Board of trustees of the Institute of Corporate Directors and esteemed guests gather for a toast during the Golden Arrow Awards ceremony.

Golden Arrow Awards honor anew top companies for strong corporate governance

By Mhicole A. Moral, Special Features and Content Writer

The Institute of Corporate Directors (ICD) once again recognized the country’s leading publicly listed (PLCs) and insurance companies (ICs) at the 2025 Golden Arrow Awards held on Oct. 23 at the Grand Ballroom, Okada Manila.

The event highlighted firms that showed excellence in corporate governance, transparency, and accountability based on the 2024 ASEAN Corporate Governance Scorecard (ACGS) and the Corporate Governance Scorecard (CGS). The evaluation also included sustainability practices, board independence, and active engagement with investors and the public.

Each company went through a detailed assessment covering 193 publicly available indicators. The metrics examined areas such as board structure, audit quality, executive compensation, and sustainability reporting. The ACGS follows a 130-point grading scale, where companies must earn at least 75 points to qualify for the Golden Arrow distinction.

ICD Chairperson Atty. Benedicta Du-Baladad, FICD, leads the toast.

The recognition is divided into five levels. Companies with 75 to 84 points receive one arrow; those with 85 to 94 points receive two; 95 to 104 points earn three; 105 to 114 points get four; and those scoring between 115 and 130 points receive five arrows.

Insurance companies are evaluated separately. Their scoring begins at 80 points for one arrow and extends up to 130 points for five arrows, depending on their overall performance.

ICD President Senen L. Matoto, FICD

This year, 109 publicly listed companies and 26 insurance firms were honored for their strong governance practices and commitment to ethical business leadership.

Commitment to trust and progress

Five of the country’s leading corporations received the highest distinction at this year’s Golden Arrow Awards, recognizing 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.

Ayala Corp. President and Chief Executive Officer Cezar P. Consing said the recognition validated the company’s continuous effort to uphold 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 are stakeholders that always remind them,” Mr. Consing said in a video message. “Strong corporate governance is key to building and keeping this trust. Thank you for firming our efforts with this distinguished honor. We will strive to do better.”

SM Investments Corp. Chairman Amando M. Tetangco, Jr. accepted the same distinction, noting that good governance guides how the company makes decisions every day.

“For SM, good governance is not a separate factor. It is how we think, decide, and act, guided by stewardship, transparency, and a longer view of value creation across the globe. We share this honor 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 keep raising the standard.”

Seventeen companies received the four-arrow recognition, a level given to organizations that consistently perform above industry standards. Among them were Aboitiz Equity Ventures, Inc., ACEN Corp., Ayala Land, Inc., Bank of the Philippine Islands, Manila Electric Co., and GT Capital Holdings, Inc.

The three-arrow award went to 26 corporations that demonstrated consistent improvement in their governance practices. The list included ABS-CBN Corp., AREIT, Inc., Atlas Consolidated Mining and Development Corp., Cebu Air, Inc., and International Container Terminal Services, Inc.

Thirty companies earned the two-arrow distinction for strengthening their governance structures and practices. These included Alliance Global Group Inc., Cebu Landmasters Inc., Century Pacific Food Inc., Citystate Savings Bank, Crown Asia Chemicals Corp., DigiPlus Interactive Corp., East West Banking Corp., and Philippine Business Bank (PBB).

PBB Vice-Chairman, President, and Chief Executive Officer Rolando R. Avante said the recognition serves as a reminder of the broader responsibility that comes with good governance.

“Awards like this puts more responsibility on us as a corporation to continue exercising good corporate governance; to be part of the government’s ongoing effort to improve the economy; and, lastly, to be a close partner of the business sector in creating more employment,” Mr. Avante told BusinessWorld.

Meanwhile, 21 corporations received the one-arrow recognition for showing steady alignment with the ICD’s standards on governance. Among those recognized were Alliance Select Foods International Inc., Altus Property Ventures Inc., Bank of Commerce, Citicore Energy REIT Corp., EEI Corp., Empire East Land Holdings Inc., as well as Solid Group, Inc.

Recognizing top insurers

The insurance sector showed consistent 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 Company, Ltd. (InLife) and Pru Life Insurance Corp. of U.K., both receiving the four-arrow distinction for their outstanding governance standards.

For InLife, this marked its sixth straight year of recognition and its fifth time earning the four-arrow award, a milestone that highlighted its sustained adherence to good corporate conduct.

Close behind were three institutions that earned three-arrow awards: BPI-AIA Life Assurance Corp., the 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 underserved communities, were recognized for their dedication to good governance despite operating within inclusive finance sectors that face unique challenges.

Companies that received two-arrow distinctions represented a mix of local and international insurers known for maintaining stability and transparency. The list included AIA Philippines Life and General Insurance Company, Inc.; Allianz PNB Life Insurance, Inc.; Armed Forces & Police Mutual Benefit Association, Inc. (AFP MBAI); Etiqa Life and General Assurance Philippines, Inc.; FWD Life Insurance Corp.; Pacific Cross Insurance, Inc.; and Sun Life of Canada (Philippines), Inc.

Meanwhile, firms recognized with one-arrow awards demonstrated good standing based on the Corporate Governance Scorecard (CGS) framework. Honorees in this group included AXA Philippines Life and General Insurance Corp.; 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 being a technical requirement for listed companies. It now stands as a benchmark for accountability, transparency, and integrity in Philippine business.

ICD Founder and Chairman Emeritus Dr. Jesus P. Estanislao, FICD

Dr. Jesus P. Estanislao, founder and chairman emeritus of the 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 a country’s economic and moral recovery, especially in a period marked by low public trust in institutions.

“When we started corporate governance 26 years ago, we had 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 necessary.”

The Philippines now ranks among the top three countries in Asia in corporate governance standards, alongside Singapore and Malaysia. Such achievement did not come overnight, as it began with the cooperation of regulatory agencies such as the Bangko Sentral ng Pilipinas, the Securities and Exchange Commission, and the Insurance Commission that helped define governance benchmarks in both the private and public sectors.

For Dr. Estanislao, true governance begins when companies internalize values beyond policy. He pointed to the importance of instilling civic-mindedness, responsible citizenship, and moral discipline within corporations.

“Governance is not only about reports and audits,” he said. “It is about who we are as individuals and how we influence the communities around us.”

PLCs that earned the Golden Arrow recognition, he added, must now go beyond their boardrooms. They are being called to serve as catalysts for national renewal by promoting transparency and social responsibility in their operations.

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