January 30, 2023
From Manila Bulletin
Eight Ayala companies were among the 85 publicly-listed companies feted by the Institute of Corporate Directors (ICD) at its Golden Arrows Awards held last week at the Sheraton Manila Hotel.
The Golden Arrows recognize Philippine companies with exemplary governance based on the ASEAN Corporate Governance Scorecard (ACGS). Winners were assessed on their performance in 2021.
Ayala Land and Globe Telecom, together with Chinabank, received the highest citation with five Golden Arrows. Parent Ayala Corporation and Bank of the Philippine Islands (BPI) won four Golden Arrows. ACEN, Ayala Land Logistics Holdings Corporation and Integrated Micro Electronics Inc. received three Golden Arrows. AREIT, Inc. received two Golden Arrows. A ninth company, Cebu Holdings, which merged with parent ALI in 2021, received three Golden Arrows.
Globe President and CEO Ernest Cu, Ayala President and CEO Cezar “Bong” Consing, Ayala Corporate Governance Group Head Solomon Hermosura, ALI EVP Anna Maria Margarita Dy and BPI Chief Compliance Officer Noravir Gealogo were among the Ayala group executives who accepted their companies’ Golden Arrows awards.
The ACGS aims to raise corporate governance in the region and make well-governed companies attractive to investors. It measures performance under the OECD principles: 1) the rights and equitable treatment of shareholders, 2) the role of shareholders, 3) disclosure and transparency and 4) responsibilities of the board. The ICD is the SEC-appointed ACGS Domestic Ranking Body.
The scorecard comprises 184 questions and assessment and is based on accessible disclosures on company websites. The Golden Arrow is presented to companies that achieve a score of at least 80 points out of a possible 130 points wherein each ascending level is depicted by an increase in the number of golden arrows.
Accepting the award for topnotcher Ayala Land, EVP Anna Maria Margarita B. Dy proclaimed: “At Ayala Land, we believe that promoting a culture of good governance across the entire organization is integral to maintaining our brand equity. It has always been a guiding pillar in the way we do business.” — Ignacio R. Bunye