PCIC is top government corporation on corporate governance
The PCIC was recently recognized as the top Government Owned and Controlled Corporation (GOCC) on corporate governance by the Governance Commission on Government Owned and Controlled Corporations (GCG).
This after the corporation became the only government agency to obtain a score of more than a hundred points (exactly 100.5) on the Corporate Governance Scorecard (CGS) for CY 2016.
The scorecard is the tool used by the GCG to appraise “the performance of GOCCs and their level of adherence to the best practices and international standards of corporate governance,” as stated in GCG’s Memorandum Circular No. 2015-07. According to the GCG, it assesses the corporate governance performance of GOCCs to help 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.
GOCC performance is measured in the areas of stakeholder relationship, disclosure and transparency, and responsibilities of the corporation’s Board of Directors. Points are awarded when the corporation meets the criteria. A maximum of 104 points can be obtained.
“The PCIC thanks the GCG for recognizing our efforts to relate to external stakeholders – the customer and the community,” PCIC President Jovy Bernabe said. “This serves as inspiration for us to look for ways to make the corporation’s policies attuned to the needs of our clients.”
Other GOCCs who were picked as top performers were the Philippine Deposit Insurance Corporation (96.00), Land Bank of the Philippines (95.50), the Bases Conversion Development Authority (94.50) and the Masaganang Sakahan, Inc. (89.50). The GCG’s report is available at https://gcg.gov.ph/site/.
The PCIC has been one of the top GOCCs since the GCG and the Institute of Corporate Directors (ICD) started giving this annual recognition three years ago. ICD is a non-profit organization advocating enhanced corporate governance in the country.