5 GOCCs received an Award for Excellence on the Corporate Governance Scorecard (CGS) for the GOCC Sector this June. The Governance Commission, in partnership with the Institute of Corporate Directors (ICD) established the CGS to raise the Corporate Governance standards and practices of GOCCs to be at par with the ASEAN state-owned enterprises.
Established on 08 October 2015, the Corporate Governance Scorecard for GOCCs was developed using a methodology benchmarked against the Principles of Corporate Governance of the Organisation for Economic Co-operation and Development (OECD) and the ASEAN Corporate Governance Scorecard. The CGS aims to annually assess the Corporate Governance performance of GOCCs and recognize well-governed GOCCs.
The CGS assesses each GOCC’s governance policies and practices on Stakeholder Relationships, Disclosure and Transparency, and Responsibilities of the Board. After the assessment, the Philippine Deposit Insurance Corporation garnered a total score of 94.50 and ranked 1st among 90 GOCCs. Completing the top 5 are: Land Bank of the Philippines with a total score of 89.50, Poro Point Management Corporation with a total score of 86.00, and Philippine Crop Insurance Corporation and Philippine Amusement and Gaming Corporation both with a total score of 80.50.
The CGS helps the Governance Commission and GOCCs identify and assess the latter’s strengths and weaknesses compared to existing corporate governance provisions, and level of adherence to best practices and international standards of corporate governance. The CGS also works with the Performance Scorecard of GOCCs as it ensures improvement of transparency of GOCCs’ corporate governance initiatives and practices.
To view the complete list of CGS scores of GOCCs for CY 2014, click here.