Top publicly listed Philippine companies once again dominate the list of finalists in the prestigious 6th Best Annual Report (BAR) Awards.

Now on its sixth year, the 6th Best Annual Report (BAR) Awards aims to encourage publicly listed companies to raise the bar on financial reporting and disclosure practices to international standards. Mounted by the Management Association of the Philippines (MAP) in cooperation with the Philippine Stock Exchange (PSE) and BusinesssWorld Publishing Corp., the Awards likewise recognizes those who pay special attention to the user-friendliness and visual appeal of their annual reports so the public will be enticed to read and gain full understanding of companies’ operations.

FOR A COMPANY spawning a shopping mall culture for Filipinos, letting its legion of loyal shoppers and stakeholders know about its faithfulness to transparency and accountability is a daunting task, one that should transcend mere corporate parlance.

Celebrating its 50th founding anniversary, SM Prime Holdings, Inc. aimed to go beyond regulatory disclosure requirements and reach out to a broader spectrum of readers in its 2007 annual report.

SM Prime, a leading mall operator with 30 world-class malls nationwide and three in China by the end of 2008, went beyond assuring financial strength in its report.

It showcased the heritage that built its malls brick by brick, paying tribute to its chairman and founder Henry Sy, Sr. and highlighting its growth over the years.

'Transparency helps us talk about SM Prime’s essence and the core values that have backed its growth over the years,' Executive Vice-President and Chief Financial Officer Jeffrey C. Lim said.

'This same transparency through our corporate communications is the same well where the public can draw inspiration from, learning SM rich history rooted from Mr. Sy’s visions,' he added.

This year’s 20 finalists were chosen from a total of 50 entries of publicly listed companies the PSE encouraged to participate. Of the 20 finalists, one will emerge as the “Best Annual Report” this year, and two will be chosen as the second and third place winners. There will also be two special awards: for “Best Visual Design” and “Best in Corporate Governance Disclosure.” The MAP will also give a special award to a conglomerate whose three or more companies have made it to the list of finalists. The winners will be announced during the awards ceremony in Makati City on Feb. 10, 2009.

Five of the 20 finalists were from the Ayala Group of Companies: Ayala Corp.; Ayala Land Inc.; Cebu Holdings, Inc.; Globe Telecom; and Manila Water Co. Four companies belong to the SM Group (China Bank; Highlands Prime; SM Investments Corp.; and SM Prime Holdings, Inc.) while three are companies under the Metrobank Group of taipan George Ty (Metropolitan Bank and Trust Co., Philippine Savings Bank, and First Metro Investment Corp.).

In addition to a technical panel comprised of top academicians, officials from regulatory agencies, and organizations that champion good corporate governance practices, the members of this year’s board of judges who will determine the final rankings are the following: MAP president Joey A. Bermudez; SEC Chairperson Fe Barin; Bangko Sentral Gov. Amando M. Tetangco; PSE President and CEO Atty. Francisco Ed Lim, HSBC president and CEO Mark Watkinson, and BusinessWorld Vice President and COO Anthony L. Cuaycong.

The finalists and winners are chosen based on a stringent set of criteria, namely: compliance with the reporting rules and regulations prescribed by the Securities and Exchange Commission, the PSE, and the Bangko Sentral and disclosure in the financial statements, 60 percent; provision of information related to corporate governance, 30 percent; and user friendliness, 10 percent.