The Golden Arrow Recognition
The ASEAN Corporate Governance Scorecard (ACGS) measures the performance of the companies in the areas of facilitating the rights and the equitable treatment of shareholders, how they relate to their different stakeholders, ensuring transparency and accountability thru timely disclosure of material information, and how the board guides the company strategically, monitors the management, and ensures the board’s accountability to the company and the shareholders. The scorecard is composed of 184 questions based on publicly available disclosures on the companies’ websites. It aims to raise the corporate governance standards and practices of the country and to make well-governed Philippine publicly listed companies attractive to investors.
The Golden Arrow is awarded to companies that achieved a score of at least 80 points in the ACGS Assessment. At this point, the company has exhibited observable conformance with the Philippine Code of Corporate Governance and internationally recommended corporate governance practices as espoused by the ACGS. Five (5) levels of performance in corporate governance will be conferred. Each ascending level is depicted by an increasing number of golden arrows, as follows:
ACGS score of 80 to 89 points 1-arrow recognition
ACGS score of 90 to 99 points 2-arrow recognition
ACGS score of 100 to 109 points 3-arrow recognition
ACGS score of 110 to 119 points 4-arrow recognition
ACGS score of 120 to 130 points 5-arrow recognition
An upward-pointing arrow was chosen to symbolize the continuing efforts of Philippine PLCs to raise the level of compliance with the ASEAN corporate governance principles.
The foregoing system of recognition is also applied to insurance companies that are assessed under the ACGS.
