Aboitiz Group Recognized For Corporate Governance
The Aboitiz Group started the year strong after winning three honors at the ACGS Golden Arrow Awards Night at the Sheraton Manila Hotel on January 20 for its exemplary corporate governance.
Photo Insert: Suiee Suarez of AboitizPower’s Corporate Affairs Office, Atty. Sammy Santos and Atty. Mailene de la Torre of Aboitiz Equity Ventures’ Legal and Compliance Office, and James Ileto of UnionBank’s Reputation Management Office received the awards on behalf of the group.
The Golden Arrow Award, organized by the Institute of Corporate Directors (ICD), recognizes the country’s top publicly listed companies in corporate governance that have “exhibited observable conformance with the Philippine Code of Corporate Governance and internationally recommended corporate governance practices as espoused by the ASEAN Corporate Governance Scorecard (ACGS).”
The ACGS evaluates companies on shareholder rights, equitable treatment, stakeholder role, disclosure and transparency, and Board responsibility. Annual reports, sustainability reports, shareholder meeting minutes, codes of conduct, announcements, and state securities commission and local stock exchange websites are also used to calculate scores.
“Good governance is necessary for any organization’s long-term success and sustainability. This much-appreciated recognition as a leader in corporate governance is a testament to the effectiveness of our Great Transformation and the hard work and dedication of our entire team. It is a reminder that integrity and accountability are at the heart of everything we do,” said Aboitiz Group President and Chief Executive Officer (CEO) Sabin Aboitiz.
AboitizPower scored 111.83 on the 2021 ASEAN Corporate Governance Scorecard (ACGS) and achieved a 4-arrow recognition. Aboitiz Equity Ventures (AEV), the holding company of the Aboitiz Group, got 104.83 for a 3-arrow recognition, whereas UnionBank of the Philippines (UnionBank) achieved 90-99 for a 2-arrow recognition.
“We are pleased to be affirmed by this prestigious body of the progress our company has made in the various aspects of corporate governance. We consider this a win for the entire organization through effective collaboration between management, the board, regulators, and our shareholders,” AboitizPower President and CEO Emmanuel Rubio added.
These awards acknowledge AboitizPower, AEV, and UnionBank's ethical corporate citizenship and good compliance with governance policies and regulations.
The Aboitiz Group continues to strengthen its corporate governance framework and processes as it transforms into the Philippines' first techglomerate.
The Aboitiz core values of Integrity, Teamwork, Innovation, and Responsibility guide AboitizPower and AEV's corporate governance system, which is linked with international best practices and the Group's ESG activities.
While, on the other hand, fairness, openness, and accountability underpin UnionBank's corporate governance. The bank's governance principles include Code of Conduct compliance, clear communication with shareholders, investors, and creditors, and full, transparent, and timely public disclosures of its financial status.
Suiee Suarez of AboitizPower’s Corporate Affairs Office, Atty. Sammy Santos and Atty. Mailene de la Torre of Aboitiz Equity Ventures’ Legal and Compliance Office, and James Ileto of UnionBank’s Reputation Management Office received the awards on behalf of the group.