China Banking Corporation (Chinabank) has bagged for the second time the Five-Golden Arrow Award, the highest recognition given by the Institute of Corporate Directors (ICD) to publicly listed companies and insurance firms in the Philippines that excel in corporate governance.
“This recognition is a testament to Chinabank’s beyond compliance approach to corporate governance and our unwavering commitment to do what is right and to do right by our stakeholders,” said Chinabank Chief Finance Officer Patrick D. Cheng.
The basis for the award was the 2022 ASEAN Corporate Governance Scorecard (ACGS) and Corporate Governance Scorecard (CGS) which evaluate a listed company’s adherence to the following key corporate governance principles: Rights and Equitable Treatment of Shareholders, Role of Stakeholders, Disclosure and Transparency, and the Responsibilities of the Board.
A Golden Arrow was awarded to companies that achieved at least 80 points. Chinabank scored between 120 to 130 points, the only bank to do so.
Chinabank has been consistently achieving high marks in the ACGS and CGS assessments, winning Four-Golden Arrow awards thrice and finally getting the Five-Golden Arrow award last year.
The bank was also cited in 2022 by the ASEAN Capital Markets Forum as among the Top 20 in ASEAN and Among the Top 3 in the Philippines in corporate governance, and as an ASEAN Asset Class.
"Our board of directors has been instrumental in setting the tone at the top and fostering our strong governance culture. This incredible honor inspires us to continue elevating our governance standards for our customers, employees, and all our stakeholders," Cheng said.
The ICD is a non-stock, non-profit organization that helps professionalize the practice of corporate directorship in the Philippines.
The Golden Arrow Recognition aims to raise the country’s corporate governance standards and practices to make well-governed Philippine publicly listed companies and Insurance companies attractive to investors.