Philippine Business Bank Receives Prestigious Golden Arrow Award for Good Corporate Governance
July 27, 2024
Philippine Business Bank, the financial arm of the Yao Group of Companies has been recognized as one of the country's top-performing publicly-listed companies (PLCs) in terms of corporate governance, receiving a one-arrow recognition based on the ASEAN Corporate Governance Scorecard (ACGS) report.
During the 2022 Golden Arrow Awards, Philippine Business Bank was one of the 85 out of 264 publicly-listed firms awarded by the Institute of Corporate Directors (ICD), receiving the 1-Arrow recognition for its conformance to the highest standards of corporate governance.
The Golden Arrow is awarded to companies that achieved a score of at least 80 points in the ACGS Assessment.
This recognition proves that Philippine Business Bank has excelled based on conformance with the Philippine Code of Corporate Governance and internationally recommended corporate governance practices as advocated by the ACGS.
"This recognition reflects our commitment to promoting good corporate governance practices, thus making it very significant because despite being a savings bank we have espoused internationally-recommended corporate governance best practices serving the interest of all our stakeholders," remarked Atty. Serge M. Ceniza PBB Chief Compliance Officer. "PBB is committed to upholding strong corporate governance practices and standards and continues to create and sustain value for all stakeholders. We are thankful for the guidance of [Dir.] Atty. Roberto C. Uyquiengco, who heads the Bank's Corporate Governance Committee and Mr. Rolando R. Avante, PBB's V. Chairman & PCEO," added Atty. Ceniza.
The ASEAN Corporate Governance Scorecard, a tool which aims to raise corporate governance standards and practices among ASEAN Publicly Listed Companies thus making them more attractive to investors, was developed with the support of the Asian Development Bank and the ASEAN Capital Markets Forum together with corporate governance experts from six participating ASEAN members: Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam.
