Research Studies


2017 Annual Shareholders' Meeting (ASM) Observation Study

A major factor in shareholder education is to enable them to properly interact with the companies that they are invested in, particularly, in their active participation in the Annual Shareholders’ Meetings (ASM’s) of these companies. This will include their being aware of information being released by the companies to their shareholders, by way of direct notices of meetings or postings in the websites of the companies concerned and their participation, physically or by proxy, in the ASM’s.

Beginning in 2013, SharePHIL embarked on a research program to study how small shareholders could better participate in the company’s ASM’s. SharePHIL invested a small amount of shares in selected companies listed in the Philippine Stock Exchange. We appointed SharePHIL volunteer-members to attend and observe the shareholders meeting and to record their observations in our checklist. The objectives of this research are:

  1. To do a bench marking study on an annual basis on how ASMs are currently being conducted which is shared with the companies concerned and the regulators (Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE));
  2. To promote better communication and mutual understanding between the company and its shareholders;
  3. To improve quality of engagement of the shareholders in the meeting with the express objective of helping investors make a decision to “buy, sell or hold” the shares in the company;
  4. To identify areas for further research opportunities and continuing collaboration with the companies.
The 2017 ASM study covered 44 investee companies in which SharePhil has investments and it focused on the observations of the actual meeting proceedings and monitoring of pre- and post-meeting Information Disclosures that are part of the end-to-end ASM governance process.

Executive Summary: Click here

July 2018

Observations on the Conduct of 2016 Shareholders’ Meetings among Selected SharePHIL-Investee Publicly-Listed Corporations

The Shareholder Relations and Representations and the Research Committees of the Shareholders’ Association of the Philippines (SharePHIL) present the observations on the conduct of 2016 Annual Shareholder Meetings (ASMs) among selected SharePHIL-investee corporations. For this 2016, the members who volunteered to participate in this study observed the ASMs of 23 out 31 investee corporations, compared to 12 corporations observed in 2013 and 5 corporations in 2014.

The findings of this descriptive study revealed continuous improvement in the way corporate governance practices are applied in the conduct of shareholder meetings among publicly-listed corporations. With the SEC’s issuance of the new Code of Corporate Governance for Publicly-Listed Companies in November 2016, the study opens new opportunities for companies to establish and to implement corporate governance policies and practices that promote greater transparency in corporate disclosures and increased protection of minority shareholders who are participating in the said ASMs and are making the fundamental decision to buy, to sell, or to hold their shares.

With the current efforts to strengthen the country’s corporate governance practices, particularly in the conduct of shareholder meetings, it is hoped that trust and confidence in capital markets will increase as more improved mechanisms are being laid out to enforce stricter monitoring and surveillance, increased disclosure quality, and greater participation of shareholders in the decision-making process across Philippine companies. Such move will “contribute towards a more efficient market economy that serves a catalyst for continuous, inclusive economic growth and development.”

Executive Summary: Click here

March 2017



2014 Annual Shareholders Meeting Observation Study

Five annual shareholders’ meetings (ASM) between April 25 and June 26, 2014 were attended by 3 members of SharePhil. The ASMs took place at different times and at different venues in Manila and Quezon City.

From these ASMs, only 2 (or 40%) of the meetings were able to provide the shareholders a copy of the agenda. Those who were not able to receive the copy of the agenda were able to retrieve the same from the website of the company hosting the ASM or from the PSE website. Four (or 80%) of the companies issued the annual report to the shareholders prior to the start of the meeting. In addition, only 2 (or 40%) of the meetings provided the shareholders a copy of the list of the acts of the board and the management for approval by the shareholders.

Full Report: Click here


Brief Report on Observations During 2013 Annual Shareholders' Meetings

During the first quarter of FY 2013, members of SharePhil attended the Annual Shareholders' Meeting of 12 listed corporations and submitted reports on their observations. The observations were recorded through a standard observation checklist with provisions for comments from the observers. Below are selected key questions from the checklist and statistical graphs showing SharePhil observations during the meetings. Initial impressions on the statistics are indicated beside each graph . These impressions will need further analysis for any conclusions to be made.

Full Report: Click here



The State of Corporate Governance Among Philippine Listed Corporations

By Claro B. Ganac, DBA

Objectives of the Study:
  • Determine the state of Corporate Governance(CG) compliance and behavior of Philippine publicly listed corporations (PLC) in terms of power and information governance
  • Explore structural differences in CG compliance levels between homogeneous PLC groups by industry class and firm size
  • Look into the strengths and weaknesses of the corporate governance system


  • The study obtained a total sample of 156 companies, covering about 60% of all PLCs (265 -- representing 8.2% margin of error at alpha = 0.05) in October 2015.
  • The sample was randomly selected using proportionate stratified sampling procedure.
  • Power governance data were collected from the 2014 Annual Corporate Governance Reports (ACGR), while information governance from the PSE Edge web portal.
  • ANOVA and Chi-squared tests (on Stata) were run to determine statistical differences in power and information governance between firm groupings.
Full Presentation: Click here

Presented to SharePHIL Members on September 2016

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