EconomyEditor's PickConsunji, Aboitiz firms win corporate governance awards

January 23, 2023

CONSUNJI- and Aboitiz-led companies received recognition for their corporate governance performance from the Institute of Corporate Directors (ICD) at the ASEAN Corporate Governance Scorecard (ACGS) Golden Arrow Awards Night.

The award recognizes the country’s top publicly listed companies in corporate governance that have “exhibited observable conformance with the Philippine Code of Corporate Governance and internationally recommended corporate governance practices as espoused by the ACGS.”

Companies with an ACGS score of 80-89 points get 1-arrow recognition, 90-99 points get 2-arrow, 100-109 points get 3-arrow, 110-119 points get 4-arrow and 120-130 points get 5-arrow.

In a regulatory filing, Consunji-led DMCI Holdings, Inc. and Semirara Mining and Power Corp. said that they received 2 Golden Arrow and 3 Golden Arrow awards, respectively, during the awards night on Jan. 20 at Sheraton Manila Hotel.

DMCI Holdings and Semirara Mining have been ACGS awardees since 2019, the companies said.

Meanwhile, Aboitiz Power Corp., Aboitiz Equity Ventures, Inc. (AEV) and Union Bank of the Philippines were awarded 4-arrow, 3-arrow and 2-arrow recognitions, respectively, by the ICD.

“Good governance is necessary for any organization’s long-term success and sustainability. This much-appreciated recognition as a leader in corporate governance is a testament to the effectiveness of our ‘great transformation’ and the hard work and dedication of our entire team,” AEV President Sabin M. Aboitiz said in a press release.

According to the Aboitiz group, the corporate governance framework of AboitizPower and AEV come from their core values, while both companies’ policies were aligned with international standards and environmental, social, and governance efforts.

Meanwhile, UnionBank’s corporate governance is founded on fairness, transparency, and accountability, the group said.

The ACGS measures the performance of the companies in these five areas: rights of shareholders, equitable treatment of shareholders, role of stakeholders, disclosure and transparency, and responsibilities of their board of directors.

“Scores are given based on public disclosures such as the companies’ annual reports, sustainability reports, minutes of shareholders’ meetings, codes of conduct, announcements, and information from the websites of the state securities commission and local stock exchange,” the Aboitiz group said.

Over 80 Philippine-listed companies received golden arrow recognition during the awards night, which aims to raise the level of corporate competitiveness of the country. — Justine Irish D. Tabile

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