Lucio Tan-led Philippine National Bank (PNB) received the coveted Four Golden Arrow Award during the ASEAN Corporate Governance Scorecard (ACGS) Golden Arrow Awards last January 20.
PNB was among the 80 companies recognized by the Institute of Corporate Directors (ICD) for achieving at least 80 points in the ACGS Assessment.
The listed bank owned by the tobacco and airline magnate was cited for exhibiting observable conformance with the Philippine Code of Corporate Governance and internationally recommended corporate governance practices as espoused by the ACGS.
PNB Chairman Federico Pascual said the bank is humbled by the recognition.
“We shall remain consistent in adopting the best practices in corporate governance as we serve the needs of our stakeholders,” Pascual said.
PNB President Florido Casuela received the award from Securities and Exchange Commission Chairman Emilio Aquino, ICD President Ma. Aurora Geotina-Garcia, Philippine Stock Exchange President and Chief Executive Officer Ramon Monzon, and ICD Chairman Cesar Villanueva.
Last year, PNB was awarded as one of Asia’s Most Influential Companies by the Asia Corporate Excellence and Sustainability Awards (ACES).
The award is given to companies that show genuine interest in the well-being of its stakeholders through corporate social responsibility initiatives that are integrated into policies and operations, with a high level of employee and top management involvement on community engagement, environment, and social empowerment programs.
PNB was also recognized by a joint program of the European Union and the UN Women for its commitment to transparency and reporting that reflects gender data indicators.
