COMPANIES from the Ayala group bagged top accolades at the 2019 Asean Corporate Governance Scorecard Awards held by the Securities and Exchange Commission and the Institute of Corporate Directors on Friday, January 29.
Ayala Corporation, BPI, Ayala Land Inc., and Globe Telecom were hailed Asean Asset Class Awardees after scoring at least 97.5 points. Last October, the London-based Ethical Boardroom also named Ayala Corporation and Globe as Best Corporate Governance awardees in Asia and Australasia.
In addition, Ayala Land Inc. and Globe Telecom were named two of the top three publicly-listed companies in the Philippines. Both companies have also made it to Asean's top 20 list.
The Asean Corporate Scorecard is an assessment based on publicly available information and benchmarked against international best practices on corporate governance of six participating Asean member-countries, including the Philippines, Indonesia, Malaysia, Singapore, Thailand, and Vietnam. According to the SEC, these awards aim to motivate the private sector to continue their initiatives despite the difficulties brought about by the Covid-19 pandemic.
"This award is very meaningful to our company as it acknowledges the efforts that we have put in to improve and align our practices with regional and global standards," Ayala Land Inc. president and CEO Bobby Dy said. "Good corporate governance has always been part and parcel of the way we do business at Ayala Land. With the onset of Covid-19, its importance is highlighted now more than ever as we pivoted to adapt to the next normal."
"We are grateful for the continued support the company receives from our partners, regulators and stakeholders as we continue to strengthen and uphold corporate governance in our business alongside creating a wonderful world of Globe for all," Globe Telecom President and CEO Ernest Cu said.
With good corporate governance and prudent investing, the Ayala group is able to look after its employees, protect its partners, serve the broader community, and continue to add value to its shareholders amidst the nation's battle with Covid-19.
During the pandemic, BPI launched the Covid Action Response Bonds -- or Care Bonds -- to help fund pandemic response initiatives. Ayala Land Inc. also pioneered the country's first real estate investment trust, called AREIT, which has a portfolio of commercial and office assets that have mostly been resilient during the pandemic.
With strong support from the national government, Globe continued to invest in cell sites and towers to hit its target of helping accelerate the country's digital transformation and thus give reliable Internet connection to all Filipinos.
"The pandemic has revealed both the vulnerabilities in our institutions as well as the opportunities to improve the way our businesses serve our communities," said Ayala Corporation chairman and CEO Jaime Augusto Zobel de Ayala. "Ayala Group renews its commitment to the highest standards of corporate governance and will continue doing its part in helping the Filipino overcome this crisis." (PR)