British life insurance company Pru Life UK, a subsidiary of international financial services group Prudential plc, once again ranked first among all insurance companies in the Philippines in the 2018 ASEAN Corporate Governance Scorecard (ACGS), an industry evaluation benchmarked against international best practices in corporate governance.
The ACGS is a general scorecard that allows companies to appraise and measure their corporate governance practices against international standards. Established in 2015, the scorecard is aimed at raising the corporate governance standards and practices of ASEAN companies, thereby helping attract more foreign investments to the region to facilitate its financial integration, ultimately leading to long-term sustainability and resilience.
Companies are evaluated based on the five core principles of corporate governance designed by the Organization for Economic Cooperation and Development, including the Rights of Shareholders, Equitable Treatment of Shareholders, Role of Stakeholders in Corporate Governance, Disclosure and Transparency, and Responsibilities of the Board.
Of 116 insurance companies and mutual benefit associations assessed, Pru Life UK tallied the highest score of 105.10 points out of the maximum score of 128. The Company improved in all criteria, posting a 3.62 point-increase from the 2017 assessment. Pru Life UK was also cited for its high standards in Disclosures and Transparency, particularly on the quality and timeliness of its annual report.
Pru Life UK President and Chief Executive Officer Antonio De Rosas said, “Receiving this recognition two years in a row is testimony of Pru Life UK’s steadfast focus on corporate governance, compliance and risk management. As a life insurance company, we are committed to maintaining the trust placed in us by our stakeholders and help ensure financial security of our customers and the society as a whole.”
The ACGS was adopted by the Philippine insurance industry to enhance the competitiveness of the industry in the region, improve public perception towards the industry, and increase the industry’s penetration rate. The Insurance Commission prescribed the assessment, enjoining covered companies to publicly disclose the necessary information and supporting documents in their company websites.