Aboitiz Equity Ventures, Inc. (AEV) and subsidiary Aboitiz Power Corporation (AboitizPower) bagged the prestigious Golden Arrow Recognition during a virtual awarding ceremony for the ASEAN Corporate Governance Scorecard (ACGS).
AEV received a two-arrow recognition (ACGS score of 90-99points) while AboitizPower got a one arrow (ACGS score of 80-89points) from domestic ranking body Institute of Corporate Directors (ICD) following the results of the 2019 ACGS assessment.
The Golden Arrow Recognition is awarded to publicly-listed companies (PLCs) and insurance companies that achieved the scores of at least 80 points in the ACGS.
Five levels of performance in corporate governance based on scores were bestowed, with each level depicted by the increasing number of golden arrow.
According to the ICD, the golden upward-pointing arrow symbolizes the continuing efforts of the Philippine companies to raise the level of compliance with the ASEAN corporate governance principles.
“As we grow our businesses in critical sectors such as power, banking and financial services, food, land, and infrastructure, we remain faithful to our values and promise of advancing business and communities. This accolade reinforces our unwavering commitment to and exemplary standards on good corporate governance,” said Aboitiz Group President and CEO Sabin M. Aboitiz.
The Aboitiz Group’s businesses operate with a mindset to create long term value for its stakeholders by upholding best practices in environmental management, social responsibility, and good governance (ESG) and ensuring financial growth and business capability.
Both AEV and Aboitiz Power have consistently been recognized as among the best managed companies in the Philippines and top 50 best performing PLCs in the ASEAN region in the last few years.
AboitizPower has also been recognized as a constituent company in the FTSE4Good Index Series created by global index provider FTSE Russell, which measures the performance of companies demonstrating strong ESG practices.