March 21, 2023

China Bank receives corporate governance awards

CHINA Banking Corp. (China Bank) recently received the “Five-Golden Arrow Recognition,” from the Institute of Corporate Directors (ICD).

This is the highest corporate governance award given to the country’s top-performing publicly listed companies (PLCs), based on the 2021 ASEAN Corporate Governance Scorecard (ACGS) assessment results.

China Bank achieved a score of 120 to 130 points.

In a previous award from the ASEAN Capital Markets Forum, the bank was also recognized among the Top 20 in ASEAN and among the Top 3 in the Philippines in corporate governance.

Bankero and China Bank President William C. Whang said, “We worked hard to improve our ACGS scores with deliberate intent, not merely for the accolade, but because doing so ultimately redounds to better stewardship of China Bank and greater value creation for the people who bank with us.”

“We renew our commitment to do everything we can to be worthy of our stakeholders’ trust and deserving of our social license to do business. We will continue to live by the ethical principles that shaped our Bank’s rich history and to adopt the best governance practices,” Whang also added.

A total of 80 publicly traded companies that received a score of 80 points or higher in the most recent ACGS assessment were recognized by the ICD. The ACGS evaluates and ranks PLCs in six participating ASEAN countries – Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.

It aspires to improve corporate governance norms and procedures as well as increase investor interest throughout the country.