Golden Arrow Awards honors new top companies for strong corporate governance
By Mhicole A. Moral, Special Features and Content Author
The Institute of Corporate Directors (ICD) once again recognized the country's leading publicly listed (PLC) and insurance companies (IC) at the 2025 Golden Arrow Awards held on October 23 at the Grand Ballroom, Okada Manila.
The event highlighted companies that demonstrated excellence in corporate governance, transparency and accountability based on the 2024 ASEAN Corporate Governance Scorecard (ACGS) and Corporate Governance Scorecard (CGS). The assessment also included sustainability practices, board independence and active engagement with investors and the public.
Each company conducted a detailed assessment covering 193 publicly available indicators. The metrics examined areas such as board composition, audit quality, executive compensation and sustainability reporting. ACGS follows a 130-point grading scale, where companies must earn at least 75 points to qualify for the Golden Arrow distinction.
Recognition is divided into five levels. Companies with 75 to 84 points get one arrow; Those with 85 to 94 points get two; Score 95 to 104 points three; A score of 105 to 114 gives four points; And those scoring between 115 and 130 points get five arrows.
Insurance companies are evaluated separately. Their scoring starts at 80 points for one arrow and increases to 130 points for five arrows, depending on their overall performance.
This year, 109 publicly listed companies and 26 insurance companies were honored for their strong governance practices and commitment to ethical business leadership.
Trust and commitment to progress
Five of the country's leading corporations received top honors at this year's Golden Arrow Awards in recognition of their outstanding commitment to corporate governance and ethical business practices. These include Ayala Corp., Converge Information and Communications Technology Solutions, Inc., Globe Telecom, Inc., SM Investments Corp., and SM Prime Holdings, Inc. Are included.
Cesar P. Consing, President and Chief Executive Officer of Ayala Corp., said this recognition validates the company's continuous effort to maintain transparency and accountability in its operations.
“At Ayala, we believe that the highest standards of corporate governance are a prerequisite for a sustainable business. It strives to create institutions that stakeholders are always mindful of,” Mr Consing said in a video message. “Strong corporate governance is the key to building and maintaining this trust. Thank you for strengthening our efforts with this prestigious recognition. We will strive to do better.”
SM Investments Corp. Chairman Amando M. Tetangco, Jr. acknowledged the same distinction, noting that good governance guides how the company makes decisions every day.
“For SM, good governance is not an isolated factor. It is how we think, decide and act, guided by a long view of stewardship, transparency and value creation around the world. We share this recognition with our Board, management and employees whose daily commitment gives life to these principles,” Mr Tetangco said. “We thank ICD for encouraging companies like ours to raise the bar.”
Seventeen companies received Four-Arrows recognition, a level given to organizations that consistently perform above industry standards. These include Aboitiz Equity Ventures, Inc., ACEN Corp., Ayala Land, Inc., Bank of the Philippine Islands, Manila Electric Company, and GT Capital Holdings, Inc. Were included.
The Three-Arrow Award was given to 26 corporations that demonstrated continuous improvement in their governance practices. The list includes ABS-CBN Corp., AREIT, Inc., Atlas Consolidated Mining and Development Corporation, Cebu Air, Inc., and International Container Terminal Services, Inc. Are included.
Thirty companies earned the two-arrow distinction for strengthening their governance structures and practices. These include Alliance Global Group Inc., Cebu Landmasters Inc., Century Pacific Food Inc., Citystate Savings Bank, Crown Asia Chemicals Corporation, Digiplus Interactive Corporation, East West Banking Corporation and Philippine Business Bank (PBB).
PBB Vice Chairman, President and Chief Executive Officer Rolando R. Avante said this recognition is a reminder of the broader responsibility that comes with good governance.
“Such awards place greater responsibility on us as a corporation to continue good corporate governance, be part of the government's ongoing effort to reform the economy and ultimately, become a close partner of the business sector in generating more employment,” Mr. Avante pointed out. businessworld,
Meanwhile, 21 corporations received One-Arrow recognition for showing steady alignment with ICD's standards on governance. Those recognized included Alliance Select Foods International Inc., Altus Property Ventures Inc., Bank of Commerce, Citycore Energy REIT Corp., EEI Corp., Empire East Land Holdings Inc., as well as Solid Group, Inc.
Recognizing Top Insurers
The insurance sector demonstrated its continued commitment to integrity and compliance this year through the Golden Arrow Awards, which honor companies that practice strong corporate governance.
Leading the group were The Insular Life Assurance Co Ltd (InLife) and the UK's Pru Life Insurance Corp, both of which received the four-arrow distinction for their excellent governance standards.
For InLife, this is the sixth consecutive year of recognition and the fifth time it has earned the Four-Arrow Award, a milestone that highlights its continued adherence to good corporate conduct.
Following behind were three institutions that earned Three-Arrow Awards: BPI-AIA Life Assurance Corp., Center for Agriculture and Rural Development Mutual Benefit Association (CARD MBA), Inc., and Kasagana-Ka Mutual Benefit Association, Inc.
CARD MBA and Kasagana-Ka MBA, known for serving low-income and disadvantaged communities, were recognized for their dedication to good governance despite working in inclusive finance sectors that face unique challenges.
The companies that received the two-arrow distinction represent a mix of local and international insurers that are known for maintaining stability and transparency. The list includes AIA Philippines Life & General Insurance Company, Inc.; Allianz PNB Life Insurance, Inc.; Armed Forces and Police Mutual Benefit Association, Inc. (AFP MBAI); Etica Life & General Assurance Philippines, Inc.; FWD Life Insurance Corporation; Pacific Cross Insurance, Inc.; and Sun Life of Canada (Philippines), Inc.
Meanwhile, companies honored with One-Arrow awards demonstrated good standing based on the Corporate Governance Scorecard (CGS) framework. Among the group's honorees are AXA Philippines Life and General Insurance Corporation; BDO Life Assurance Company, Inc.; Beneficial Life Insurance Company, Inc.; Alalay sa Kaunlaran (ASKI) Mutual Benefit Association, Inc.; Manulife Chinabank Life Assurance Corp.; and Sun Life Grepa Financial, Inc.
Why corporate governance matters
Corporate governance has moved beyond a technical requirement for listed companies. It now stands as a standard for accountability, transparency and integrity in Philippine business.
Dr. Jesus P. Estanislao, Founder and Chairman Emeritus of ICD, has long advocated for a governance framework that strengthens both corporations and the nation. In his recent address during the event, he emphasized that corporate governance serves as the backbone of the country's economic and ethical recovery, especially in a period of low public trust in institutions.
“When we started corporate governance 26 years ago, we wanted to prove that discipline and transparency were possible in Philippine corporations,” Dr. Estanislao said. “Today, we have proven that they are not only possible but also necessary.”
The Philippines now ranks among the top three countries in Asia in corporate governance standards, along with Singapore and Malaysia. Such achievement did not come overnight, as it began with the collaboration of regulatory agencies such as the Bangko Sentral ng Pilipinas, the Securities and Exchange Commission, and the Insurance Commission, which helped define governance standards in both the private and public sectors.
For Dr. Estanislao, true governance begins when companies internalize values beyond policy. He pointed out the importance of instilling civic-mindedness, responsible citizenship and ethical discipline within corporations.
“Governance is not just about reports and audits,” he said. “It's about who we are as individuals and how we impact the communities around us.”
He said PLCs that have earned Golden Arrow accreditation must now go beyond their boardrooms. They are being called upon to serve as catalysts for national renewal by promoting transparency and social responsibility in their operations.
