Sustainability Recognitions

Aboitiz Group bags three corporate governance awards

January 23, 2023

The Aboitiz Group is starting the year strong after receiving three awards at the ACGS Golden Arrow Awards Night last Friday, January 20 at the Sheraton Manila Hotel in recognition of its good corporate governance practices.

Aboitiz Power Corporation (AboitizPower) received a 4-arrow recognition after scoring 111.83 in the 2021 ASEAN Corporate Governance Scorecard (ACGS) assessment. Meanwhile, the Aboitiz Group’s holding company Aboitiz Equity Ventures (AEV) garnered a score of 104.83 receiving a 3-arrow recognition, while UnionBank of the Philippines (UnionBank) scored between 90-99 for a 2-arrow recognition.

As it undergoes its Great Transformation journey to become the Philippines’ first Techglomerate, the Aboitiz Group remains committed to upholding, improving, and deepening its corporate governance framework and practices.

“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.

These awards reinforce AboitizPower, AEV, and UnionBank’s commitment to ethical corporate citizenship, and recognize their governance practices and high ethical standards in the conduct of business, which includes transparency at all levels and strong compliance with key governance policies and protocols.

“On behalf of the management of Aboitiz Power Corporation, I would like to extend our thanks to the Institute of Corporate Directors for the 4-arrow recognition in this year’s ASEAN Corporate Governance Scorecard (ACGS) Assessment Results. 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,” said AboitizPower President and CEO Emmanuel Rubio.

“As we navigate critical uncertainties in our industry, AboitizPower maintains its focus on corporate governance as an equally important table stake as environmental and social performance in our business strategy and growth aspirations,” Rubio added.

Both AboitizPower and AEV implement a corporate governance framework rooted in the Aboitiz core values of Integrity, Teamwork, Innovation, and Responsibility, while policies and protocols are aligned with international best practices and the Group’s Environmental, Social, and Governance (ESG) efforts.

UnionBank’s corporate governance, on the other hand, is founded on a culture of fairness, transparency, and accountability. The bank’s governance standards include compliance to its Code of Conduct, clear communication with shareholders, investors, and creditors, and full, transparent, and timely public disclosures to inform investors of its financial condition.

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 ACGS.”

Companies are evaluated based on the ASEAN Corporate Governance Scorecard, which covers five areas: rights of shareholders, the equitable treatment of shareholders, the role of stakeholders, disclosure, and transparency, and responsibilities of the Board. Scores are given based on public disclosures such as the companies’ annual reports, sustainability reports, minutes of shareholders' meetings, codes of conduct, announcements, and information from the websites of the state securities commission and local stock exchange.

The awards were received by Suiee Suarez of AboitizPower’s Corporate Affairs Office, Atty. Sammy Santos and Atty. Mailene de la Torre of Aboitiz Equity Ventures’ Office of the Legal and Compliance Officer, and James Ileto of UnionBank’s Reputation Management Office.