The Villar Group reported that its dedication to good corporate governance has earned recognition and awards from the esteemed Institute of Corporate Directors (ICD).
In a statement, the group said its listed companies, including Vista Land & Lifescapes, Inc. (Vista Land), AllDay Marts, Inc., AllHome Corp., Golden MV Holdings, Inc., and Vistamalls, Inc., have been honored for their exemplary corporate governance practices.
"This accolade is more than just a symbolic achievement; it reflects our unwavering pursuit of excellence in every aspect of our operations and our unwavering commitment to the future,” said Villar Group Founder and Chairman Manuel B. Villar, Jr.
He noted that, “we pledge to continue pushing the boundaries of corporate governance, transparency, and responsible business practices across all our companies. We are embarking on a journey filled with renewed determination to create a brighter and more sustainable future for all."
Notably, Vista Land received the prestigious Golden Arrow Award, a 2-arrow recognition, at the ASEAN Corporate Governance Scorecard (ACGS) Golden Arrow recognition event, which took place at Okada Manila on September 28, 2023.
This accolade is presented to Philippine publicly listed companies and insurance companies that have achieved a minimum of 80 points in the 2022 ACGS Assessment.
The assessment by ACGS evaluated the group's performance in alignment with the Organization for Economic Cooperation and Development principles of corporate governance.
The evaluation encompassed five essential areas: facilitating the rights and equitable treatment of shareholders; relations with diverse stakeholders; ensuring transparency and accountability through timely disclosure of material information; strategic guidance by the board; and oversight of management and ensuring the board's accountability to the company and shareholders.
"This recognition underscores our firm commitment to values like transparency, consistency, equality, and compliance in practicing good corporate governance,” said Vista Land President and CEO Manuel Paolo A. Villar.
He added that, “these principles help us foster an environment of trust, transparency, and accountability, ultimately bolstering long-term investments, financial stability, and business integrity while solidifying our relationships with customers and stakeholders."
In a show of consistency, Vista Land has been recognized with a Golden Arrow Award for two consecutive years, progressing from a 1-arrow recognition to a 2-arrow recognition in the 2021 and 2022 ACGS assessments.
Additionally, the four other listed companies under the Villar Group were honored with 1-arrow recognition.
Primarily, all publicly-listed companies of the Villar Group received recognition, with the exception of the recently listed companies, VistaREIT, Inc. & Premiere Island Power REIT Corporation.
The Villar Group said it remains dedicated to safeguarding the interests of its shareholders and stakeholders by adhering to the highest standards of corporate governance.
The group is steadfastly guided by the core principles of transparency, accountability, fairness, and integrity in the conduct and management of its business.