Disclosure and Transparency
Disclosure and Transparency
AREIT is committed to the highest standards of disclosure, transparency, and fariness in information dissemination. The public is provided with financial and operational information regularly through various structured and unstructured disclosures submitted to regulatory authorities such as SEC and PSE. In addition, any material information about the company that has an impact on the latter’s valuation, stock price, and trading volume is reported to the public.
All disclosures are immediately posted on the company’s website and may be accessed through the following link:
AREIT Disclosures(Opens in a new tab)In accordance with SEC requirements, the list of beneficial owners of more than 5% of the company’s outstanding capital stock is disclosed on a quarterly basis. Direct and indirect shareholdings of directors and senior management and the respective changes in shareholdings are also disclosed accordingly.
Directors and key officers of AREIT shall submit their initial statement of ownership of AREIT shares through the SEC Form 23-A within 10 days of their appointment. Afterward, any changes in ownership are reported through SEC Form 23-B within three business days of the transaction dates. These reports are submitted to the SEC and the PSE simultaneously and are likewise accessible in the company’s website.
The details of the parent or holding company, subsidiaries, associates, joint ventures, and special purpose enterprises or vehicles are also available in the AREIT website, SEC 17-A and 17-Q reports, SEC 20-IS, and Integrated Report. No member of the board or management owns 2% or more of the outstanding capital stock of the company.
For information on the summary of security ownership of Directors and Management, click the link below:
AREIT Disclosures(Opens in a new tab)In cases of mergers, acquisitions, and takeovers requiring shareholder approval, the board appoints an independent party to evaluate the fairness of the terms of the transaction.
For its property-for-share swap transaction with Ayala Land, Inc. and its subsidiaries and affiliates, AREIT obtained the services of PwC Isla Lipana & Co. to render the fairness opinion for the transaction.
Internal Auditing Standard 1312 of the Institute of Internal Auditors (IIA) requires that external assessments of the internal audit function be conducted by a qualified independent reviewer or review team from outside the Company at least once every five years. An external assessment opinion by Punongbayan&Araullo (P&A), a member firm within Grant Thornton International Ltd. in 2012 concluded that the Company’s internal audit activities generally conform to the International Standards for the Professional Practice of Internal Auditing (ISPPIA) as issued by the Institute of Internal Auditors (IIA).
Aside from compliance with IIA’s International Professional Practices Framework which includes the definition of Internal Auditing, the ISPPIA and the Code of Ethics, the External Quality Assurance Review covered the assessment of Internal Audit’s compliance with its charter, plans, policies, procedures, practices, and applicable legislative and regulatory requirements;expectations of the Internal Audit as expressed by stakeholders (includes the Board of Directors and Audit Committee, Senior Management and internal audit clients); integration of the Internal Audit into the organization’s governance process, including the attendant relationships between and among the key groups involved in that process; tools and techniques employed by the Internal Audit; mix of knowledge, experience, and disciplines within the staff, including staff focus on process improvement; and areas on which the Internal Audit is able to add value to help improve the organization’s operations.
The principal accountant and external auditor of AREIT is the accounting firm PricewaterhouseCoopers (PwC) Philippines – Isla Lipana & Co. (Isla Lipana), with Ms. Ruth F. Blasco as the partner-in-charge for the 2023 audit year.
The consolidated financial statements of the Group have been prepared in compliance with Philippine Financial Reporting Standards (PFRS). The accounting policies adopted in 2015 are consistent with those of the previous financial year, except for the implementation of new and amended PFRS which became effective January 1, 2016.
