As testament to its continuous pursuit of sound and responsible corporate governance, Etiqa Philippines, the country’s foremost advocate of insurtech with a strong ASEAN footprint, was recently recognized at the Golden Arrow Awards 2023. It is an annual event that celebrates outstanding achievements in corporate governance organized by the Institute of Corporate Directors (ICD) working closely with the Philippine Securities and Exchange Commission (SEC) and Insurance Commission (IC). 

Etiqa Philippines President and CEO Rico Bautista expressed his gratitude and pride in the company’s achievement, stating, "This accolade is a clear demonstration of our unwavering commitment to establishing and maintaining good corporate governance and a robust organizational structure. By staying committed to this, we not only fulfill our mission of making the Philippines a better place, but also ensure that our customers’ and stakeholders’ trust in our services is upheld to the highest degree.”

Etiqa Philippines’ recognition at the Golden Arrow Awards 2023 not only underscores its commitment to good corporate governance practices, but also reinforces its reputation as a formidable ASEAN insurer with a strong focus on humanizing insurance.

Emphasizing the company’s commitment to good corporate governance, Bautista further added, “At Etiqa, we continue to cultivate and champion a culture of exceptional corporate governance that aligns with international standards and exemplifies best practices. We proudly stand shoulder to shoulder with the other awardees from various industries with an award that adheres to the stringent standards of ASEAN excellence."

The ASEAN Corporate Governance Scorecard (AGCS) is the instrument used for the assessment and ranking of publicly listed and insurance companies in six ASEAN countries - Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam. The IC, SEC and ICD assess companies based on the ACGS, which serves as an instrument to determine the management of an organization as well as its adherence to governmental regulations. The ACGS evaluates companies across five areas of corporate governance, including rights of shareholders, equitable treatment of shareholders, the role of shareholders, disclosure and transparency, and the responsibilities of the board.

Similar to the assessment of publicly listed companies, the ACGS is one of the best ways to strengthen corporate governance in the insurance sector, making insurance companies a valuable asset class for the country and making them more attractive to investors. All Philippine insurance companies, like publicly listed companies, play an important role in building trust and attracting investments from both local and foreign sources into the economy. 

Bautista stated, “Our dedication to upholding sound corporate governance and putting customers at the center will serve as the guiding force in our mission to humanize insurance and foster trust among our valued customers."