MAP Awards 2019 Man of the Year by Roger Santos
I was privileged to attend the Management Association of the Philippines (MAP) General Membership Meeting on Monday, November 25, 2019 at the Shangri-La Hotel, Makati. They awarded Nestor Tan, President and Chief Executive Officer of BDO Unibank Inc., as its 2019 Management Man of the Year. With his vast knowledge in the banking industry, MAP recognized Tan’s initiative in promoting financial literacy and inclusion among teachers, soldiers, overseas Filipino workers and young people, among others. MAP also cited Tan for his leadership role in the substantial contributions of the BDO Group to national development through job creation and income generation.
In his speech, Mr. Nestor Tan urged the business community to rethink whether the western standards for corporate governance and fair competition suited the local market. He said that we all accept that governance is important, almost indispensable for sound management; however, the adherence to global standards has taken on a turn toward compliance to global prescriptions. He also said that universal prescriptions may not apply to all markets. Worse, we may even get addicted to scorecards and awards, which are mostly based on a checklist against generic prescriptions.
Tan also posed the question on whether the principles of fair competition adopted locally were considered boon or bane to the economy. He mentioned that the US and European models may not be the best example for a country like ours. Should we follow instead the Korean model, where they nurture national champions in different industries so they can compete regionally or globally? Besides, how do we define a proper competitive landscape? Is it local, national, regional or global? He said that in the banking industry, it’s all of those, but we should be cognizant that everybody is on a global playing field.
Tan said western practices are often tilted toward the achievement of short-term gains, rather than value creation. He noted a saying in New York: it’s mostly people who ride the subway who tell the people who ride the limousines what to do — meaning it’s the analysts and investors who tell the CEOs what to do.
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About the author:
Roger is a family man who loves to cook and play with his son. He spends most of his free time watching movies, especially the ones included in the Marvel Cinematic Universe. Roger loves to sing and, when he’s happy, he sings his heart out, without minding the people around him.
