SEVERAL Philippine-listed companies received recognition for their corporate governance practices at the Golden Arrow Awards, with Ayala Corp., DMCI Holdings Inc., D&L Industries, Inc., Century Pacific Food Inc. and Manila Electric Co. (Meralco) earning distinctions based on their performance under the Asean Corporate Governance Scorecard (ACGS).
Ayala retained the highest distinction of five Golden Arrows for the second consecutive year at the awards ceremony held on Oct. 23 in Makati City. The recognition was conferred by the Institute of Corporate Directors (ICD).
“At Ayala, culture is set at the very top. Our principal shareholders, independent directors, and business leaders share the responsibility for upholding good governance across the broup. We do not take this recognition for granted. Whatever our history, we must earn our stakeholders’ trust every day,” Ayala President and CEO Cezar Consing said.
Nine other companies under the Ayala group were also recognized. Globe Telecom Inc. and Bank of the Philippine Islands each received five Golden Arrows, with Globe entering the Golden Arrow Hall of Fame after earning the distinction for five consecutive years.
ACEN Corp. and Ayala Land Inc. received four arrows each while Integrated Micro-Electronics Inc., AREIT Inc. and AyalaLand Logistics Holdings Corp. earned three arrows. ENEX Energy Corp. received one arrow, while BPI AIA received three arrows in the insurance category.
Meralco received four Golden Arrows, recognizing its corporate governance practices. Lead independent director Lydia Echauz accepted the award on behalf of the power distributor.
The company said the recognition reflected its continuing efforts to strengthen governance, promote transparency and accountability, and protect stakeholder interests, principles that guide its business decisions and sustainability goals.
Three companies under the DMCI group also received recognition: DMCI Holdings Inc. earned two Golden Arrows, Semirara Mining and Power Corp. received three, and Concreat Holdings Philippines Inc. secured two, marking its sixth overall recognition.
“Good corporate governance is fundamental to building trust, strengthening our businesses, and creating sustainable long-term value for our stakeholders,” DMCI Holdings Executive Vice President and Chief Finance Officer Herbert Consunji said, noting that the recognition affirmed the group’s commitment to integrity and accountability.
Century Pacific Food Inc. (CNPF) and Shakey’s Pizza Asia Ventures Inc. (Spavi), both subsidiaries of Century Pacific Group, each received three Golden Arrows, up from two in the previous year.
“We are grateful to receive this recognition from the ICD,” CNPF Executive Chairman and Spavi Chairman Christopher Po said. “As stewards of our investors’ capital, we view governance not merely as a compliance exercise, but as an ongoing commitment to earning and preserving that trust,” he added.
At CNPF, board oversight was said to have helped shape investments in growth areas, including dairy, coconut and pet food, alongside sustainability initiatives such as Sustenido Bulan, its sardine sustainability program.
At Spavi, the board provided strategic oversight of the group’s organizational transformation, including efforts to strengthen its leadership structure, improve operational execution and build capabilities for long-term growth.
Spavi President and CEO Vic Gregorio said the recognition came after a challenging year and reinforced the importance of sound governance in guiding difficult decisions.
“As we reset and recalibrate, it reminds us to look beyond short-term results, strengthen our organization, and hold ourselves accountable for building a more resilient business,” he said.
D&L also received three Golden Arrows for the second consecutive year, extending its record in the awards program to seven consecutive years of recognition.
“Earning this back-to-back award reaffirms the collective efforts of everyone in our company to consistently elevate how we operate our business, how we protect the trust of our customers and business partners and how we create long-term value for our shareholders,” D&L President and CEO Alvin Lao said.
The Golden Arrow Awards are based on the Asean Corporate Governance Scorecard, which assesses publicly listed companies on areas including shareholder rights, stakeholder engagement, disclosure and transparency, and board responsibilities, as well as sustainability, resilience and effective oversight.
The annual awards recognize companies’ adherence to the Philippine Code of Corporate Governance and regional and international governance standards.
