2022 Assessment of Corporate Governance Performance of the Philippine Insurance Industry

The Institute of Corporate Directors Philippines (ICD) led by its Chairman, Atty. Cesar L. Villanueva, and CEO, Dr. Carlos Jose P. Gatmaitan presented its 2022 assessment of the corporate governance performance of the Philippine insurance industry to the Insurance Commission last March 15, 2023. Present in the meeting are Insurance Commissioner Dennis Funa, Legal Services Group Deputy Commissioner Randy Serrano, Anti-Money Laundering and Corporate Governance Division Officer-in-Charge Atty. Joana Michelle De Ocampo, and other officers.

Ms. Perez, ICD’s Director for Corporate Governance Advocacy, reported that the insurance industry scored 55.13 points in this year’s assessment, an improvement of 3.27 points from the previous year’s performance. She also reported that the assessment observed improvements in some areas of corporate governance like the Role of Stakeholders in CG and Disclosure and Transparency, however, more effort must be exerted to raise the performance of the insurance industry at par with the banking sector and the publicly listed companies, both sectors are in the Philippine Financial Sector Forum with the insurance industry. Results also revealed that several companies still lack corporate governance related disclosure and information on their website.

To increase awareness and stir action, the Insurance Commission will be sharing the report with their regulated companies and vowed to collaborate with its stakeholders. Chairman Villanueva reassured the Insurance Commission of ICD’s support on their initiatives to improve the corporate governance of the industry. In relation to this, ICD will hold learning session on May 18, 2023 for insurance companies on how to adopt the globally-recommended CG practices being espoused by the ASEAN Corporate Governance Scorecard (ACGS), the tool adopted by the Insurance Commission to assess the corporate governance practices of their regulated entities.

Please see the attached report (PDF) for more details.