Lopez Holdings Corporation (LPZ), First Gen Corporation and ABS-CBN Corporation were among 62 companies honored by the Institute of Corporate Directors (ICD) at its Golden Arrow Awards held virtually on Feb. 19.
The Golden Arrow recognition is awarded to publicly listed companies (PLCs) and insurance companies (InsCos) that achieved scores of at least 80 points in the 2019 ASEAN Corporate Governance Scorecard (ACGS) Assessment. There are five levels of performance in corporate governance available, with each ascending level depicted by an increasing number of golden arrows.
LPZ received 2-arrow recognition for scoring between 90 and 99 points, while First Gen and ABS-CBN each received 1-arrow recognition for scoring between 80 and 89 points. The highest scorers in the country received 4-arrow recognition.
ICD chief executive officer Lenard Berba said the assessment process was stringent because the domestic rankings for the ACGS underwent peer review by counterpart evaluators across the ASEAN region.
Accepting the awards for the Lopez Group in the virtual ceremony were Atty. Maria Amina Amado, LPZ vice president legal and compliance officer; Carla Paras-Sison, LPZ headrisk management; Atty. Rachel Hernandez, First Gen vice president and corporate secretary; Atty. Jose Javier Bautista, First Gen legal counsel; and Atty. Laurice Esteban-Tuason, ABS-CBN investor relations head.
The ACGS was developed by the Asian Development Bank in partnership with the ASEAN Capital Markets Forum. It is a tool for assessing governance practices based on publicly available information. It is benchmarked against international best practices that encourage companies to go beyond national legislative requirements.
Its rigorous methodology assesses the corporate governance performance of PLCs in six participating ASEAN member countries, and provides foreign investors and external fund managers comparable information to assist in their investment decision-making process. The first ACGS awards ceremony was held in 2015.