The National Reinsurance Corp. of the Philippines (Nat Re), the country’s national reinsurer, was recognized by the Institute of Corporate Directors (ICD) for good corporate governance practices.
Allan R. Santos, Nat Re president and chief executive officer said the company bagged two Golden Arrows for its good corporate governance practices, based on the Association of South East Asian Nations (ASEAN) Corporate Governance Scorecard (ACGS).
Specifically, Nat Re was named one of the country’s Top 15 Insurance Commission (IC)-Regulated Companies (InsCos) out of a 119 total.
Santos said Nat Re is honored to be recognized for its adherence to the region’s highest corporate governance standards.
“We strive to achieve our business goals while staying compliant with the law, meeting the highest ethical standards, and being guided by our company principles. We thank the IC and the ICD for this prestigious recognition,” Santos said in a statement.
Nat Re and the other InsCos were assessed by the ICD based on their performance on the Organization for Economic Cooperation and Development (OECD) principles.
These are rights of shareholders, equitable treatment of shareholders, role of stakeholders, disclosure and transparency, and board responsibility.
The ACGS is a globally-benchmarked scoring system used for assessing the corporate governance performance of ASEAN listed companies. Its goal is to improve the corporate governance standards and practices of publicly-listed companies and InsCos.
The IC, with its initiative to raise the bar of corporate governance practices in the insurance industry, mandated the adoption of the ACGS by all insurance companies and mutual benefit associations.
For publicly listed companies such as Nat Re, the ACGS serves as a useful diagnostic tool to guide improvement of corporate governance standards.
For Nat Re’s foreign investors, the Scorecard’s methodology, adopted by companies across six ASEAN member nations, provides comparable information to form part of their investment decision-making process.
Nat Re’s exemplary corporate governance practices have also been recognized in the region.
Nat Re received the Best Corporate Governance (Reinsurance) and Best Reinsurance Service Provider awards at The Global Economics Awards 2021 (Insurance Category) – the only Philippine company to have been awarded in the said category this year.
The Global Economics Awards says it identifies business enterprises that put hard work into foraging the best work culture toward regional and global economies, and it serves as the epitome of the perseverance and credibility of its recipients.
The Global Economics Awards recognizes best market players in the realm of their business and aims to motivate and bolster the confidence of business enterprises.