ICD awards companies that rated highly on the ACGS

A TOTAL of 48 publicly listed companies (PLCs) in the Philippines that rated highly on the ASEAN Corporate Governance Scorecard (ACGS) in 2018, along with nine firms supervised by the Insurance Commission (IC), were recognized at a ceremony hosted by the Institute of Corporate Directors (ICD) at Conrad Manila in Pasay City last June 11.

ACGS, developed by the ASEAN Capital Markets Forum (ACMF) and the Asian Development Bank, serves to raise corporate governance standards and practices among ASEAN PLCs and thereby enhance their attractiveness to foreign investors, and to promote the Association of Southeast Asian Nations as an asset class.

Companies are evaluated in the five areas the scorecard covers: rights of shareholders, equitable treatment of shareholders, role of stakeholders, disclosure and transparency, and responsibilities of the board. They can gain bonus points for practices beyond minimum standards and/or lose some for practices deemed poor. ICD, a non-stock, nonprofit organization, is the domestic ranking body that conducts the assessment of PLCs and insurance firms in the country.

In 2018, the 247 PLCs reviewed by ICD scored an average of 62.3 points, up from 58.4 points the previous year. The average score of 116 life and non-life insurance companies and mutual benefit associations under IC also rose, from 39.7 points to 41.3 points. To be considered a top performer, a firm must chalk up at least 80 points.

An ACGS score of 120 to 130 points earns a firm a five-star arrow recognition; a score of 110 to 119 points a four-star arrow recognition; a score of 100 to 109 points a 3-star arrow recognition; a score of 90 to 99 points a twostar arrow recognition; and a score of 80 to 89 points a one-star arrow recognition.

Here is the list of the top-performing PLCs and insurance companies under ACGS in 2018:

4-star arrow recognition

Ayala Land, Inc. China Banking Corp. Globe Telecom, Inc. Manila Electric Company SM Investments Corp. SM Prime Holdings, Inc.

3-star arrow recognition

2GO Group, Inc.

Ayala Corp.

BDO Unibank, Inc. Belle Corp.

GT Capital Holdings, Inc. Manila Water Company, Inc. Metropolitan Bank & Trust Company Philex Mining Corp.

Semirara Mining and Power Corp.

Insular Life Assurance Company, Ltd. Pru Life Insurance Corporation of UK 2-arrow recognition

Aboitiz Equity Ventures, Inc.

Atlas Consolidated Mining and

Development Corp.

Bank of the Philippines Islands

BDO Leasing and Finance, Inc.

Cebu Holdings, Inc.

Cebu Property Ventures and Development Corp. DMCI Holdings, Inc.

Far Eastern University, Inc.

Max’s Group, Inc.

Nickel Asia Corp.

PLDT Inc.

Premium Leisure Corp.

PXP Energy Corp.

FWD Life Insurance Company

1-arrow recognition

Aboitiz Power Corp.

ABS-CBN Corp.

Asia United Bank Corp.

Cemex Holdings Philippines, Inc.

D&L Industries, Inc.

First Gen Corp.

House of Investments, Inc. Integrated Micro-Electronics, Inc. International Container Terminal Services, Inc. Lopez Holdings Corp.

Metro Pacific Investments Corp.

Pacific Online Systems Corp. Philippine National Bank

Philippine Savings Bank

Rizal Commercial Banking Corp. Robinsons Retail Holdings, Inc.

San Miguel Food and Beverage, Inc.

SBS Philippines Corp.

Security Bank Corp.

Shang Properties, Inc.

CARD Mutual Benefit Association, Inc. Pacific Cross Insurance, Inc. Philippine American Life & General Insurance Company Sun Life Grepa Financial, Inc.

Sun Life of Canada (Philippines), Inc. The Manufacturers Life Insurance

Company (Philippines), Inc.