The Bank of Philippine Islands (BPI) was awarded the Golden Arrow by the ASEAN Corporate Governance Scorecard (ACGS).
The Philippines’ Institute of Corporate Directors (ICD) used its ASEAN Corporate Governance Scorecard (ACGS) and rated BPI as among the top five of the 16 publicly listed banks in the country. In 2018, BPI also earned a spot among the Top Performing Companies under the ACGS.
Southeast Asia’s first bank received the recognition for being a top bank with responsible stewardship and value-driven management of its business.
“This recognition affirms our commitment to stakeholders and our desire for global competitiveness,” said BPI Chief Compliance Officer Atty. Noravir Gealogo in a release sent to Good News Pilipinas.
“Being the pioneer banking institution in Southeast Asia, our goal is to keep growing as a corporation and increase profitability through strong corporate governance so that we continue to be deserving of the public’s trust,” added the BPI official.
Atty. Gealogo added that the Golden Arrow award reflects BPI’s mission to build a better Philippines by ensuring that its corporate governance framework promotes responsible stewardship and value-driven management.
ICD, a non-stock, non-profit organization that works with various organizations to promote higher corporate governance standards in the Philippines, recognizes five levels of top corporate governance performance based on the ratings set by the ACGS. A five-arrow recognition is the highest possible ACGS score, with a range of 120 to 130 points.
The ACGS was developed in 2011 by the ASEAN Capital Markets Forum in collaboration with the Asian Development Bank. It seeks to raise the standards and practice of corporate governance among publicly-listed companies in the region.
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