Four companies of the Gokongwei Group, namely Cebu Pacific (CEB), Robinsons Land Corporation (RLC), Robinsons Retail Holdings, Inc. (RRHI) and Universal Robina Corporation (URC), were among the honorees at the Golden Arrow Awards at the Sheraton Manila Hotel.
The Golden Arrow Awards, organized by the Institute of Corporate Directors (ICD), recognizes top Philippine publicly listed companies (PLC) in corporate governance.
The 260 Philippine PLCs covered in the most recent ASEAN Corporate Governance Scorecard (ACGS) assessment had a combined average of 73.80 points, a 7.53-point increase from the 2020 rankings. To earn a Golden Arrow, a company must attain an ACGS score of at least 80 points. For this year’s awards, only 85 companies, or 33% of the companies assessed, met this threshold.
Atty. Anne Romadine Tieng, CEB General Counsel, represented the country’s leading carrier at the awards ceremony. “We are honored to be one of the recipients of the Golden Arrow Award. This will serve as a reminder for Cebu Pacific to remain committed to the best corporate governance practices as we strive to be the airline of choice of every Juan,” said Atty. Tieng.
CEB and URC were two Gokongwei Group companies that attained an ACGS score between 90 to 99 points. Over the years, CEB has constantly been improving its systems to ensure that its operations and services are relevant to the needs of its customers and Filipino society as a whole. Likewise, URC earned its first Golden Arrow Award scoring 93 points for its improved corporate governance practices over the years. “This goes to show how the combined efforts of concerned stakeholders become fruitful over the years and will continue to do so,” said Rhodora T. Lao, URC Corporate Controller and Chief Compliance and Risk Officer.
“This is a testament to the company’s strong corporate governance policies. We shall continue to implement programs to strictly comply with the Philippine Code of Corporate Governance and internationally recommended corporate governance practices as espoused by the ACGS,” said Kerwin Max S. Tan, RLC Chief Financial, Risk and Compliance Officer.
Robinsons Retail Holdings, Inc. was also accorded a Golden Arrow Award for its significant improvement in its total assessment score. “At Robinsons Retail, we constantly look at opportunities for improvement and innovation. This recognition is a testament to the continued work we have done to improve and adhere to best practices in corporate governance to adapt to today’s dynamic business landscape and create shared value for all,” said Gina Roa-Dipaling, RRHI Vice President for Corporate Planning and Investor Relations and Head of Sustainability.
With four of its companies earning the Golden Arrow, the Gokongwei Group will continue to strive to be at the forefront of promoting transparency, accountability, and ethical business practices – a critical component of its overall sustainability strategy to drive resiliency, responsiveness, relevance and integrity across its businesses.