The Institute of Corporate Directors (ICD) is holding its annual ACGS Golden Arrow Awards Night on January 20, 2023, Friday at the Sheraton Manila Hotel. The in-person event will recognize the top Philippine publicly listed companies in corporate governance based on the ASEAN Corporate Governance Scorecard (ACGS).

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The 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.

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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:

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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

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This year, over 80 companies will receive golden arrows. The event will bring together the corporate governance community and advocacy champions in the regulatory and business sectors symbolizing the continuing and concerted efforts to raise the level of competitiveness of our country.