articles of Incorporation and By-Laws and their amendments. Supplementing and complementing these constitutive documents is the Manual of Corporate Governance approved by the Board of Directors, setting forth the principles of good and transparent governance.
This report summarizes the overall framework for corporate governance and the practices adopted by Ayala Land towards achieving governance excellence. BOARD STRUCTURE AND PROCESS
Key Roles
Ayala Land is led by a Board which is the highest authority in matters of governance and in managing the regular and ordinary business of the company.
To ensure good governance, the Board establishes the vision, strategic objectives, key policies, and procedures for the management of the company, as well as the mechanism for monitoring and evaluating Management’s performance. The Board also ensures that adequate internal controls are in place for the preservation and protection of company assets and minimize the risk of losses.
Composition
The Board consists of nine members elected by the stockholders entitled to vote at the annual meeting. The Board members hold office for one year and until their successors are elected and qualified in accordance with the By-Laws of the company.
The Board represents a mix of business, legal, and finance competencies, with each director capable of adding value and rendering independent judgment in relation to the formulation of sound corporate policies. All Board members have participated in training on Corporate Governance. The names and profiles of each individual director are found in the Board of Directors section.
Independent Directors
As a publicly-listed company, Ayala Land conforms with the legal requirement to have at least two independent directors on the Board. Of the nine directors, three are independent directors, namely Leandro Y. Locsin, Jr., Corazon S. de la Paz, and Ramon R. del Rosario, Jr.
The company defines an independent director as holding no interests or relationships with the Corporation that may hinder their independence from the Corporation or Management which would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. If the beneficial ownership of an independent director in the Corporation or in its related companies exceed the 10% limit, or if the director appointed or elected as an independent director subsequently becomes an officer or employee of the Corporation, the director shall cease being characterized as an independent director.
Chairman and Chief Executive Officer
The roles of the Chairman and the Chief Executive Officer are separate to ensure an appropriate balance of power, increased accountability, and greater capacity of the Board for independent decision-making.
The Chairman of the Board is Fernando Zobel de Ayala who assumed the position in 1999. Jaime Augusto Zobel de Ayala II acts as Vice Chairman. Jaime I. Ayala holds the position of President and Chief Executive Officer. The Chairman and the President/CEO are not related.
Both the Chairman of the Board and the President / CEO attends all Annual General Meetings.
Board Performance
Full Board meetings are held at least once a quarter. The Board has separate and independent access to the Corporate Secretary who, among other functions, oversees the adequate flow of information to the Board prior to meetings and serves as an adviser to the directors on their responsibilities and obligations. Discussions during Board meetings are open, and independent views are given due consideration.
In 2006, the Board had six meetings. The record of attendance of the Company’s directors during the Board meetings held for the year 2006 met the Securities and Exchange Commission’s requirement of more than 50% attendance. Although no formal self-assessment is conducted, the Board meets at the end of each year to discuss, among other matters, its collective performance.
Board Committees
Four committees support the Board in the performance of specific functions and to aid in good governance.
Executive Committee. The Executive Committee acts on specific matters delegated by the Board of Directors except with respect to distribution of cash dividends; filling of vacancies on the Board or in the Executive Committee; amendment or repeal of By- Laws or the adoption of new By-Laws; amendment or repeal of any resolution of the Board of Directors; and the exercise of powers delegated by the Board exclusively to other committees. Significantly, the company’s strategic plans and directions are discussed in detail at the ExCom level.
Compensation Committee. Through this Committee, the Board establishes a formal and transparent procedure for developing a policy on executive remuneration and for fixing the remuneration packages of corporate officers, directors and other key personnel.
The company undertakes a continuing performance management program to drive performance to higher levels. Alongside this initiative, bonus compensation for all officers and employees are tied tightly around performance evaluations.
In June 2006, the Compensation Committee met and approved, among others, the grant to qualified officers, of the Executive Stock Ownership Plan (ESOWN) and executive housing privilege, and the 76 ANNUAL REPORT 2006 CEO 2006 compensation. The majority of Compensation Committe attended the meeting called in June 2006.
The Committee also designated Trustees who will ensure that the Ayala Land’s pension and retirement funds system is given proper attention.
Nomination Committee. The Nomination Committee’s main function is to install and maintain a process to ensure that all directors to be nominated for election at the annual stockholders’ meeting have all the qualifications and none of the disqualifications for directors as stated in the By-Laws and Manual of Corporate Governance of the company. Also, the Committee is tasked to review the qualifications of executives prior to movement, promotion or hiring.
In 2006, the Nomination Committee held two meetings. At the meeting on 22 February 2006, the Nomination Committee reviewed the profile of the nominees for directors of the company for the year 2006 – 2007.Based on such review, the Committee found the nominees to have all the qualifications and none of the disqualifications to be elected as directors of the company, and therefore approved the final list of nominees for the year 2006 – 2007. There was full attendance of the Nomination Committee meetings held during the year.
At the meeting on 01 March 2006, the Nomination Committee deliberated upon and endorsed to the Board of Directors the hiring of an Assistant Vice President.
Audit Committee. The Audit Committee oversees Ayala Land’s internal control, financial reporting and risk management processes on behalf of the Board of Directors.
The activities of the Audit Committee are discussed in the section on Accountability and Audit.
Committee Members
The members of each Committee are set forth in the matrix below. |
Rank | Executive
Committee
| Nomination
Committee
| Compensation
Committee
| Audit
Committee | Fernando Zobel de Ayala
| • | • | • | | Jaime Augusto Zobel de Ayala II
| o |
| o | | Jaime I. Ayala
| o | o | | | Delfin L. Lazaro
| o
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| | Leandro Y. Locsin, Jr.
| |
| o*
| | Aurelio R. Montinola III
| |
|
| | Mercedita S. Nolledo
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|
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| o | Corazon de la Paz
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| | o* | Ramon R. del Rosario, Jr.
| o*
| o*
|
| • | Number of Meetings held YTD2006
| 5
| 2 | 1 | 4
| • Chairman
o Member
* Independent Director |
Director and Senior Executive Compensation
Non-executive directors, defined as members of the Board of Directors who are neither an officer nor consultant of the company, receive remuneration consisting of a retainer fee and per diem for each Board and Board committee meeting attended. The remuneration of non-executive directors was ratified during the 2003 Annual General Meeting.
None of the directors, in their personal capacity, has been contracted and compensated by the company for services other than those provided as a director.
The company adopts a performance-based compensation scheme for its senior executives as incentive. As additional incentive to top management, the Board approved stock option plans for key officers covering 2.5% of the Company’s authorized capital stock. The grantee is selected based on certain criteria such as outstanding performance over a three-year period.
The total compensation paid to non-executive Directors, as well as Officers, is disclosed annually in the Definitive Information Statement sent to shareholders, together with the Notice of Regular Annual General Meeting 15 business days prior. The total annual compensation includes the basic salary and other variable pay (performance bonus and exercise of Stock Option Plan).
MANAGEMENT
Management is primarily accountable to the Board of Directors for the operations of the Corporation. It translates the Corporation’s targets in concrete terms and formulates the basic strategies and action plans for achieving these targets.
Shareholder Value Creation
Management’s overriding commitment is to run the company for the long term interest of shareholders. This is embodied in the shareholder value creation program presented at the 2005 Annual General Stockholders’ Meeting and communicated throughout the organization.
Value Based Management System
In 2006, Ayala Land embarked on a multi-year undertaking to establish a comprehensive value-based management system aimed at:
• Developing capabilities, governance and culture to create value directly for the owners and indirectly for all key stakeholders
• Implementing a fully integrated value-based management system using valuation as a performance metric and decision-making tool
The system, once in place, will ensure value principles are incorporated in all key business processes: strategic planning; budgeting & forecasting; performance benchmarking and measurement; portfolio management; capital and resource allocation; reporting, business analysis and management information; and external investor communication.
Investments in supporting technology and the redesign of incentives aligning the interests of employees with value creation will also be undertaken.
Strategic Risk Assessment and Management
Key to the company’s business strategy is the identification and assessment of strategic risks, determination of the levels of risks that are acceptable and management of the business accordingly. The company’s Board of Directors takes part in setting company-wide risk management processes.
Financial Risk Management
Financial risks related to liquidity, credit, interest rate and foreign exchange are centrally-monitored and controlled at the Treasury division.
Liquidity Risk
Ayala Land actively manages its liquidity position so as to ensure that all operating, investing and financing needs are met. In mitigating liquidity risk, management measures and forecasts its cash commitments; matches debt maturities with the assets being financed; maintains a diversity of funding sources with its unhampered access to bank financing and the capital markets; develops viable funding alternatives through its sale of receivables, non-core assets and adoption of joint development agreements for property acquisitions and developments; and holds a sufficient level of cash reserves and marketable securities.
Through scenario analysis and contingency planning, the Company also assesses its ability to withstand both temporary and longer-term disruptions relative to its capacity to finance its activities and commitments in a timely manner and at reasonable cost and ensures the availability of ample unused credit facilities as back-up liquidity.
Credit Risk
The Company’s credit risks are primarily attributable to financial assets, installment receivables and rental receivables. To manage credit risks, we maintain defined credit policies and monitor on a continuous basis our exposure to credit risks. Given Ayala Land’s diverse base of counterparties, it is not exposed to large concentrations of credit risk.
Financial assets are comprised of cash, cash equivalents, and investments in government securities. The Company adheres to fixed limits and guidelines in its dealings with counterparty banks and its investment in financial instruments. Bank limits are established on the basis of an internal rating system that principally covers the areas of liquidity, capital adequacy and financial stability. The rating system likewise makes use of available international credit ratings. Given the high credit standing of its accredited counterparty banks, management does not expect any of these financial institutions to fail in meeting their obligations.
In respect of installment receivables from the sale of properties, credit risk is managed primarily through credit reviews and an analysis of receivables on a continuous basis. The Company also undertakes supplemental credit review procedures for certain installment payment structures. Customer payments are facilitated through various collection modes including the use of post dated checks and auto-debit arrangements. Exposure to bad debts is not significant and the requirement for remedial procedures is minimal given the profile of buyers.
Credit risk arising from rental income from leasing properties is primarily managed through a tenant selection process. Prospective tenants are evaluated on the basis of payment track record and other credit information. For existing tenants, the Group has put in place a monitoring and follow-up system. Receivables are aged and analyzed on a continuous basis to minimize credit risk associated with these receivables. Regular meetings with tenants are also undertaken to provide opportunities for counseling and further assessment of paying capacity.
Interest Rate Risk
Ayala Land’s interest rate risk management policy centers on reducing the overall interest expense and exposure to changes in interest rates. Changes in market interest rates relate primarily to the Group’s interestbearing debt obligations with floating interest rate as it can cause a change in the amount of interest payments.
The Company manages its interest rate risk by leveraging on its premier credit rating and maintaining a debt portfolio mix of both fixed and floating interest rates. The portfolio mix is a function of historical, current trend and outlook of interest rates, volatility of short-term interest rates, the steepness of the yield curve, and degree of variability of cash flows.
As of year-end 2006, the Company’s ratio of fixed to floating rate debt stood at 47:53.
Foreign Currency Risk
Financial assets and credit facilities of the Group are mainly denominated in Philippine Peso. Any foreign exchange holdings are matched with foreign currency requirements to fund equity commitments and new projects. As such, the Group’s foreign currency risk is minimal.
Property/Physical Asset Risk Management
In addition to financial risk management policies, Ayala Land also recognizes its exposures to both natural and operational perils and as such responsibly employs pure risk assessment processes to identify and apply proper risk control, mitigation and transfer measures at optimized levels of cost consistent with the Company’s thrust of protecting shareholder value and preserving stakeholder confidence.
Operational Risk Management
Planning for business continuity in the event of a crisis scenario is an integral part of Ayala Land’s risk management process. As such, the company convened a group that is tasked to identify the critical functions of the organization and the probable threats to these functions. Specific procedures and action plans are being drawn to ensure that the Company will continue to operate and disruptions will be minimized even under difficult or uncertain circumstances.
TRAINING Members of Senior Management have participated in training on Corporate Governance.
ACCOUNTABILITY AND AUDIT
The Audit Committee provides oversight to external and internal auditors.
Independent Public Accountants
The principal accountants and external auditors of the Company is the accounting firm of SyCip, Gorres, Velayo & Company (SGV & Co.). Ms. Jessie D. Cabaluna has been the Partner In-charge for less than five years since 2002.
The Audit Committee is empowered to independently review the integrity of the company’s financial reporting and oversee the independence of the external auditors.
The Audit Committee is given the responsibility for checking all financial reports against compliance with both the internal financial management handbook and pertinent accounting standards, including regulatory requirement. It also recommends to the Board and stockholders the appointment of the external auditors and the fixing of audit fees.
Over the past two years, Ayala Land and its subsidiaries paid its external auditors the following fees: (in Php million; with VAT)
|
| | Audit & Audit-Related Fees
| Tax Fees
| Other Fees
| | 2005 | 6.9*
| - | 1.5***
| | 2006 | 7.2*
| -
| -
| * Pertains to audit fees; no fees for other assurance and related services
** Pertains to fees for business process review and PAS/PFRS seminar conducted |
Internal Audit
The Internal Audit Group provides independent and objective assurance and advisory services to the Corporation designed to add value and improve on the organization’s operations. It seeks to provide reasonable assurance that the company’s key organizational and procedural controls are effective, appropriate, and are complied with.
It is headed by a Chief Audit Executive who reports to the Audit Committee of the Board of Directors.
Regular audits of business and support units are conducted according to an annual audit program approved by the Audit Committee. Special audits are also undertaken when and as necessary.
Compliance Officer
Jaime E. Ysmael, who is the company’s Chief Finance Officer and holds the position of Senior Vice President, is the Compliance Officer designated to ensure adherence to corporate principles and best practices.
The responsibilities of the Compliance Officer include identifying, monitoring, and controlling compliance risks; operationalizing and monitoring compliance with the provisions and requirements of Manual of Corporate Governance; and issuing a yearly certification on the extent of Ayala Land’s compliance with the said Manual.
Audit Committee’s Activities in 2006
The Audit Committee held four meetings in 2006. These meetings were held on the following dates: 13 February 2006, 12 May 2006, 07 August 2006, and 09 November 2006. There was full attendance by the members of the Audit Committee in all four meetings.
During these meetings, the Committee reviewed and approved the 2005 Audited Financial Statements of the company as certified to by the external auditors SGV & Co., as well as the unaudited financial statements of the company as prepared by management for the 1st to the 3rd Quarters of the year.
The Committee likewise reviewed and approved the implementation of the Philippine Financial Reporting Standards (PFRS) / Philippine Accounting Standards (PAS), and the impact of adopting these new policies in the company’s financial statements, as well as the appropriateness of the accounting policies used and the disclosures made in drawing up the company’s accounts.
The Committee evaluated the performance of SGV during the year and gave its recommendation to the Board of Directors on the reappointment of SGV as the company’s external auditors for 2006 and the proposed remuneration.
Also in 2006, the Audit Committee reviewed, noted and/or approved reports, updates and presentations from the Internal Audit Division and Management on such matters as post-project reviews of particular construction projects, the creation of the Anti-Money Laundering Compliance Committee, the review of the company’s Ethics Program, the review of Business Continuity Planning, and the development of an Internal Audit Manual.
In connection with the ongoing internal assessment of the effectiveness of the internal audit function, the Committee participated and consulted with KPMG Laya Mananghaya & Co. (KPMG) in evaluating and gaining insights into the management and operation of the internal audit function in the company and in identifying areas for improvement.
The Audit Committee further reviewed the actions taken by management on the observations and recommendations made on previous audits.
DISCLOSURE AND TRANSPARENCY
Ayala Land is committed to high standards of disclosure, transparency and dissemination to enable the investment community to understand the true financial condition of the company and the quality of its corporate governance.
Ownership Structure
The company has a transparent ownership structure.
The company annually discloses the top 20 holders of its common equity securities. In addition, disclosure is also made annually on the security ownership of certain record and beneficial owners owning more than 5% of total outstanding stock, as well as the security ownership of directors and management. This information is contained in the Definitive Information Statement sent to shareholders.
As of December 31, 2006, Ayala Corporation held 6.22 billion shares representing 57% of total outstanding shares. A total of 3.59 billion shares out of the 10.84 billion outstanding shares are beneficially owned by non-Filipinos.
None of the company’s directors and management owns 2.0% or more of the outstanding capital stock of the company.
There are no cross or pyramid shareholdings.
Content and Timing of Disclosures
Ayala Land updates the investing public with strategic, operating and financial information through adequate and timely disclosures filed with the Securities and Exchange Commission and the Philippine Stock Exchange.
In addition to compliance with periodic reportorial requirements, the company punctually discloses major and market-sensitive information such as dividend declarations, joint ventures and acquisitions, sale and disposition of significant assets. In 2006, unstructured disclosures were filed involving matters such as the investment in UP North Science and Technology Park and in an Asian private equity real estate fund, the bulk sale of P1.2 billion Avida receivables, sale of equity interest in Makati Property Ventures, Inc, owner of Oakwood Premier Ayala Center, and the formation of a joint venture with MLT Investments and Filipinas Investments for various BPO investments of the company.
Consolidated audited financial statements for the latest financial year to the Securities and Exchange Commission are submitted on or before April 15 of each year, as required. The audited annual financial statements are submitted at least 15 working days before the Annual General Meeting (AGM). In 2006, the audited financial statements as contained in the Definitive Information Statement was submitted to the SEC on March 3 and the Philippine Stock Exchange on March 10, more than three weeks before the April 5 AGM.
Interim, i.e. quarterly, financial statements are released between 30 and 45 calendar days from end of the financial period. The results are disclosed to the SEC and PSE within 24 hours from the Audit Committee’s approval. The results are also sent to analysts via e-mail broadcast immediately upon confirmation by PSE/SEC of receipt of disclosure, and made available on the company’s corporate website.
Financial Reporting
Ayala Land’s financial statements comply with Philippine Accounting Standards and Philippine Financial Reporting standards which are in compliance with International Accounting Standards.
The annual consolidated financial statements provides a breakdown of total assets, turnover, operating net income and earnings before interest and taxes (EBIT) by business line, and by net income attributable to ALI equity holders and minority interests.
A more extensive, transparent disclosure of segment results, such as assets and liabilities, revenues, operating expenses and EBITDA is provided, to enable shareholders to appreciate various businesses and their impact on overall value enhancement.
Transactions entered into with associates and other related parties in their conduct of business are on an arms length basis. Sales and purchases of goods and services to and from related parties are made at normal market prices. No dispute or problem regarding related-party transaction has arisen over the past five years. Related party transactions are discussed and quantified in the Notes to Consolidated Financial Statements.
Information on the company’s financial instruments is accompanied by a presentation of the company’s risk management objectives and policies to allow for a better assessment of financial performance and cash flows. Significant accounting judgments and estimates are also disclosed. The company also discloses any potential conflict of interest with its partners.
DEALINGS IN SECURITIES
Like other members of the Ayala Group, Ayala Land aspires to pioneer and set the trend on corporate governance practices in the Philippines and has adopted a uniform policy on securities transactions to reinforce and formalize existing government regulations against insider trading.
Reporting of Transactions
Ayala Land is compliant with the requirement of the Philippine Stock Exchange for directors and principal officers to report any acquisition, disposal or change in ALI shareholdings to the Securities and Exchange Commission to report changes in ownership of company shares within five trading days from the transaction. The company has expanded coverage of this reporting requirement to include members of the Management Committee. All other officers are required to submit a quarterly report on their trades of company shares to the Office of the Compliance Officer.
Trading Black-outs
The company has adopted a policy on insider trading.
Under the insider trading policy, directors, officers and employees who are considered to have knowledge of material facts or changes in the affairs of Ayala Land which have not been disclosed to the public, including any information likely to affect the market price of ALI securities, are prohibited from buying or selling ALI securities during prescribed periods. The policy covers trade of all securities, including the company’s shares of stock, options to purchase stocks, and other evidences of indebtedness, such as bond debentures, notes and other debt instruments.
The company is guided by an updated list of material transactions subject to issuance of trading black-outs. Acquisitions and divestments involving 10% or more of total assets or estimated net income will require trading black-out.
Covered persons include all members of the Board of Directors, all key officers, consultants and advisers and all other ALI employees made aware of undisclosed material information and members of the immediate families of key officers and covered persons.
During the year, notices of trading black-outs were issued ten (10) trading days before and three (3) trading days after the disclosure of quarterly and annual financial results. Office bulletins for special black-out periods pertaining to other material information, such as those cited in the Disclosure and Transparency section, were issued three (3) trading days before and three (3) trading days after the disclosure of any material information.
Compliance with these trading black-outs is strictly monitored and enforced. There have been no cases of vikolation by Directors, management and employees, of the Company's policy on insider trading.
STAKEHOLDER RELATIONS
Ayala Land seeks to adhere to a high level of moral conduct and fair dealings with all its shareholders, customers, employees and business partners as a basis for building long-term, mutually-beneficial relationships.
Shareholder Meeting & Voting Procedures
Stockholders are informed at least fifteen (15) business days advance of the scheduled date of the general meetings. Notice of regular or special meetings contain, in addition to the date, the hour and place of the meeting and a statement of the matters to be transacted at the meeting. The notice to stockholders shall also set the date, time and place of the validation of proxies which is prescribed to be no less than five business days prior to the annual stockholders’ meeting.
Each share of stock entitles the person in whose name it is registered in the books of the Corporation to one vote, provided the conditions as regards payment have been complied with. Shareholder Relations
The company believes that open and transparent communications are requisite for sustained growth and building investor confidence. Our investor communications program seeks to promote greater understanding of the company’s long-term sustainable value.
The company, through its Investor Relations Unit reporting directly to the Chief Financial Officer, addresses the various information requirements of the investing public and communicates with minority shareholders through timely and full disclosures to the Philippine Stock Exchange, regular briefings, Annual General Meetings, one-on-one meetings, conference calls, website and emails or telephone calls.
Ayala Land is pro-active in communicating with shareholders. During the year, senior management held meetings in Manila, Singapore, Hong Kong, United States and London with investment directors, fund managers and analysts representing 160 investing institutions. Senior management also initiated meetings with local institutional investors in August.
The company holds regular briefings and meetings with sell side analysts. Proceedings of analysts’ briefings by way of presentations and podcasts are made available on the web. In 2006, six briefings were held with sell side analysts, coinciding with the announcement of the 2005 year-end results, 2006 1st Quarter, 2nd Quarter and 3rd Quarter results, investment in an Asian real estate fund, and the unveiling of the Bonifacio Global City Center’s revised master plan. Access to senior management is also provided to analysts. In addition to year round meetings with the Chief Finance Officer, analysts were given an opportunity to meet the Management Committee in April 2006.
Employee Relations
Ayala Land is committed to promoting the safety and welfare of its employees. It believes in inspiring its employees, developing their talents, and recognizing their needs as key stakeholders.
Strong and open lines of communication are maintained to relay the company’s concern for their welfare and safety, and deepen their understanding of the company’s value creation program. CODE OF ETHICAL BEHAVIOR
Ayala Land strongly believes in the primacy of shared values and the empowerment of people as its basic operating principles. The company and its employees commit to live out the following values:
• Customer orientation
• Quality
• Pursuit of excellence
• Integrity
• Social responsibility
• Long-term focus
• Empowerment
• Bias for results
• Concern for people These values are captured in the new Code of Ethical Behavior launched on September 15, 2006. The Code outlines the general expectations of and sets standards for employee behavior and ethical conduct. It is intended to be read in conjunction with the company’s Human Resources Manual of Personnel Policies which includes the Code of Conduct governing acceptable office conduct for the orderly operation of the company as well as for the protection of the rights, safety, and benefit of the total employee force. Company employees are required to annually disclose any business- and family-related transactions to the company to ensure that potential conflicts of interest are surfaced and brought to the attention of Management.
Ayala Land adopted a new procurement policy aimed at ensuring that costly and unnecessary waste of company resources are eliminated. Company employees are enjoined to observe at all times the policies and procedures for purchasing supplies and equipment for office and project-related use. Recognitions
Ayala Land scored highly in Euromoney’s 2006 Corporate Governance Poll, ranking 2nd among the 146 emerging market companies surveyed worldwide. Ayala Land also secured the #2 spot among the 76 Asian companies covered by the survey. Participating companies were rated based on key aspects of corporate governance, namely: ownership transparency and rights, financial transparency, board structure and process, stakeholder relations, and alignment of managerial interests.
This award once again recognizes Ayala Land’s high quality of management and continuing commitment to the best practices of corporate governance, as well as processes that ensure a high standard of accountability and transparency to all stakeholders.
Ayala Land also received citations from Euromoney in its 2006 Real Estate Awards for Excellence. It was voted Best Property Developer in the Philippines and it ranked among the top ten real estate companies in Asia. Ayala Land was also named Best in Property Management in the Philippines. In a separate Euromoney poll, Best Asian Companies 2006, Ayala Land figured in the top ranks, both in the Philippines and the whole of Asia.
In the Asian Wall Street Journal’s survey on Asia’s Most Admired Companies, Ayala Land ranked #4 overall among Philippine companies. In terms of attribute, the company was within the five most-admired companies in terms of long-term vision, quality and reputation.
Earlier in 2006, Ayala Land was recognized by the Institute of Corporate Directors as among the top five best-governed companies in the Philippines..
OTHERS
Anti-Money Laundering. The company is compliant with the Anti-Money Laundering Act of 2001 (RA 9160) as amended on 2003 (RA 9194). An Anti-Money Laundering Manual was approved by the Board on November 29, 2002 and amended accordingly. Internal guidelines have been drawn up to support implementation.
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