Our main goal in establishing an investor relations function within the company has always been to keep a two-way communication going between our investors and Senior Management. Part of that communication process is ensuring we deliver on these metrics:

Our efforts above have been complimentary to improving our Corporate Governance. Internally, we view corporate governance as aligning the interests of management with all other stakeholders – with shareholders at the forefront. In this sense, the constant communication fostered by investor relations between management and shareholders reinforces that ideal.

We cannot and do not run our company by focus group discussion but the constant dialogue has encouraged us to:

When discussing all these with potential or existing investors, they can then make an informed decision about the risk and reward in holding our stock and more easily compare our value in their portfolio versus other potential investments.

Ultimately, however, it is the alignment of interests between shareholders and management that drives the importance placed on both investor relations and corporate governance. In this case, other shareholders are benefitted by having a majority shareholder in Metro Pacific that values returns on investment as evidenced by the share price, dividends and profitability. They drive the compensation mechanisms that keep management focused on the same things. We do not expect their focus to change and management will continue to be incentivized in the same way. As such, the corporate environment that has proven a fertile ground for the development of Investor Relations and Corporate Governance will continue to be the same and all stakeholders can look forward to that.