As a testament to its continuous pursuit of sound and responsible corporate governance, Etiqa Philippines, the country’s foremost advocate of insurtech with a strong ASEAN footprint, was recently recognized at the Golden Arrow Awards 2023.
The Golden Arrow Awards is an annual event that celebrates outstanding achievements in corporate governance organized by the Institute of Corporate Directors (ICD) working closely with the Philippine Securities and Exchange Commission (SEC) and Insurance Commission (IC).
Left photo shows Rico Bautista, President and CEO of Etiqa Philippines, on the stage of the Golden Arrow Awards 2023 ceremony, where Etiqa Philippines was recognized for good corporate governance. Right photo shows Etiqa Philippines executives (from left): as represented by Howard Laurente, Chief Financial Officer; Gladys Pascual, First Vice President (Strategy Division); Rico Bautista, President and CEO; Atty. Raul Hebron, Executive Vice President (Legal and Corporate Secretarial Division); Atty. Anjo Tamares, Corporate Secretary, and Ricky Jacinto, Independent Board Director at the recent Golden Arrow Award 2023 ceremony held at Okada, Manila.
During the awards ceremony, Etiqa Philippines President and CEO Rico Bautista expressed his gratitude and pride in the company’s achievement, saying, “This accolade is a clear demonstration of our unwavering commitment to establishing and maintaining good corporate governance and a robust organizational structure.”
By staying committed to this, we not only fulfill our mission of making the Philippines a better place but also ensure that the trust of our customers and stakeholders in our services is upheld to the highest degree,” he added.
A commitment to good corporate governance practices
Etiqa Philippines’ recognition at the Golden Arrow Awards 2023 not only underscores its commitment to good corporate governance practices but also reinforces its reputation as a formidable ASEAN insurer with a strong focus on humanizing insurance.
Emphasizing the company’s commitment to good corporate governance, Bautista further stated, “At Etiqa, we continue to cultivate and champion a culture of exceptional corporate governance that aligns with international standards and exemplifies best practices. We proudly stand shoulder to shoulder with the other awardees from various industries with an award that adheres to the stringent standards of ASEAN excellence.”
The ASEAN Corporate Governance Scorecard (AGCS) is the instrument used for the assessment and ranking of publicly listed insurance companies in six ASEAN countries — Indonesia, Malaysia, Singapore, Thailand, Vietnam, and the Philippines.
The IC, SEC, and ICD assess companies based on the ACGS, which serves as an instrument to determine the management of an organization as well as its adherence to governmental regulations.
The ACGS, on the other hand, evaluates companies across five areas of corporate governance, including rights of shareholders, equitable treatment of shareholders, the role of shareholders, disclosure and transparency, and the responsibilities of the board.
Similar to the assessment of publicly listed companies, the ACGS is one of the best ways to strengthen corporate governance in the insurance sector, making insurance companies a valuable asset class for the country and making them more attractive to investors.
All Philippine insurance companies, like publicly listed companies, play an important role in building trust and attracting investments from both local and foreign sources into the economy.
Bautista ends his speech by saying, “Our dedication to upholding sound corporate governance and putting customers at the center will serve as the guiding force in our mission to humanize insurance and foster trust among our valued customers.”