AYALA Corp., DMCI Holdings, Inc., and D&L Industries, Inc. were among the Philippine companies recognized at the 2025 ASEAN Corporate Governance Scorecard (ACGS) Golden Arrow Awards for their corporate governance practices.

Organized by the Institute of Corporate Directors (ICD), the awards are based on assessments covering shareholder rights, disclosure and transparency, board responsibilities, and sustainability and resilience. Because all honorees are measured under the same scorecard criteria, the results allow like-for-like comparison of governance practices across publicly listed companies and insurance entities.

Ayala Group leads with top honors

Ayala Corp. earned five Golden Arrows for the second consecutive year, the highest distinction under the awards program. Two other companies within the Ayala group — Globe Telecom, Inc. and Bank of the Philippine Islands (BPI) — also received five Golden Arrows. Globe was inducted into the Golden Arrow Hall of Fame after securing the highest distinction for five consecutive years, a milestone that reflects top-tier assessment results sustained across five annual cycles.

ACEN Corp. and Ayala Land, Inc. each received four arrows, while Integrated Micro-Electronics, Inc., AREIT, Inc., AyalaLand Logistics Holdings Corp., and BPI AIA took home three each. ENEX received one arrow.

Ayala Corp. President and Chief Executive Officer Cezar P. Consing said corporate governance requires the participation of shareholders, directors, and business leaders. "At Ayala, culture is set at the very top. Our principal shareholders, independent directors, and business leaders share the responsibility for upholding good governance across the Group… Whatever our history, we must earn our stakeholders' trust every day," he said in a statement on Tuesday.

DMCI Group recognitions

Semirara Mining and Power Corp. received three Golden Arrows, while DMCI Holdings and Concreat Holdings Philippines, Inc. received two each. DMCI Holdings noted that the recognition marked Concreat Holdings' sixth overall Golden Arrow award, a cumulative tally built up over multiple past assessment cycles.

"These recognitions affirm our commitment to upholding high standards of integrity and accountability while continuously improving our governance practices in an evolving business environment," DMCI Holdings Executive Vice-President and Chief Finance Officer Herbert Consunji said in a separate statement.

D&L extends recognition streak

D&L Industries received three Golden Arrows for the second consecutive year, marking its seventh consecutive year of recognition under the program. A run of that length, judged against the same annually applied criteria, points to sustained governance practice rather than a one-time result.

"Earning this back-to-back award reaffirms the collective efforts of everyone in our company to consistently elevate how we operate our business, how we protect the trust of our customers and business partners and how we create long-term value for our shareholders," D&L President and Chief Executive Officer Alvin Lao said in a statement. "D&L will always put good governance built on integrity, transparency and accountability at the center of sustainable growth," he added.

Consumer companies also honored

Separately, Century Pacific Food, Inc. and Shakey's Pizza Asia Ventures, Inc. (SPAVI) each received three Golden Arrows, up from two each in the previous year — a year-on-year gain in their arrow counts.

Century Pacific Food Executive Chairman and SPAVI Chairman Christopher T. Po said corporate governance contributes to institutional strength and stakeholder confidence.

SPAVI President and Chief Executive Officer Vicente L. Gregorio said the recognition came amid challenges facing the company. "We are humbled by this recognition and encouraged by the progress we've made. It has been a challenging year, reinforcing the importance of sound governance in guiding us through difficult decisions," he said. "As we reset and recalibrate, it reminds us to look beyond short-term results, strengthen our organization, and hold ourselves accountable for building a more resilient business," he added.

About the ACGS

The ACGS assesses publicly listed companies and insurance entities based on criteria that include shareholder rights, equitable treatment of shareholders, disclosure and transparency, and board responsibilities. This year's honorees spanned telecommunications, banking, property, mining and power, food manufacturing, and casual dining, underscoring how a single set of governance criteria applies across different business models. Because the awards follow an annual cycle, the multi-year streaks recorded this year will come up for renewal when the next round of assessments is completed.

The ICD, a nonprofit organization promoting corporate governance in the Philippines, held the awarding ceremony on Oct. 23. — Alexandria Grace C. Magno

This article originally appeared on BusinessWorld.