Ayala Land receives 5-Arrow Recognition for Corporate Governance
Ayala Land, Inc. (ALI) was recognized for its exemplary corporate governance practices and named as one of the top-performing Philippine publicly listed companies (PLCs) based on the 2022 ASEAN Corporate Governance Scorecard (ACGS) by the Institute of Corporate Directors. ALI received the five-arrow recognition, the highest distinction given to a Philippine company this year along with only three other PLCs.
ALI subsidiaries, AyalaLand Logistics Holdings Corp and AREIT, Inc. also received three golden arrows and two golden arrows, respectively, at the 2023 Golden Arrow Awards Night at Okada Manila Hotel on September 28, 2023.
The Golden Arrow is awarded to companies that achieved a score of at least 80 points in the ACGS Assessments, and have exhibited observable conformance with the Philippine Code of Corporate Governance and internationally recommended corporate governance practices as espoused by the ACGS. There are five ascending levels of performance with corresponding scores that will identify the number of golden arrows.
The ACGS is an initiative of the ASEAN Capital Markets Forum (ACMF) in collaboration with the Asian Development Bank, and is aimed at raising corporate governance standards and practices among ASEAN companies.
“We are deeply honored to accept this prestigious award, which validates our unwavering commitment to upholding the highest standards of corporate values, ethics, and business practices,” said Ayala Land Chief Financial Officer Augusto Bengzon, Jr. “With our highly diversified real estate portfolio, we recognize the critical importance of having robust corporate governance practices throughout our organization,” he added.
Ayala Land strengthens its corporate governance policies and aligns its practices with best-in-class regional and global standards. The company has been consistently recognized based on the ASEAN Corporate Governance Scorecard. Ayala Land also received the highest 5-Golden Arrow award at the previous year’s ACGS ceremony, with ALLHC achieving the 3-Golden Arrows level. Cebu Holdings Inc., which merged with its parent ALI in 2021, also received the 3-Golden Arrows recognition.
