Nat Re recognized for exemplary corporate governance practices
Reinsurer among the top performing companies under the ASEAN Corporate Governance Scorecard in 2017
July 31, 2018—The National Reinsurance Corporation of the Philippines (Nat Re) is recognized by the Institute of Corporate Directors (ICD) as among the top-performing Philippine publicly-listed companies (PLCs) under the ASEAN Corporate Governance Scorecard (ACGS) in 2017.
ICD confers this merit to PLCs who have garnered an ACGS score of 80 or above. Out of the two hundred and forty-five companies listed on the Philippine Stock Exchange, only Nat Re and forty-one other PLCs were given this prestigious recognition for exemplary corporate governance practices.
Nat Re’s Chief Operating Officer Mr. Allan Santos (third from right) receives the Plaque of Recognition on behalf of Nat Re. Santos is joined by Dr. Alfred Pascual, CEO of the Institute of Corporate Directors (ICD) (third from left); Mr. Emilio Aquino, Chairman of the Securities and Exchange Commission; Mr. Francis Estrada, Chairman of the ICD (center); Dr. Jesus Estanislao, Founder & Chairman Emeritus of the ICD; and, other recipients of the merit.
The reinsurer joins twenty other PLCs in the list of firms which earned an ACGS score within the 80 to 89.99 range.
Nat Re is the only (re)insurance company to have received such recognition from the ICD this year. Previously, the Philippine Insurers and Reinsurers’ Association granted the reinsurer the Best in Corporate Governance award for two consecutive years.
“It is an honor for Nat Re to once again be recognized for its corporate governance practices,” said Nat Re President/CEO Augusto Hidalgo. “As we always have we’ll strive to not only deliver fair returns to our shareholders but to remain a good corporate citizen. This recognition from ICD motivates us to continue achieving our business goals while staying within the bounds of law, performing with the highest ethical standards, and being guided by our company values.”
The ACGS is an instrument that assesses PLCs and gives them a numerical weighted score in each of the five areas of the Principles of Corporate Governance of the Organization for Economic Co-operation and Development (OECD), namely rights of shareholders, equitable treatment of shareholders, role of shareholders, disclosure and transparency, and responsibilities of the board.
Since November 2015, the Philippine Securities and Exchange Commission (SEC) has been leading the ASEAN-wide working group that is responsible for the ACGS initiative. PLCs are assessed under the ACGS first by the domestic ranking body in the PLC’s country of incorporation—the ICD for the Philippines—then by a domestic ranking body from another country.
The ICD is a member of the Global Network of Director Institutes and is the only entity in the Philippines accredited as a corporate governance training body by the SEC, the Insurance Commission, the Bangko Sentral ng Pilipinas, and the Governance Commission for Government-Owned or -Controlled Corporations.