Chinabank wins top governance award a third time

Chinabank continues to be among the best-governed publicly listed companies in the Philippines, winning for the third year in a row the highest recognition for governance excellence, the Five-Golden Arrow Award of the Institute of Corporate Directors (ICD).

Only five companies received ICD’s plum award this year, of which four are members of the SM Group:  Chinabank, BDO, SM Investments, and SM Prime Holdings.

Chinabank is the only bank to win Five Golden Arrows a third time, a testament to its unwavering commitment to upholding the highest governance standards, according to Chief Finance Officer Patrick Cheng.  “We are very proud of the progress we have made, but CBC remains focused on continuously raising the bar, staying ahead of emerging trends, and adapting to the evolving regulatory landscape,” he said. 

 At the Golden Arrow Recognition on September 19, 2024 at the Manila Marriott Hotel, ICD awarded 111 out of 276 publicly listed companies and 25 out of 115 insurance companies in the country based on the results of the 2023 ASEAN Corporate Governance Scorecard (ACGS) and the Corporate Governance Scorecard, respectively. Companies that scored a minimum of 80 points received a One-Golden Arrow award.  The Five-Golden Arrow awardees achieved a score of 120 to 130 points.

ICD is the domestic rating board of the ACGS which aims to ensure that the corporate governance climate in the ASEAN region remains competitive and conducive to business growth. Developed by the ASEAN Capital Markets Forum (ACMF) and the Asian Development Bank, the ACGS evaluates a company’s adherence to key corporate governance principles: ensuring the rights and equitable treatment of shareholders, recognizing the role of stakeholders, promoting disclosure and transparency, and upholding the responsibilities of the board. 

Chinabank wins top governance award a third time is the country’s fourth largest private universal bank. For its beyond compliance approach, Chinabank was named by ACMF in 2022 as one of the Top 20 in ASEAN and one of the Top 3 in the Philippines in corporate governance and as an ASEAN Asset Class. The bank also made it in TIME World’s Best Companies 2024, a list of the top 1,000 firms across the globe that excel in employee satisfaction, revenue growth, and ESG (environmental, social, governance) performance.