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The Institute of Corporate Directors (ICD) successfully held its Fourth Invitational Golf Tournament at the Manila Golf and Country Club on November 22, 2024. With clear skies and calm winds, the event provided a perfect setting for an enjoyable day of golf, bringing together a group of engaged players in a spirit of friendly competition and camaraderie. Through the generosity of our sponsors, ICD raised enough funds which will be allocated to support ICD’s social responsibility initiatives and bolster its research and development efforts.  ICD extends its heartfelt gratitude to the 75 participants—comprising 12 ICD members and 63 esteemed guests—whose enthusiasm and active involvement were key to the tournament’s success. Players highlighted their appreciation not only for the camaraderie shared throughout the day but also for the thoughtful giveaways, exciting raffle prizes, and the trophies they proudly took home, all of which added to the event’s celebratory atmosphere. The success of the tournament owes much to the efforts of the Golf Committee, led by Committee Chair Atty. Pete Maniego, Jr. , and supported by committee members Mr. Charlie Gatmaitan, Mr. George Aliño, Mr. Dennis Montecillo, Mr. Rex Drilon II, and Mr. JJ Moreno. In addition, the event would not have been possible without the full support of the Programs, Events, and Business Development Department, Members Relations Department, and the whole ICD staff.  Mr. Marco Bautista, son of Ambassador Cesar Bautista, also graced the occasion, expressing his heartfelt gratitude for the invitation and the tribute to his father's legacy. The success of this tournament was made possible through the invaluable support of the following sponsors: The following are the tournament winners whose exceptional skills and sportsmanship made them stand out in this memorable event: Overall Champion:   ICD Member- Atty. Pete H. Maniego Jr. ICD Guest- ASec Santi Lim Low Gross Champion Mr. JP Montenegro Division A Champion- Mr. James Morris Ileto 1st- Mr. Eddie Feliciano 2nd- Mr. Yvo Galvez Division B Champion- Philip Ouano 1st- Joseph Fadullon 2nd-Dan Reyes Division C Champion- Nestor Liwanag 1st- Andrew Escaler 2nd- David Padin Special Awards  were also given for:  Hole #4 Longest Drive - Mr. Yvo Galvez (294 yards) Hole #10 Most Accurate Drive- Mr. Knud Hedeager (4 inches) Hole #6 Nearest to the Pin- Mr. JP Montenegro (3 ft and 6 inches) Most Durable Player- Atty. Rene Cabanilla  The top three winners were awarded Metro Retail Gift Certificates worth 1,000 pesos each. Meanwhile, Atty. Rene was awarded with 4 Dozen of Used Golf Balls.  Prizes were also awarded to the following raffle winners: Piligan raffle winners:  OJ Matias, Jet Yu, Rick Wilkerson, Bien Guevarra, and Wilbert Tan, walked away with 2,000 pesos in cash, adding an extra element of excitement to the event.   Sponsors who set up their booth at the event generously provided mugs, towels, and charming tokens as giveaways for the participants. To top off the experience, attendees were treated to delicious meals catered by the Manila Golf and Country Club. As the event wrapped up, w e look forward to greater participation, especially from our ICD members. We also welcome your suggestions on how we can enhance the experience and make the event even more enjoyable.

By: Ma. Aurora D. Geotina-Garcia, FICD Fellow Institute of Corporate Directors Who are next-gen leaders? As the global environment becomes more unpredictable and complex, a new type of leader, the next generation leader (NGL), has emerged during these times of adversity. The Queensland University of Technology describes them as leaders equipped with strategic thinking, the ability to lead change, build a culture of performance, and strengthen personal responsibility and accountability. Various studies highlight the following desirable qualities of an NGL: Adaptable and agile: Capable of adapting to constant disruption, focused on making a positive difference rather than being solely driven by results; a “master of change” who can negotiate outcomes in a climate of instability. Emotionally intelligent: Able to control and manage emotions while providing empathy to support and overcome workplace challenges. Collaborative: Understands and accepts that great work is achieved by working as a team. Authentic communicator: Listens more than they speak and encourages open and honest conversation to cultivate fresh perspectives and ideas. Prioritizes well-being: Practices self-care and prioritizes their physical, emotional, and mental well-being. Next-gen leaders: Reshaping the future of business As I wrote in my article in this column on Feb. 8, 2023, one of the flagship projects of SharePHIL is to elevate the investor relations (IR) profession, given its crucial role in strengthening and nurturing the communications of listed companies with their investors and stakeholders. As IR plays a vital role in the success and growth of a company, IR professionals also contribute to shaping the capital market. To launch this project, SharePHIL held an Investor Relations Forum on Aug. 27, 2024, where a select group of NGLs shared their views on how they are reshaping the future of business. As IR professionals are the key links between companies and stakeholders, it is critical for them to understand how current and future leaders are navigating and steering their organizations through challenges. Key themes that resonated during the Forum included: Sustainability All current and future generations are facing challenges associated with sustainability, whether it be extreme weather, supply chain and technology disruptions, sourcing difficulties, among others. For Dennis Zamora, president of Nickel Asia Corp. (NAC) and CEO of a mining company in a priority industry, he has aligned the company’s nickel business with the government’s policies of responsible mining and downstream nickel production. As a result, NAC has been recognized by local and regional award-giving bodies. Furthermore, as the transition to renewable energy sources becomes necessary, NAC has diversified into the renewable energy sector with the goal of installing 1 MW by 2028. On the other hand, Ana Aboitiz-Delgado, executive vice president and incoming CEO of Union Bank, focuses on addressing the needs of two key stakeholders: its customers and employees. As chief customer experience and digital channel officer, she led the digital transformation of Union Bank, growing the customer base through its mobile app and playing a key role in acquiring the local customer business of a global bank. With respect to employees, she emphasized the importance of work-life balance by respecting time off and limiting work calls outside office hours. Customer centricity Customer-focused strategies can affect nearly all aspects of business. As Pam Olivares-Vital, president and CEO of Ovialand, shared, the company’s commitment to serving customers’ aspirations for premium affordable housing is the cornerstone of their success, amidst stiff competition from bigger real estate players. With the tagline “One brand new home for every Filipino family,” Ovialand aims to provide the emerging middle class with the best home that their hard-earned money can buy. Their strategy focuses on delivering a premier real estate experience through their products, communities, and services. Francis Gotianun, first senior vice president of Filinvest Hospitality Corp., highlighted emerging trends in the hospitality industry, such as customers’ preference for higher-end properties and the growing demand for leisure activities. In response, the company aims to offer unique, personalized travel experiences and enhanced guest services through process improvements, technology use, better food offerings, and better people management – particularly given the current shortage of hospitality professionals. These initiatives have earned the company a trust rating of 93.74 percent, the highest in the Philippines, from TrustYou, a leading aggregator of customer feedback. Leadership Regarding their brand of leadership, Ana Delgado emphasized the importance of being human-centered, given the changing times and the stage of their business. Francis Gotianun echoed the need to lead with purpose to inspire and motivate employees, especially as the current generation of workers has more career choices and options. For Pam Vital, leading a real estate company requires sensitivity to shifts in customer attitudes, responding to the question of “What do I want?” rather than “What is given to you?” In light of increasing stakeholder demands, Dennis Zamora practices a transparent and open leadership style, recognizing the importance of keeping the public informed about the company’s activities. Is next generation leadership merely a slogan? I believe it’s more than a catchphrase – it is a foundation for better workplaces, relationships, and individual and collective well-being. Is it applicable only to a specific generation? DeEtta Jones and Associates, a woman-led training and strategy consulting firm, opines that an NGL doesn’t refer to any specific generation but to anyone with the interest and eagerness to increase his or her capacity to thrive in an environment of change, challenges and growth. NGLs challenge themselves to remain relevant, forward-thinking, and hungry to do better. Are you an extraordinary, inspirational next generation leader? The author, Ma. Aurora Geotina-Garcia, is chairperson of SharePHIL. She is also founding chairperson and president of the Philippine Women’s Economic Network (PhilWEN) and president of Mageo Consulting Inc., a corporate finance advisory services firm. Disclaimer: On October 26, 2024, “Lessons from next-gen leaders” was published. It was authored by Ma. Aurora D. Geotina-Garcia, a fellow of the Institute of Corporate Directors. You can read the original article through this link:

Dr. Armand Cacacho, FICD Fellow Institute of Corporate Directors This article is based on my own entrepreneurial journey in the USA and is intended to provide some insights that could help the many micro, small and medium enterprises (MSMEs) in the Philippines. It is based on my decades of experience as an entrepreneur in the San Francisco Bay Area, California starting a company from zero and scaling it into a multi-million dollar revenue company. My interest in entrepreneurship began after I took a course in entrepreneurial management as part of my Master of Business Administration (MBA) program in Chicago in the early 1980s. Following graduation, I toyed with several ideas to start as a business but none of the initial ideas became a reality. I moved to the San Francisco Bay Area, California in 1984 after I was recruited to work at a construction management company here. It was the golden age of the technology industry in the San Francisco Bay Area/Silicon Valley with many technology companies starting and building their corporate headquarters and manufacturing facilities here. As a Civil Engineer with an MBA, I worked on many of these projects as part of the consulting team working for real estate developers and some of the biggest banks in the USA that financed these projects. After several years of working for the company, my entrepreneurial interest got me again into thinking of starting my own construction management company. To supplement my knowledge base gained from my MBA program and work experience, I read two books from two successful American entrepreneurs titled “What They Don’t Teach You at Harvard Business School” and “The Art of the Deal”. These two books provided me with additional knowledge on building “soft skills”, negotiations, and strategies. Feeling confident but no outside funding, I embarked on my first business, a construction management company, and bootstrapped it. At first, my fee was a few thousand dollars per contract. Then I started winning larger contracts with several hundred thousand dollars per contract and total annual revenue reaching a million dollars. Banks started calling me offering financing to grow even larger. With bank financing, my company started winning in the millions of dollars range per contract. I also started buying and selling real estate and co-founded a mortgage finance company in addition to founding or co-founding other businesses in the technology and healthcare space. While the other businesses had mediocre financial results, the others flourished. My successes led to me to being recruited to become an executive of a Fortune 200 multinational company in California. Lessons for MSMEs Prepare Get the necessary education, training and skills in your field of interest. You do not need to get a full MBA to obtain these core skills. Get educational training in accounting and finance, marketing, entrepreneurship, operations management, and information technology. Think Big Find ways and don’t be afraid to meet with executives and powerful people from big corporations. Otherwise, you will always be a small business. In my case, I took on leadership and chairmanship positions in business associations in California. I did a lot of public speaking in conferences and made presentations with executives from many large businesses including Fortune 500 corporations. Project power and knowledge of your own market area. This is how I became known in the construction industry in California and was eventually recruited as a joint venture partner of several Fortune 500 corporations in the engineering and construction industry. These large multinational corporations became repeat clients/partners of my construction management business for many years and lead to winning several awards in California for my business including a permanent bronze plaque on the wall of San Francisco International Airport for my role in helping build the airport to what it is today. Don’t Be Afraid to Tell Your Story In most Asian cultures, it is not often that business people tell the world of their successes. They are often apologetic if they sound like bragging about their achievements (in Tagalog: nagbubuhat nang sariling bangko ). If you, the entrepreneur/business person, do not tell the world of your successes, other people will not know what you do and are good at. Most customers and other business people will likely deal with successful entrepreneurs/business persons who have good products or services. Be Nice and Grateful to Other People In business, it pays to be always nice and grateful to other people. This has always been one of my greatest assets (my soft skills). It is not enough to have a great product or service. The entrepreneur/business person has to have a great personality. This can come handy when dealing with customers, employees, and other stakeholders. Some Final Thoughts Success for an entrepreneur is not guaranteed. You have to do several experimentation and iteration until you find the right product-market mix. Once you find the strategy that is repeatable, you’ll then face the challenge of scaling your business into a large enterprise. Successful entrepreneurs do fail at one point or another in their journey. Even large and established companies sometimes fail when they launch a new business or product. You should be able to take those lessons learned and use them in your next venture. About the Author Dr. Armand Cacacho, FICD is a Certified Board Director (NACD.DC) by the National Association of Corporate Directors USA and a Senior Accredited Board Director (SID-SrAD) by the Singapore Institute of Directors. In addition to his MBA, his postgraduate education includes Strategy and Innovation Specialty (Stanford Graduate School of Business), Global Management and Business (Stanford University), Renewable Energy Specialty Professional Certificate Program (Stanford School of Engineering), Certificates in Disruptive Innovation Strategy and Entrepreneurship (Harvard Business School), Machine Learning and Artificial Intelligence (DeepLearning.AI and John Hopkins University), and Exponential Technologies (Singularity University). He is a licensed Professional Engineer (PE) in the USA. Armand was recognized by the late President George H. W. Bush, Sr. for his leadership in the Asian American Pacific Islander (AAPI) community in the USA in 1992 and won awards from various industry and professional organizations in the USA. Armand is an Adjunct Professor at Asian Institute of Management and faculty member of the Institute of Corporate Directors Philippines. He has been serving as Mentor to Stanford graduate students since 2015 (on and off). He can be reached at armandcacacho@gmail.com or his LinkedIn https://www.linkedin.com/in/armand-cacacho-nacd-dc-a128a515/

By: Ma. Aurora D. Geotina-Garcia, FICD Fellow Institute of Corporate Directors For companies seeking individuals to appoint as members of their Board of Directors, a common source is the pool of CEOs approaching retirement. Many professionals, including entrepreneurs, often assume that “there is no life after retirement.” In reality, vast opportunities exist to leverage one’s skills and experiences in boardrooms. Are these roles equal or similar? Both roles involve leadership, strategy, analytical skills, and decision-making responsibilities, However, while they may appear similar, transitioning from the C suite to the B suite necessitates a significant mindset shift. This transition requires moving from a focus on operational concerns to adopting a broader oversight role, given the change in responsibilities. Here are some key differences: Operational vs Strategic:  A CEO is primarily concerned with executing the strategies for the organization outlined by the board, while the board must “think big” and monitor the overall progress and direction of the long-term strategy to ensure growth and sustainability. Day-to-day vs Comprehensive:  CEO decisions are “hands-on” and made to keep operations moving, whereas board decisions are broader and impact long-term progress. Individual vs Collective:  A CEO’s authority is individual and hierarchical, flowing from top down. In contrast, board decisions are collective, requiring each member to deliberate on issues and provide input that can integrate with others’ perspectives. Direction vs Guidance:  CEOs ensure alignment with the organization’s goals, while the board provides oversight, balancing the interest of management and its stakeholders, guiding management without directly leading the organization. HOW TO TRANSITION FROM CEO TO BOARD MEMBER? The journey from CEO to board member is not merely a change in title but a profound shift in role, responsibilities, and perspectives. How does one prepare to be a board member? Ernst & Young (EY), one of the world’s largest professional services organizations with over 400,000 people across 150 countries, has recognized the potential of its partners to become board members. To support this transition, they launched the “EY Journey to the Boardroom” program in partnership with Harvard Business Publishing. This program aims to equip EY partners with the necessary skills to prepare for and pursue corporate board positions while enhancing their existing client and advisory relationships. The course focuses on global and corporate issues within the context of today’s boards. Participants engage with EY experts, HBS faculty, and peers to complete individual and group assignments. As an Alumni Partner of SGV & Co., a member practice of EY Global, I had the privilege of participating as a resource person on several panels alongside EY alumni partners from other countries. A question frequently posed to the panel is, “What mindset shift is necessary when transitioning from EY Partner to board member?” My response to this question encompasses my five C’s below. Challenge.  Especially for non-executive and independent board members with limited involvement in day-to-day operations, it is good practice to challenge “elegantly and with respect” matters presented and discussed for decision-making. While it requires experience and preparation to ask difficult questions, this should not deter you from doing so, as it enhances board discussions and ensures that all aspects of the matter are considered. However, board members must also be open to being challenged on their positions and opinions, allowing others to share their views. Contribute.  Posing challenges in board discussions is only valuable if they are constructive and contribute potential solutions. Taking on a board role involves redefining one’s contribution to the organization, fostering a supportive environment for management, and championing a strategic rather than operational outlook. Remaining engaged without overstepping your bounds allows you to contribute effectively to the board discussions while respecting the boundaries of the CEO and executive team. Collaborate.  Board members act as checks and balances, ensuring the company remains accountable to shareholders and maintains a clear direction. To fulfill this role, you need to work with management and other board members towards achieving a common goal. Understanding the intricate dynamics of group decision-making and consensus-building is crucial, as intertwining your expertise with others enhances your ability to contribute effectively to discussions. Establishing strong relationships fosters a more harmonious and productive board. Communicate.  Effective communication is essential for the success of any board. Ideally, boards should promote transparency and accountability in their communication channels, define clear objectives, and encourage active listening and constructive dialogue. Leading communication expert Dianna Booher gives two tips to be a better communicator: 1. “Listen for what is not said in a conversation or document”; 2. “Listen discriminately and probe with questions to help draw conclusions about what you hear so you can make sound decisions.” Be Curious.  Walt Whitman, the American poet and essayist, advised us to “be curious, not judgmental.” PwC’s recent survey of over 1,000 CEOs indicates that “curiosity” and “open-mindedness,” or the “curiosity quotient,” are becoming increasingly critical leadership traits in challenging times and in managing complexity. Psychologist Diane Dreher notes that “curiosity is positively correlated with creativity, intelligence, problem-solving ability, autonomy, a sense of personal control, and a willingness to challenge the status quo,” all of which are foundational to a director’s role. Transitioning from the C Suite to the B Suite presents new personal challenges that require the development of knowledge and skills tailored to the new position. While this shift may seem daunting, it represents a tremendous opportunity for seasoned leaders to impart wisdom and guide a company from a fresh vantage point, ensuring its enduring success and integrity. The journey from the C suite to the B suite is not merely a change in title; it is a transformation in perspective and responsibility. Embracing this transition with the right mindset, coupled with the five C’s — Challenge, Contribute, Collaborate, Communicate, and be Curious — will equip you to navigate your new role effectively. By fostering a culture of open dialogue and mutual respect, you can enhance the board’s effectiveness and help steer the organization toward a sustainable future. This article reflects the personal opinion of the author and does not reflect the official stand of the Management Association of the Philippines or MAP. Ma. Aurora “Boots” D. Geotina-Garcia is a member of the MAP Diversity, Equity & Inclusion Committee. She is the founding chair of Philippine Women’s Economic Network or PhilWEN, and chair of the Governing Council of the Philippine Business Coalition for Women Empowerment or PBCWE. She is also president of Mageo Consulting, Inc., a corporate finance advisory firm. Disclaimer: On December 10, 2024, “The journey from the C suite to the B suite” was published. It was authored by Ma. Aurora D. Geotina-Garcia, a fellow of the Institute of Corporate Directors. You can read the original article through this link

By: Aubrey Camille J. Perez Research and Content Coordinator Institute of Corporate Director The Institute of Corporate Directors (ICD) actively participated in the Malaysian Support for COP29 event, organized by Climate Governance Malaysia (CGM) and held from November 12 to 21 in conjunction with the Malaysia Pavilion at COP29 in Baku. The event brought together global experts to showcase collaborative efforts and strategies for addressing climate change. Representing ICD Philippines as panelists were Mr. Dennis Montecillo, FICD; Ms. Sarah Fairhurst, FICD; and Mr. Valentino Bagatsing, FICD. They contributed valuable insights during key discussions on critical topics such as energy transition, transition finance, and climate resilience. Boards’ Role in Energy Transition (November 13) The session opened with keynote speaker Sharath Martin, a member of the board of trustees of the Shift Project, who highlighted the crucial role of human rights in addressing climate change and energy transitions. Mr. Martin referenced the UN resolution of July 2022, which recognized the right to a clean, healthy, and sustainable environment. He urged businesses to align with the UN Guiding Principles for Business and Human Rights, particularly concerning greenhouse gas emissions in their operations and value chains. Mr. Martin introduced the concept of a "just transition," stressing that the shift to cleaner energy must not greatly harm vulnerable communities. He pointed out that groups such as children, the elderly, outdoor workers, women, and indigenous people are especially at risk from climate change, facing challenges like land displacement and increased exposure to extreme weather events and health risks. While the clean energy sector could create millions of jobs by 2050, Mr. Martin cautioned that workers in fossil fuel industries also face risks and encouraged businesses to consider the economic and social implications of this transition and engage in stakeholder consultations. Mr. Dennis Montecillo, FICD, reflected on his experiences serving on boards in various sectors, including real estate and healthcare, during the panel discussion. He noted that large companies are leading the way in committing to the energy transition, though some corporations hesitate due to perceived high costs. Mr. Montecillo emphasized that the "who pays" question is critical in this transition, with companies needing to take responsibility for the environmental impact of their actions. Mr. Montecillo suggested that sustainability should be embedded in a company’s mission and governance. He highlighted the need for boards to move beyond treating corporate social responsibility as a minor department, advocating for it to be a central part of the corporate strategy. He also stressed the importance of governments and the private sector working together, with clear and collaborative regulations to accelerate the clean energy transition. Boards’ Role in Transition Finance (November 18) The sixth day of the event started with keynote Mr. Dinagaran Chandra, head of ESG Investments at Permodalan Nasional Berhad (PNB), addressing the importance of institutional investors in driving sustainability. He outlined how Malaysia’s Voluntary Carbon Market plays a crucial role in funding decarbonization projects, such as reforestation and carbon capture. Mr. Chandra also discussed PNB's commitment to achieving net-zero emissions by 2050, along with its focus on reducing carbon intensity across its portfolio and its investments in green and transition assets. He stressed that high-integrity carbon markets are vital to ensuring that corporate sustainability efforts are both impactful and effective. Mr. Henry Soediarko, senior portfolio manager at the Climate Impact Asia Fund, is the second keynote for the session and he spoke on the investment opportunities emerging from the climate transition. He highlighted that sectors like renewable energy, green mobility, and energy efficiency are essential to reducing emissions and creating jobs. Mr. Soediarko also pointed out the growing importance of carbon markets in financing decarbonization projects. He emphasized that companies in the green sector, such as those in electric vehicle manufacturing, are already outperforming traditional industries, presenting strong opportunities for investment. Mr. Soediarko also discussed the role of the Climate Impact Asia Fund, which invests in leading companies across Asia-Pacific with a focus on decarbonization, ensuring a positive environmental impact while delivering strong returns. In the panel discussion, Ms. Sarah Fairhurst, FICD, shared insights from her experience in both the fossil fuel and renewable energy sectors. She discussed the complex decision-making process boards face when managing legacy assets like coal-fired power stations while transitioning to cleaner energy. Ms. Fairhurst noted that strategic planning is essential for boards to balance financial interests with environmental responsibility. She also highlighted the need for alignment between government policies, corporate strategies, and regulatory frameworks to eliminate barriers and accelerate the clean energy transition. In addition, Ms. Fairhurst discussed how institutional investors can leverage their influence to support green transitions and climate policies. She emphasized the importance of adopting a flexible approach, backing projects with transitional phases that contribute to long-term sustainability, noting that not every project will be fully green from the outset but can still play a significant role in reducing emissions over time. Board’s Role in Climate Resilience (November 20) Day 8 of the program featured a keynote by Ms. Narae Choi, senior urban specialist at the World Bank Malaysia, who highlighted the crucial role cities play in climate action. Ms. Choi explained that cities, contributing around 70% of global carbon emissions, are highly vulnerable to climate impacts. She emphasized the importance of both mitigation and adaptation strategies, stressing that cities must not only reduce carbon emissions but also build resilience to climate risks like flooding and heatwaves. Efficient planning, strong institutions, and innovative financing were identified as key enablers of climate action at the city level, ensuring that urban areas can transition towards sustainability. Mr. Valentino Bagatsing, FICD, is part of the discussion in the second panel. He shared insights on integrating climate resilience into corporate strategies. Bagatsing emphasized that climate risks should be viewed through a risk management lens, urging businesses to make informed decisions that prioritize resilience. He suggested incorporating climate resilience into Key Performance Indicators (KPIs), likening it to mandatory training such as anti-money laundering. According to Mr. Bagatsing, boards should take an active role in guiding their organizations’ efforts to mitigate climate risks, ensuring that climate considerations are embedded in all decision-making processes. Mr. Bagatsing further stressed the importance of innovation in addressing climate resilience. He suggested that businesses should embrace emerging technologies and practices to improve their adaptability to climate change. By integrating climate resilience into governance, companies can better manage risks and contribute to long-term sustainability. His call for a "carrot and stick" approach in governance was a key takeaway, urging both regulatory frameworks and multilateral interventions to accelerate climate action and resilience efforts. You can watch the full recordings of the online sessions featuring Mr. Dennis Montecillo (Day 2), Ms. Sarah Fairhurst (Day 6), and Mr. Valentino Bagatsing (Day 8) through this [link] .

The Institute of Corporate Directors (ICD) is proud to announce that Atty. Teodoro Kalaw IV , an independent director at the Gothong Southern Group of Companies, has become the first Filipino to be granted the prestigious Qualified Risk Director® (QRD®) designation by the DCRO Institute , the world’s leading authority on risk governance training and credentials. Atty. Kalaw holds a prominent leadership role within the ICD as corporate secretary, thought leadership chair, past trustee, and the Institute’s youngest Life Fellow. Amongst others, he was instrumental in launching the Institute’s Family Firm Governance, Sustainability Strategy & Reporting, and Masterclass programs. Atty. Kalaw is also president emeritus and past chair of the Philippine Institute of Arbitrators and serves as a law professor at Ateneo Law School. He is currently president of both the Fellowship of IP Counselors of the Philippines, Inc., the Philippine association of the International Federation of Intellectual Property Attorneys, and the Institute of Philippine Real Estate Appraisers, the Philippine member organization of the International Valuation Standards Council. Atty. Kalaw is a senior partner at Kalaw Prasad & Hofilena Law, where his practice focuses on corporate governance, intellectual property, realty transactions, commercial litigation, and public policy representation. Licensed in the Philippines, New York State, and the United States Supreme Court, he obtained Juris Doctor from Ateneo Law School and his Master of Laws from Harvard Law School. He also has an MBA jointly from Northwestern University’s Kellogg School of Management and the Hong Kong University of Science & Technology, an MPA from the National College of Public Administration and Governance of the University of the Philippines, and a Master of Studies in Sustainability Leadership from the University of Cambridge. Atty. Kalaw is also a Fellow of several international and national learned societies and holds numerous international qualifications, including being the first Filipino Chartered Arbitrator and Accredited Mediator of the Chartered Institute of Arbitrators. His other professional practices include being a Chartered Surveyor of the Royal Institution of Chartered Surveyors, a Project Management Professional of the Project Management Institute, and a Certified Compliance & Ethics Professional - International of the Society of Corporate Compliance & Ethics. He is also the first Filipino to obtain the Certificate in Risk Governance® from the DCRO Institute. David R. Koenig, QRD®, President and CEO of the DCRO Institute, expressed, "As we have recently launched a new partnership with ICD-Philippines, it is only fitting that the first person in the Philippines to receive permission to use our top credential, the Qualified Risk Director® designation, is someone who occupies a leadership role with the organization. We welcome him to this distinguished, global leadership group." The Qualified Risk Director® credential equips board members with the necessary expertise to navigate complex risk environments, focusing on positive governance of risk-taking®. This strategic insight enhances decision-making and organizational resilience, fostering a culture of informed, risk-aware decision-making. Qualified Risk Directors® are instrumental in addressing regulatory complexities, driving strategic initiatives, and maintaining public trust. ICD Chair Emeritus, Dr. Jesus P. Estanislao, commented, "I am happy to see that Teddy is the first product of our joint initiative with the DCRO Institute to advocate risk governance in the Philippine context. I am confident that he and other ICD Fellows who follow him will lead the way in enhancing corporate governance through this perspective that addresses what firms normally do not plan for." Atty. Kalaw expressed his gratitude, stating, "I am privileged to be granted this designation, which clearly signals how much more we are refocusing our thought leadership programs to integrate the concept of risk in all that we advocate. I look forward to more of our Fellows joining me in making the Directors and Chief Risk Officers Institute our genuine partner in building risk governance capability in the Philippine business sector." ICD Chairman, Atty. Pedro H. Maniego, Jr. added, "The Institute of Corporate Directors Philippines is proud to announce its partnership with the DCRO Institute, the global leader in risk governance education and credentialing. Through this partnership, ICD-Philippines members will have access to DCRO’s comprehensive training programs, robust peer communities, and prestigious designations at preferential rates." "DCRO’s world-class credentials—the Qualified Risk Director® designation, the Certificate in Risk Governance®, and the Certificate in Cyber Risk Governance®—are recognized as benchmarks of excellence. These globally recognized certifications will distinguish our members by equipping them with the highest level of knowledge and skills to navigate complex risk landscapes. They will be able to serve as risk directors, officers, and consultants not only in the Philippines but worldwide," he concluded. The fundamental Duty of Care for directors is to ensure that organizations take risks wisely in pursuit of their goals and ambitions. To earn the right to use the Qualified Risk Director® designation, candidates are assessed on their professional experience, expertise in risk governance, leadership, and educational qualifications. Those who meet these criteria demonstrate the proficiency necessary to navigate today’s complex business environment. About the DCRO Institute  – The DCRO Institute is the world's leading source of risk governance credentialing and peer communities. They are a 501(c)3 nonprofit peer collaboration among board members and C-Suite executives from around the world. The DCRO Institute is the home of the Qualified Risk Director® designation , the Certificate in Risk Governance ®, and the Certificate in Cyber Risk Governance ®. They work globally to bring risk expertise to the boardroom and C-suite by teaching the positive governance of risk-taking®. Graduates from their programs are leaders in boardrooms and C-suites in over sixty countries on six continents. DCRO’s goal, which is emblazoned on their logo, is to help organizations Innovate, Sustain, and Create Value. Visit www.DCROI.org  to learn more. For more information, please contact David R. Koenig at +1.612.286.1776 or by e-mail at david.koenig@dcroi.org . Visit DCRO on LinkedIn  and YouTube . About The Institute of Corporate Directors in the Philippines  – The Institute of Corporate Directors (ICD) is a non-stock, not-for-profit organization dedicated to the professionalization of Philippine corporate directorship by raising the level of corporate governance policy and practice to world-class standards. It is the leading institution in the field of corporate governance in the Philippines, composed of over 500 professional directors practicing ethical governance, and is the officially designated Domestic Ranking Body for the ASEAN Corporate Governance Scorecard (ACGS).  For more information, please contact the ICD Team at +63 915 848 7558 or by email at communications@icd.ph . Visit www.icd.ph  to learn more.

By: Ma. Aurora Geotina-Garcia, FICD Fellow Institute of Corporate Directors The struggles faced by micro, small and medium enterprises (MSMEs) to bid and participate in government procurement opportunities are quite different from large enterprises, and the struggle is even more apparent for women micro, small and medium enterprises (WMSMEs). Recent studies show the potential of MSMEs to transform our economy and promote social equity, especially when women entrepreneurs are able to participate. This was the topic of my recent talk during the 2024 Procurement Summit on Oct. 21, organized by the Government Procurement Policy Board -Technical Support Office. With the theme “Leveraging Local MSMEs for Inclusive and Sustainable Procurement,” it was a good opportunity to show my support for this advocacy and share my insights on the current business environment and the potential impact of WMSMEs in advancing inclusive procurement and examples of good business practices. I also gave some recommendations for consideration of the private and public sectors. Current state of WMSMEs The impact of women entrepreneurs in the economy cannot be denied as they drive economic growth and contribute to achieving different sustainable development goals. Based on the 2018 data of Statista, a global data and business intelligence platform, on the leading industries in the MSME sector, around 88 percent of entrepreneurs in the Philippines engaged in retail or wholesale were women; and at least 40 percent were engaged in arts and culture, materials or manufacturing, food processing and agriculture. The government has the capacity to leverage its significant market reach to influence and shape how businesses create and process products and services to the public. It can, in turn, influence public demand and create opportunities for women, including consumer awareness, to achieve sustainable and inclusive procurement practices. This also means that our country can employ equitable and inclusive procurement policies to promote significant socioeconomic change for women and their businesses. Recommendations for the private and public sectors By including WMSMEs in government procurement, the government is assured that economic benefits are widely and justly distributed because research shows that women often invest a high proportion of their income to their family and community compared with their male counterparts, which leads to transformative improvement of the family’s well-being and enhancement of community development. For the private sector Set targets/goals on the percentage of total purchases to be sourced from WMSMEs. By actively seeking out and engaging with women entrepreneurs, companies will diversify their supply chains and will help break some deeply systemic barriers that hinder women from participating in procurement. Establish partnerships with organizations that support women entrepreneurs to identify suppliers and for ease of connections with WMSMEs. Integrate gender-responsive criteria in supplier selection and accreditation. When evaluating potential suppliers, companies can include criteria that assess the supplier’s commitment to gender-responsive policies to promote gender diversity in the workforce and any other initiatives that will promote women empowerment within their business. Integrating this criteria into the supplier selection process not only encourages suppliers to adopt more inclusive practices but also helps provide a competitive advantage to those who prioritize gender responsiveness. Adopt inclusive and gender-responsive procurement policies. Implementing supplier diversity is an effective strategy that explicitly seeks inclusion of women-owned and women-led businesses in the supply chain. Through this approach, we can strategically promote gender equality within the business by supporting potential women suppliers. For the public sector Strictly implement the provisions of Republic Act No. 9501, or the Magna Carta for MSMEs, which mandates government agencies to allocate 20 percent of all their procurement opportunities for goods and services to MSMEs. Though no specific targets have been set for WMSMEs that comprise about 56 percent of MSMEs, they will nonetheless benefit. Preferably, a specific target is set for WMSMEs. Incorporate gender-responsive criteria in bidding evaluation. As many WMSMEs are often small, they face challenges in competing with large companies for government contracts. To enable WMSMEs to participate, among the criteria that could be incorporated in the evaluation of bids from larger companies should be a commitment to source a percentage of their own purchases from WMSMEs, and the presence of policies that promote gender equality in their organizations. This approach could help level the playing field for smaller businesses and is aligned with the Magna Carta, enabling government spending to contribute to the economic empowerment of women. To further encourage WMSMEs to participate in public procurement, the government can provide support and resources to organize all women consortia, where WMSMEs can pool their resources and share their expertise. Utilize the gender and development (GAD) budget of all government agencies and instrumentalities for procurement from WMSMEs. Based on the approved national budget of P5.768 trillion, even if only 1 percent of the 5-percent GAD budget of approximately P57.68 billion is used for purchases from WMSMEs, can you imagine the impact that this will create to the woman, her family and her community? Link government incentives to gender-responsive procurement practices. Government agencies, such as the Department of Trade and Industry, which is responsible for MSME development, could include in their evaluation criteria for the grant of incentives a commitment to source from WMSMEs or to implement gender diversity initiatives. Government can thus encourage businesses to give priority to gender equality in their operations, amplifying the impact of government mechanisms. ‘When she bids, we benefit’ Taking a collective action to build a more equitable, inclusive society can transform our economy where women have equal opportunities to reach their full potential. The private and public sectors must work together to empower women so we can achieve inclusive procurement practices. When she bids, we benefit; ensuring participation of WMSMEs in procurement is not just a matter of economic necessity—it is a moral imperative. Gender-responsive procurement will not only benefit WMSMEs but also contribute to a more diverse and resilient economy, leading to greater social and economic prosperity for all. The author is a member of the Management Association of the Philippines Diversity, Equity & Inclusion Committee. She is founding chair of the Philippine Women’s Economic Network and chair of the Governing Council of the Philippine Business Coalition for Women Empowerment. She is the first female chair of the Bases Conversion & Development Authority. She is president of Mageo Consulting Inc. Feedback at map@map.org.ph and magg@mageo.net . Disclaimer: On November 18, 2024, “Inclusive procurement for women empowerment” was published. It was authored by Ma. Aurora Geotina-Garcia, a fellow of the Institute of Corporate Directors. You can read the original article through this link:

ANNOUNCEMENT The Institute of Corporate Directors' New Executive Director November 6, 2024 Dear ICD Members: On behalf of the Board of Trustees, I am pleased to announce the appointment of Ms. Catherine Denise “Catz” S. Jalandoni, GICD , as the new Executive Director of the Institute of Corporate Directors, effective October 21, 2024.   Ms. Jalandoni, or Catz as many know her, brings a wealth of experience in events management, advocacy, and strategic consulting. Since 2015, she has led CSJ Events Management as President and CEO, where she has successfully championed initiatives that drive national development. She also serves as the Country Director for the Global AI Council, advocating for accessible AI education, and is the Founder and Executive Director of the Global AI Council Philippines, promoting ethical AI practices locally.   Her professional background includes consulting roles with leading organizations like Globaltronics Inc., APAC Expo, and the Global AI Council, along with coordinating major international events, such as the Singapore Fintech Festival and EduTech Asia. With Ms. Catz’s broad expertise in leadership and advocacy, we are confident she will guide ICD to new heights as we continue to advance corporate governance in the Philippines.   Please join us in welcoming Ms. Catherine Denise “Catz” S. Jalandoni to the ICD team. We look forward to her leadership in helping us drive our mission forward.     Sincerely,   Atty. Pedro H. Maniego, Jr., FICD, PIE, AE Chairman Institute of Corporate Directors

By: Ernesto O. Cordero, PhD, MICD Senior Director for Research and Development Institute of Corporate Directors The 2030 climate predictions paint a distinct picture of escalating global temperatures, rising sea levels and widespread environmental degradation. These forecasts, firmly rooted in robust scientific data, indicate that without swift and meaningful intervention, the world is hurtling toward irreversible climate change impacts. The severity of these predictions assesses the potential worst-case scenarios and critically evaluates what will be left to sustain in a world ravaged by climate-induced crises. The Intergovernmental Panel on Climate Change (IPCC) has provided a sobering assessment of the climate trajectory. According to the IPCC's 2021 report, global temperatures will increase by 1.5°C above pre-industrial levels by as early as 2030 if current trends persist. This seemingly moderate temperature rise could have catastrophic implications, exacerbating extreme weather events such as heat waves, droughts and hurricanes. Additionally, melting polar ice caps will contribute to rising sea levels, threatening coastal cities and ecosystems. A study by Oreskes et al. (2019) highlighted the accuracy of past climate models in predicting global warming trends, affirming the reliability of current predictions. As such, the 2030 climate forecasts are not speculative but a logical extension of the damage already visible today. Climate scientist Jem Bendell (2018) coined the term "deep adaptation" to describe the need for societies to prepare for inevitable disruption. This adaptation is necessary because, in the worst-case scenario, essential systems like agriculture, water supply and health care could fail. A particularly alarming prediction comes from recent studies on permafrost thawing. As the Arctic warms, vast amounts of methane — an even more potent greenhouse gas than carbon dioxide — could be released into the atmosphere, triggering a feedback loop of accelerated warming. In a study published in Nature Communications, Natali et al. (2019) estimate that permafrost thawing could release up to 240 gigatons of carbon, pushing the planet into an even more precarious situation. This process could accelerate climate change at a rate far beyond current predictions, making the 2030 outlook seem conservative by comparison. Climate-induced migration is a term used to describe the forced displacement of populations due to the impacts of climate change, such as rising sea levels, extreme weather events, and loss of livelihoods. It is already a reality, with populations in low-lying areas such as the Philippines, Bangladesh and the Pacific Islands being forced to relocate. According to the World Bank, by 2050, over 140 million people could be displaced due to climate-related factors. Given the anticipated severity of climate impacts, the question arises: what will be left to sustain by 2030? Environmental, economic and societal systems as we know them are at risk of profound disruption. By 2030, we may see a world where biodiversity loss accelerates, with ecosystems struggling to adapt to new climate realities. Ecosystems such as coral reefs, which provide food and livelihood to millions, are particularly vulnerable to ocean acidification and warming. Once lost, these ecosystems are unlikely to recover within any reasonable time frame, fundamentally altering the natural world. This unequal distribution of impacts was highlighted in the IPCC's 2021 report, which noted that marginalized communities are disproportionately vulnerable to climate risks. Societally, climate change will challenge governance structures as governments struggle to respond to increasingly frequent natural disasters and resource shortages. The collapse of food systems due to extreme weather could trigger widespread famine and civil unrest. According to the United Nations, food insecurity could double by 2030, affecting over eight hundred million people globally. The strain on social welfare systems will be immense, with many nations ill-prepared to manage the cascading impacts of climate disasters. The window for meaningful action is closing. Progress in governance and policy responses has been made through international agreements such as the Paris Climate Accord; current commitments are insufficient to meet the 1.5°C goal. According to Climate Action Tracker, under current policies, the world is on track for a 2.7°C increase by the end of the century. The question of "how much worse can it get" is not speculative; it is grounded in the current trajectory of global emissions and the undeniable science behind climate modeling. If we fail to heed these warnings, the world may find itself grappling with crises that threaten the very foundations of civilization. What will be left to sustain? A world irrevocably altered, with diminished ecosystems, fractured societies and deepening inequalities. The time for action is now. We must act immediately to mitigate the worst impacts of climate change and adapt to the changes already underway. Whether it is "already too late" to address climate change is complex, and the answer depends on the scope and scale of action taken soon. While we have undoubtedly missed the window to prevent all negative impacts of climate change, it is not too late to mitigate its worst effects and adapt to the already underway changes. This is a collective responsibility, and only by working together can we hope to make a difference. Disclaimer : This article was originally published on October 17, 2024 in The Manila Times. It was authored by Dr. Ernesto O. Cordero, a member of the Institute of Corporate Directors. You can read the original article here:

By: Kenneth Vicarl M. Lagera, MPR Research and Development Assistant Manager Institute of Corporate Directors Retired Associate Justice Antonio Carpio and Atty. Jay Batongbacal shared their expert insights about the Philippines' claim on the West Philippine Sea and the geopolitical tensions surrounding this crucial area in an exclusive ICD Members event on August 15, 2024, at Makati Sports Club. Entitled “The West Philippine Sea: Understanding Geopolitical Tensions and Corporate Governance Solutions,” the breakfast roundtable discussion aimed to help ICD Members understand the current geopolitical tensions over the disputed sea and to reflect on possible corporate governance solutions. Justice Carpio: Philippine Island Territories in the West Philippine Sea Retired Associate Justice Antonio Carpio shared his lecture, focusing on identifying which islands in the West Philippine Sea are part of Philippine territory under Philippine sovereignty. The Philippine government claims that Bajo de Masinloc (also known as Scarborough Shoal) and the Kalayaan Group of Islands (northeastern section of the Spratly Islands) in the West Philippine Sea are part of Philippine territory. However, neighboring countries, especially China, have similar claims. Three treaties define Philippine territorial boundaries: the 1898 Treaty of Paris which ceded the Philippine Archipelago (excluding Bajo de Masinloc and Kalayaan Group of Islands) from Spain to the United States, defining the initial territorial boundaries of the Philippines; the 1900 Treaty of Washington which clarified that the Bajo de Masinloc and Kalayaan Group of Islands are part of the Philippine Archipelago that was ceded to the United States; and the 1930 Treaty with the United Kingdom which established the boundary between the Philippines and North Borneo, further supporting the inclusion of the disputed islands in the Philippine territory. Uti possidetis juris, the principle of international law that provides that newly independent states retain the territorial boundaries that existed under their preceding colonial authority before their independence, supports the claim of the Philippines. China recognized the mentioned treaties defining Philippine territory but does not support its claim. Justice Carpio recommended that “[t]he Philippines should invite China, Vietnam, and Malaysia to submit the territorial dispute in the Spratlys to voluntary arbitration by the International Court of Justice. Separately, the Philippines should also invite China to submit the territorial dispute over Scarborough Shoal to voluntary arbitration by the International Court of Justice (ICJ). The arbitration by ICJ will finally settle by peaceful means, as mandated by the UN Charter, the territorial disputes in the Spratlys and Scarborough Shoal.” If other disputant states refuse arbitration, he recommends that the Philippines “present its iron-clad evidence of sovereignty over the Spratlys and Scarborough Shoal to the court of world opinion.” Atty. Batongbacal: The West Philippine Sea: Geopolitical Tensions and Corporate Governance Solutions The director of the UP Institute of Maritime Affairs and Law of the Sea, Atty. Jay Batongbacal, focused his lecture on the Philippine interest in the West Philippine Sea, the geopolitical tension and disputes between the Philippines and China, and the legal effects of the South China Sea Arbitration. Atty. Batongbacal shared that Administrative Order No. 29 (2012) identified “Luzon Sea as well as the waters around, within and adjacent to the Kalayaan Island Group and Bajo De Masinloc, also known as Scarborough Shoal” as the maritime areas comprising the West Philippine Sea. The key interests of the Philippines in the disputed waters include food security (fisheries), environmental sustainability, energy security (offshore petroleum), trade and communications access, and potential mineral and genetic resources. Atty. Batongbacal noted that there are two categories of disputes over the West Philippine Sea: territorial disputes and maritime disputes. Territorial disputes concern sovereignty over the islands and rocks in the West Philippine Sea, while maritime disputes concern jurisdiction over oceans beyond the territorial sea of those islands. In his conclusion, Atty Batongbacal pointed out that the South China Sea Arbitration ruling in 2016 vindicates the Philippine's “exclusive sovereign rights and jurisdiction over living and non-living natural resources in the [West Philippine Sea].” The ruling also invalidated China's “nine-dash line” claim. Finally, it “lays the foundation for proper management of the Blue Economy in the [West Philippine Sea].”

by: Ma. Aurora D. Geotina-Garcia, FICD Fellow Institute of Corporate Directors Ms. Ma. Aurora D. Geotina-Garcia shares her insights into the problematic challenges brought about by the pandemic that impedes medium-sized businesses in the Philippines to scale up. She highlights that the crisis hit women-owned and led businesses the hardest. Ms. Geotina-Garcia proposed a strategic road map to ensure sustained growth and profitability as a solution to help them scale up. She calls this the “4Gs road map to scalable success: goals, gaps, gear up and grow.” For the original copy of the article, access the link ( click me ) or read below. When small and medium-sized businesses think of scaling up or expanding their businesses, it is undeniable that the challenges they encounter are quite different from large corporations. This was the topic of my recent talk during the celebration of the Cebu Business Month last May, organized by the Cebu Chamber of Commerce. It was a good opportunity for me to share some of my insights into the current state of medium-sized businesses in the country and my recommendations on essential steps and strategies that may help them scale up. Current State Based on Republic Act No. 9501, or Magna Carta for MSMEs (micro, small and medium enterprises), and the MSME categories used by the Philippine Statistics Authority, medium-sized businesses usually have about 100 to 199 employees, with an annual revenue between P15 to P100 million. As the Philippine economy continues its journey of recovery from the effects of COVID-19, a rapid survey conducted by the Asian Development Bank Institute in 2021 shows problematic challenges that impede medium-sized businesses to scale up, such as dealing with sharp drops in income, demand and revenue, resulting in their temporary closure during the pandemic, which, in turn, has led to disruptions in production, supply chains and domestic demand. The pandemic has also brought disproportionate impact to women-owned and led businesses. Women became even more susceptible to the risk of losing their businesses since they also have to bear the increased burden of domestic work at home. The United Nations Women’s May 2020 survey confirms the severity of the impact on MSMEs, particularly on women-owned and led businesses, as 90 percent of them said their businesses were negatively affected by COVID-19, and half of the respondents said they were spending less time on their businesses due to an increase in caregiving responsibilities at home. Women are hit hardest by the crisis, and if this continues, it will pose a serious risk to the economy. Considering all these issues and how they affect their potential contributions to the economy, it becomes more imperative for government and nongovernment institutions to provide medium-sized businesses with the appropriate tools and strategies that will help them grow and be successful. As the environment is evolving under a new normal, businesses require better access to funding, scale-up opportunities, innovative strategies, competitive workforce and effective market strategies. To implement these tools and resources, and exploit available opportunities, we must recognize first that adapting to the evolving environment is no longer a choice as medium-sized businesses have to scale up to open doors to increase revenue, expand market share and enhance competitiveness. A Strategic Road Map for Scalable Success During the event, I proposed a strategic road map to ensure sustained growth and profitability. I call this the “4Gs road map to scalable success: goals, gaps, gear up and grow.” Goals:  The foundation of any scaling strategy lies in the first step, which is defining clear and achievable goals. Whether it is increased revenue, enhanced profitability, market share expansion, or geographical reach, outlining clear objectives and outcomes can serve as a guiding light throughout the scaling process and increase the chances of success, as well as maximize the potential for sustainable expansion. Gaps: Another important step in scaling up is to identify the gaps in the current business. These gaps may manifest in various forms, such as inadequate resources, limited capabilities, or constrained market reach. Resource gaps may include insufficient funding or outdated technology. Capability gaps can be a lack of expertise in certain areas of business, ineffective processes, or outdated staff skills. Gaps in market reach may include limited brand visibility, inadequate marketing strategies, or a narrow customer base. Effective strategies can only be determined once the gaps that need to be addressed are accurately identified. Gear up: Having identified the gaps, it is necessary for the business to gear up by selecting and executing the right strategies and tactics, and bridge the gap in key areas like human resources, finance, operations, governance and marketing. For instance, conducting capacity-building training to enhance the skills of your staff can support the scaling process. A clear growth strategy can also attract potential funders, like private equity, strategic partners, banks and other financial institutions. Businesses may also want to consider investing in digitalization by acquiring the latest technologies and computer software or data analytics to enhance their business operations. However, adopting such strategies may not be feasible without good corporate governance (CG) policies and practices in place. Good CG and an effective organizational structure promote balanced decision-making to ensure that the interests of all stakeholders are considered. A marketing strategy that can be considered is to ensure a strong online presence or to launch newly branded products or services that can help businesses adapt to the modern age. This may involve leveraging intellectual properties for additional revenue streams and forming strategic partnerships for long-term sustainability and market differentiation. It is important to weigh the pros and cons of these strategies by assessing the benefits and risks involved to ensure their alignment with your business goals. Grow: After careful assessment and planning, the next step is to start to grow and implement your selected strategies. The foundation of scalable success not only lies in strategic planning but also in execution. Growth is never a one-time event but a continuous process that requires monitoring and adaptation. By being responsive to changes in the environment, the business can remain competitive and resilient in achieving its expansion goals. Scaled-up Business for Sustainable Economic Growth Growth inevitably necessitates business to conduct careful planning, goal-setting and strategic decision-making to position itself for success in a competitive market landscape. However, scaling up a medium-sized business is not just about growth; it is about sustainable economic growth. Being steadfast to our business responsibility and accountability to the community and society are the pillars of sustainable growth. Operating ethically, minimizing harm and contributing positively to communities are the essence of making a meaningful contribution to sustainable development. An entrepreneur must aspire for a business that is not only resilient against market challenges, but also adept at contributing to the overall development of society. Disclaimer: “Scalable success for medium-sized businesses” was published on July 29, 2024. It was authored by Ma. Aurora Geotina-Garcia, Fellow of the Institute of Corporate Directors. You can access the original article:

Introduction As the world grapples with climate change, social inequality, resource depletion, and the rising threat of cybercrime, the role of corporate boards has never been more critical. The impact of these global challenges is profound—by 2050, climate change alone could displace up to 200 million people, while nearly half of the global population lives on less than USD 5.50 a day. These issues are not just abstract concepts; they are realities that demand action from those at the helm of our businesses. Sustainability is no longer a choice; it’s a necessity. For boards, embedding sustainability into their core strategies is essential—not only to fulfill their fiduciary duties but to ensure their companies thrive in an increasingly uncertain world. The strategic advantages are clear: attracting top talent, securing cheaper capital, enhancing brand reputation, and exploring new business opportunities. Sowing the seeds of tomorrow. Photo from PixaHive. Insights from Collaborative Research In a collaborative effort, the Stewardship Asia Centre (SAC), alongside the Institute of Corporate Directors Philippines and other partners across the Asia-Pacific region, conducted extensive research to explore the challenges boards face in pursuing sustainability. This study involved over 600 board directors from 11 countries, coupled with 77 in-depth interviews with board leaders. The findings paint a vivid picture of the current landscape, revealing five distinct archetypes of boards in their approach to sustainability: Passive Followers  engage minimally, often reacting only when required by regulation. Box-Checkers  focus on compliance without genuinely integrating sustainability into their strategies. Do-Gooders  are motivated by a moral imperative but often lack the strategic depth to embed sustainability effectively. Risk Navigators  prioritize sustainability as a risk management tool, focusing on mitigating potential business threats. True Stewards  take a comprehensive approach, integrating Environmental, Social, and Governance (ESG) considerations into their core strategies and decision-making processes. Boards may find themselves transitioning between these archetypes as they navigate internal priorities, external pressures, and the evolving business landscape. Challenges and Opportunities The research underscores that a board’s success in advancing sustainability hinges on two key factors: intent and ability. Intent  reflects the board’s mindset and commitment to addressing global challenges while creating value for stakeholders. Ability  involves the capacity to embed sustainability into business strategy, supported by the right skills, leadership, and governance frameworks. Interestingly, the study found that boards in mature regulatory environments are more likely to prioritize sustainability, driven by both legal requirements and stakeholder expectations. However, in regions where economic pressures are more pronounced, sustainability often takes a back seat to immediate financial concerns. This tension highlights the complex balancing act boards must perform—managing short-term pressures while keeping an eye on long-term sustainability goals. An industrial skyline that tells a tale of pollution and progress. Photo from NAHS Wingspan. Key Steps for Enhancing Board Sustainability Efforts For the boards aiming to elevate their sustainability efforts, the following steps are crucial: Set Ambitious Sustainability Goals . Align your board’s objectives with broader societal goals by setting clear, measurable targets that reflect your company’s commitment to sustainability. Invest in Continuous Learning . Equip board members with the latest knowledge and skills in ESG and sustainable business practices. Workshops, peer exchanges, and certifications can be invaluable in this regard. Embed Accountability in Governance . Develop mechanisms that ensure transparency and accountability in your sustainability initiatives. Regular reviews and progress assessments are essential to staying on track. Cultivate a Stewardship Culture . Foster a culture that prioritizes long-term thinking, responsibility, and innovation. Encourage all levels of the organization to view decisions through a sustainability lens. Consider the transformation of a board that initially operated as a “Box-Checker” but gradually evolved into a “True Steward.” By embracing ambitious sustainability targets, investing in leadership development, and aligning their business strategies with broader societal goals, they not only enhanced their reputation but also opened up new avenues for growth. This journey underscores the idea that sustainability is not just about meeting regulatory requirements—it’s about creating enduring value for both the company and society. Conclusion Boards are more than just overseers of financial performance—they are the custodians of their companies' future in a world where sustainability is increasingly becoming a business imperative. By stepping up as stewards of sustainability, boards can navigate the complexities of the modern business environment and secure a resilient, prosperous future for all stakeholders. Whether you’re a board member looking to enhance your sustainability efforts or a corporate leader seeking strategic guidance, the insights and recommendations provided here offer a practical roadmap to becoming a “True Steward” of sustainability. We encourage you to explore the full report, participate in our upcoming events, and take proactive steps to integrate sustainability into your organization's core strategy. Full Report Boards as Stewards of Sustainability