China Banking Corp. (Chib) announced recently it was recognized anew for its excellence in corporate governance and commitment to international best practices. The Institute of Corporate Directors (ICD) conferred a four-arrow recognition to Chib at The Association of Southeast Asian Nations (Asean) Corporate Governance Scorecard (ACGS) 2019 Recognition Night on June 11 at the Conrad Manila Hotel in Pasay City.
The four-arrow recognition represents Chib’s achievement of scoring 110 to 119 points out of the 130 highest possible points in the ACGS, the bank said in a statement. Chib is the only bank among the six publicly listed companies (PLCs) with this score range in the 2018 ACGS.
The ACGS is an instrument for assessing the governance practices of listed companies in the participating Asean member-countries. Aligned with the corporate governance principles by the Organization for Economic Cooperation and Development (OECD), the ACGS encourages PLCs to go above and beyond national legislative requirements and adopt international best practices to boost investor confidence.
“Good corporate governance is in [the bank’s] DNA. We are committed to uphold the high standards set by the ACGS to remain sustainable and to create shared value for all stakeholders,” Chib President William C. Whang said.
Aside from the four-arrow recognitions given to six PLCs including Chib, ICD awarded 42 other PLCs with three-arrow (100 to 109 points), two-arrow (90 to 99 points), and one-arrow (80 to 89 points) recognitions.
Chib, founded in 1920, is one of the largest private universal banks in the Philippines.