The Philippine Stock Exchange, Inc. (PSE) received a 4 Golden Arrow recognition from the Institute of Corporate Directors (ICD) at the ACGS Golden Arrow Awards held on January 20, 2023.
The Golden Arrow recognition is given to Philippine publicly listed companies (PLCs) that meet the score requirement for each of the five levels of performance in corporate governance. Based on the 2021 ASEAN Corporate Governance (ACGS) Assessment Results, 85 PLCs qualified for a Golden Arrow award. In particular, 12 of the 85 PLCs garnered an ACGS score between 110 to 119 points and merited a 4 Golden Arrow recognition.
PSE President and CEO Ramon S. Monzon delivered a congratulatory message to the Golden Arrow recipients during the awarding ceremony. He cited that good corporate governance is not dependent on company size. “While majority of the awardees are big and mid cap companies, there are also small cap firms in the roster of Golden Arrow recipients. For me, this underscores the fact that upholding corporate governance is not a matter of size but on the values and commitment of the company’s Board of Directors.”
Mr. Monzon also noted that while it was impressive to see a 50 percent increase in the number of Golden Arrow awardees, from 57 to 85, there is also a need to improve the ACGS assessment scores of the remaining PLCs. “I believe there is a need for PSE to revisit its programs for corporate governance to see how we can help and support the other PLCs in making CG a way of life, similar to how the 85 PLCs here have inculcated CG in their companies’ culture,” he said.
Photo courtesy of ICD
