GOLDEN ARROW AWARDS 2025

Recognizing stalwarts of responsible leadership and stewardship

- MIGUEL LIBOSADA

The Institute of Corporate Directors (ICD) recognized the top publicly listed companies (PLCs) and insurance companies that demonstrate good corporate governance (CG) at the Golden Arrow Awards on October 23, 2025, at Okada Manila, Pasay City.

Representatives from various companies celebrated the significant efforts made in advancing good CG in the Philippines. The organizations were awarded based on the ASEAN Corporate Governance Scorecard (ACGS).

The ACGS measures company performance in the following areas:

For this year’s Golden Arrow Awards, ICD utilized the updated framework of the ACGS. The scorecard contains 193 questions based on publicly available disclosures on the companies' websites, aiming to raise corporate governance standards.

The arrows that companies receive represent their scores from the assessment.

The qualifications for the Golden Arrow Awards for PLCs are as follows:

• ACGS score of 75 to 84 points: one-arrow recognition

• ACGS score of 85 to 94 points: two-arrow recognition

• ACGS score of 95 to 104 points: three-arrow recognition

• ACGS score of 105 to 114 points: four-arrow recognition

• ACGS score of 115 to 130 points: five-arrow recognition

On the other hand, insurance companies have the following tiering:

• ACGS score of 80 to 89 points: one-arrow recognition

• ACGS score of 90 to 99 points: two-arrow recognition

• ACGS score of 100 to 109 points: three-arrow recognition

• ACGS score of 110 to 119 points: four-arrow recognition

• ACGS score of 120 to 130 points: five-arrow recognition