Altus Property Ventures, Cebu Pacific Air, JG Summit Holdings, Robinsons Land Corporation, RL Commercial REIT, Robinsons Retail Holdings, and Universal Robina Corporation were recognized at the 2024 ASEAN Corporate Governance Scorecard (ACGS) Golden Arrow Awards, a resounding validation of the Gokongwei Group’s dedication to excellence, transparency, and responsible corporate governance.
The ACGS, an initiative of the ASEAN Capital Markets Forum, evaluates publicly listed companies across the ASEAN region, promoting high standards of corporate governance and making well-governed companies attractive to global investors. This evaluation examines corporate governance practices across the key areas of shareholder rights, equitable treatment, stakeholder engagement, transparency, and board responsibility. It also measures companies’ conformance with global best practices, ensuring that publicly listed companies not only comply with national standards but also adopt internationally recognized governance principles.
The triumphant Gokongwei Group contingent at the 2024 Golden Arrow Awards. From left: Atty. Mhealler T. Ycong from JG Summit Holdings; Matias Raymundo Jr. from RL Commercial REIT; Rommel Rodrigo from Altus Property Ventures; Atty. Laurinda R. Rogero from JGSHI; Rhodora Lao from URC; Atty. Rosalinda F. Rivera from Robinsons Retail; Atty. Ma. Josine P. Mendoza and Atty. Anne Romadine P. Tieng from Cebu Pacific; Christian Lorenz C. Pacheco from Robinsons Land; Atty. Aila S. Alvarez Paeldon and Atty. Clara Maria Beatriz S. Calayan-Gador from JGSHI. IMAGE Gokongwei Group
At the awards ceremony held on September 19, 2024, at the Manila Marriott Hotel, the Institute of Corporate Directors (ICD) recognized the top publicly listed companies in the Philippines based on the 2023 ACGS assessment. To qualify for honors, a company must have an assessment score of at least 80 points. A score of 80 to 89 points earns a 1-Golden Arrow recognition, while higher scores— up to 130 points — correspond to additional honors, with 5 arrows being the highest possible accolade.
Scoring the most ACGS points among the Gokongwei Group’s companies was Cebu Pacific, which earned the 3-Golden Arrow award. “We are deeply honored by this recognition,” said Atty. Anne Romadine Tieng, general counsel of the country’s leading carrier. “For millions of Filipinos who trust us with their travel, this award reflects our commitment to not only offering accessible and affordable flights but also maintaining the highest standards of corporate integrity and transparency.” This marks CEB’s third consecutive year of being honored at the Golden Arrow Awards, highlighting its leadership in corporate governance in the aviation sector.
For its part, JG Summit Holdings, the parent conglomerate of Golden Arrow awardees Cebu Pacific, Robinsons Land, and Universal Robina Corp., clinched the 2-Golden Arrow award, indicating its continued enforcement of good corporate governance and staunch adherence to industry best practices. Atty. Laurinda Rogero, Vice President for Compliance, shared that receiving the award is both “an honor and a responsibility,” and serves to highlight JG Summit’s commitment to integrity, transparency, and ethical leadership. “Our goal is to continually enhance our corporate governance, ensuring it remains a cornerstone of sustainable success for our stakeholders in the years ahead.”
Meanwhile, URC, the group’s food and beverage arm, also received the 2-Golden Arrow recognition. Rhodora Lao, URC Vice-President, Finance Controller, and Chief Compliance and Risk Officer, shared that earning two Golden Arrows for the third year running “reinforces URC’s commitment to continuous improvement and corporate governance excellence.” She added, “It is an honor to represent the company and the teams behind our dedication to good governance. We are driven to improve and be the best in the industry.”
Robinsons Land Corporation (RLC), the real estate business unit under JG Summit Holdings, was awarded a 1-Golden Arrow recognition for the third consecutive year. In a statement, the company shared that its commitment to transparency, accountability, and ethical business conduct have consistently strengthened its relationship with stakeholders and contributed to its long-term success.
In addition to RLC, two other real estate ventures of the Gokongwei Group made their mark at this year’s awards. RL Commercial REIT (RCR), the real estate investment trust company backed by Robinsons Land, and Altus Property Ventures, Inc. (APVI), a direct subsidiary of JG Summit, were also honored with the Golden Arrow for the second year in a row.
Completing the Gokongwei Group’s awards haul was its retail affiliate, Robinsons Retail Holdings, which received the 1-Golden Arrow recognition for the third year running. Accepting on the company’s behalf, Atty. Lynn Rivera, Corporate Secretary of Robinsons Retail, emphasized the company’s advocacy of continual improvement in governance, stating, “Good corporate governance is not a one-time achievement but a continuous journey. This award reinforces our commitment to nurturing corporate citizenship in an increasingly complex and dynamic business environment.”
The multiple honors at the ACGS Golden Arrow Awards reflect the Gokongwei Group's consistent efforts to uphold responsible corporate governance across its businesses, all in the pursuit of its greater purpose, which is “an unrelenting commitment to provide our customers with better choices, creating shared success with our stakeholders.”
By adhering to global standards and best practices, the group's companies not only enhance their operational transparency and accountability, they also contribute to fostering a sustainable and trustworthy business environment, ensuring long-term value creation for shareholders and stakeholders alike.
