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    Your Best Guide to Stock Investing: The Shareholder's Handbook
    Your Best Guide to Stock Investing: The Shareholder's Handbook
    Your Best Guide to Stock Investing: The Shareholder's Handbook
    Ebook172 pages2 hours

    Your Best Guide to Stock Investing: The Shareholder's Handbook

    By Celso P. Vivas

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    About this ebook

    “A well-informed and actively engaged shareholder base is a key contributor to ensuring that companies conduct their business with competence, integrity, and transparency. This requires companies to adopt the principles of good corporate governance, which is one of the main drivers of creating shareholder value and growth in our capital markets. It is in this light that I would like to congratulate SharePHIL for publishing Your Best Guide to Stock Investing to educate and guide the investing public. The handbook is a big step forward to good governance for all of us.”

    — Manuel V. Pangilinan, chairman, Metro Pacic Group of Companies

    LanguageEnglish
    PublisherAnvil Publishing, Inc.
    Release dateNov 1, 2017
    ISBN9789712731259
    Your Best Guide to Stock Investing: The Shareholder's Handbook

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      Your Best Guide to Stock Investing - Celso P. Vivas

      MESSAGES FROM REGULATORY BODIES

      ATTY. TERESITA J. HERBOSA

      Chairperson, Securities and Exchange Commission

      The Securities and Exchange Commission is intent on helping Philippine publicly-listed companies (PLCs) become regionally, if not globally, competitive.

      In line with our thrust of continuously promoting a higher level of corporate governance among the PLCs, I would like to highlight the recent major regulations the Commission has implemented: the requirement to file an Annual Corporate Governance Report (ACGR), which is meant to secure sufficient disclosure so that investors and other players can assess a company’s performance and governance practices that will enable them to respond accordingly; and the amendment to the Revised Code of Corporate Governance, which includes stakeholders within the coverage of corporate governance principles. The latter was in response to the country’s rating under the Role of Stakeholders category of the 2013 ASEAN Scorecard.

      While the average score of the Philippines gives us a glimpse of the different corporate governance policies practiced within the region, there is still a long road ahead in ensuring that these practices become second nature to Philippine companies.

      Nevertheless, we firmly believe that Philippine PLCs will eventually rank high among their peers in the Southeast Asian region, and it is in this regard that we recognize and thank the Shareholders’ Association of the Philippines’ efforts in helping the Commission ensure that this vision is achieved. Congratulations on the publication of Your Best Guide to Stock Investing. We foresee that this move will be one of the contributing factors that will help pave the way in providing a higher standard of corporate governance practice among Philippine PLCs within the region.

      AMANDO M. TETANGCO, JR.

      Governor, Bangko Sentral ng Pilipinas

      Our country’s strong economic fundamentals and investment grade credit ratings continue to boost investor interest and confidence in the Philippines. This is reflected, among others, in the continuing growth of the Philippine capital markets.

      In particular, the Philippine stock market has been reaching unprecedented growth in market capitalization, liquidity, and index performance. Yet, less than one percent of our population is investing in our stock market. In the process, only a handful of Filipinos benefit from opportunities to grow their investments through this market. There is room, therefore, to develop a more inclusive stock market and to maximize the market’s growth potential.

      In this connection, I commend the Shareholders’ Association of the Philippines for publishing this useful guide for investors to navigate their way through the equities market. Your Best Guide to Stock Investing informs and empowers shareholders who want to know about their rights and responsibilities. In the process, they will learn how to protect their interest as minority shareholders.

      This is aligned with the thrust of the Bangko Sentral ng Pilipinas to develop a more inclusive financial system that protects financial consumers, provides stability to our financial institutions, and promotes inclusive growth.

      I look forward to seeing more programs that promote investor education and protection from the Shareholders’ Association of the Philippines.

      Mabuhay!

      JOSE T. PARDO

      Chairman, The Philippine Stock Exchange, Inc.

      On behalf of The Philippine Stock Exchange (PSE), I would like to commend the Shareholders’ Association of the Philippines on the publication of Your Best Guide to Stock Investing. Your publication is indeed timely for it comes at a time when investment enthusiasm in our equities market is at its highest.

      The Philippine stock market has been one of the best performing markets globally in the past years and it is our aspiration to see most of our countrymen take part and reap the benefits of our growing economy by investing in the stock market. To this end, the PSE has fortified its market education initiatives through the years to reach more Filipinos who would like to learn and understand stock market investing.

      We have seen our retail investor base steadily grow through the years and we are optimistic that very soon, we will see this number multiply exponentially, especially as online trading platforms like the PSETradex make investing more accessible. We are likewise hopeful that the Exchange will have more investment product choices in the next few years, creating a more dynamic market environment and more competitive Philippine capital markets.

      With expectations of a vibrant investor participation in the market, the PSE is hopeful that SharePHIL can do its part and add its voice in enhancing and helping ensure a mutually productive and beneficial relationship between shareholders and listed companies.

      Congratulations and Mabuhay!

      EMMANUEL F. DOOC

      Commissioner, Insurance Commission

      Your Best Guide to Stock Investing is a concrete step in good corporate governance for the protection of the institutions and the shareholders themselves.

      Apart from serving as a tool in educating shareholders on their rights, obligations, and powers, the book can add value to our listed companies by making them conscious of good corporate governance and protection of minority shareholders’ rights. For, indeed, a well-informed shareholder body could provide a strong balance in the healthy management of the corporate entity for its continued growth.

      On behalf of the Insurance Commission and the insurance industry which places some of its funds in stock investments, I wish to congratulate the Shareholders’ Association of the Philippines, and the principal author of the book, Celso P. Vivas, for coming out with this worthwhile project.

      MESSAGE FROM THE SHAREHOLDERS’ ASSOCIATION OF THE PHILIPPINES

      ONE OF THE STRONGEST ADVOCACIES OF THE SHAREHOLDERS’ Association of the Philippines (SharePHIL) is to help educate the general public about the merits and safeguards of investing in publicly listed securities. SharePHIL is committed to contributing to the growth of Philippine capital markets by encouraging more savers’ participation in the equities market.

      SharePHIL, through Your Best Guide to Stock Investing, wishes to make available to the investing public a guidebook that will assist them to navigate through the fundamentals of investing. It teaches them how, what, where, and when to invest their hard-earned money; at the same time, warns them of its pitfalls and risks. The handbook also shows them how to be responsible shareholders by letting them know what their rights and obligations are to the investee companies.

      We at SharePHIL believe that the small shareholders provide the base and strength of a sound capital market and we are focused on insuring that, through our advocacies and work, we can do our share in accomplishing this mission.

      Our thanks go to Mr. Celso Vivas, our member and author of the handbook, and the trustees of SharePHIL for their valuable contribution to the effort.

      EVELYN R. SINGSON

      First Elected Chairperson

      PREFACE AND ACKNOWLEDGMENTS

      FIRST OF ALL, MY WARMEST GREETINGS TO MY FELLOW shareholders and other readers of this handbook.

      My idea of championing the shareholders’ rights was hatched after our visit to the Australian Shareholders Association (ASA) office in Sydney in 2002. Newspaper columnist Mercedes B. Suleik (Merci) and I were in the second and last batch of another 10 scholars selected and invited by the Institute of Company Directors to take up a company directors course at the Australian Institute of Company Directors in Canberra. An important component of our course’s program of activities was the visit to the ASA, where we were given a briefing on how ASA advocates the protection of shareholders’ rights, notably by attending company annual general meetings and making representations with the government on behalf of the shareholders, particularly the minority shareholders. A worthy feature of the ASA programs is the appointment of proxies by the shareholders to attend and vote at annual general meetings (AGMs) in behalf of the latter. The ASA makes its own plans and preparations before any planned AGMs and tackles issues such as audit committee matters, independent directorship, executive remuneration, company performance, shareholder rights, and director qualifications/workloads. The ASA is a not-for-profit organization established in 1960 to protect and advance the interests of investors, as well as monitor companies with the aim of improving both financial performance and corporate governance.

      On our flight back to Manila after completing the directors course, I had a long discussion with Merci about my elaborate plans to promote corporate governance in the accounting profession and the business community as one of my post-retirement avocations. My governance battle cry would always be that financial reporting is the backbone of commercial society; that corporate governance will not prosper without reliable and timely financial reports; and that finance and accounting are the turfs of certified public accountants. And overtime, when such corporate governance advocacy has reached a reasonable level of awareness and understanding, I would help push for the creation of a non-profit, non-stock entity, similar to the ASA, the primary purpose of which is the protection of shareholders’ rights.

      Hence, after ten years of continued advocacy, I had begun to realize that the proper time has arrived to give more focus on and special attention to the remaining least-attended tenet of corporate governance: the promotion and protection of shareholders’ rights and interests, highlighting the plights of minority shareholders. I prayed for God’s blessings and guidance, and had gone into a soul-searching period to convince myself of my readiness and capability to pilot the advocacy.

      Thus, I gave my final answer to Madame Fe Barin, shortly before the end of her term as the Securities and Exchange Commission (SEC) Chairperson a few years ago, to partner with Cherry Bernaldo and start and lead a privately driven shareholder-focused association, having obtained from her the full pledge of support from the SEC and the Philippine Stock Exchange (PSE). Earlier on, she had been prodding Cherry and me to jump-start the undertaking whenever we saw her in various functions or governance seminars.

      And so, with the assistance and total backing of the Management Association of the Philippines (MAP) and its corporate governance committee, the Shareholders’ Association of the Philippines (SharePHIL) came into existence. Cherry Bernaldo’s legal firm handled the incorporation process. A select 15 committee members with full commitment to serve the association then became the incorporators, the charter members and also members of the new board of trustees. These organizers were either small investors themselves or had wealth of experiences in investing in stocks, dealing with stockbrokers and controlling shareholders, and as financial advisers/consultants. Evelyn Singson, past president of the MAP, was invited to chair the first duly constituted board. Your Best Guide to Stock Investing will serve as the heart and soul of SharePHIL’s advocacy.

      The production of the handbook is a team effort. While I take responsibility over the authorship of the handbook and provide most

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