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June 24, 2024

Landbank tops GCG ratings for corporate governance in 2022

Land Bank of the Philippines (Landbank) secured the highest corporate governance rating for 2022 from the Governance Commission of GOCCs (GCG), leading state-run entities alongside the Social Security System (SSS) and the Government Service Insurance System (GSIS), which ranked second and third, respectively.

The ratings, based on the Corporate Governance Scorecard (CGS) standards, assessed initiatives related to stakeholder relationships, disclosure, transparency, and board responsibilities, with Landbank achieving a score of 102.50.

GCG Director Karen L. Tangco-Pascasio highlighted the importance of compliance with corporate governance practices, urging GOCCs to prioritize timely disclosures and consider including a dedicated corporate and social responsibility section on their official websites.

The GCG emphasized the need for regular policy reviews through stakeholder consultations and updates to CGS standards for continual improvement.

Executive Secretary Lucas P. Bersamin underscored the crucial role of GOCCs in supporting the country’s long-term economic goals, noting that their governance performance is integral to productivity and growth.

Additionally, the Bureau of the Treasury reported a significant increase in dividends from GOCCs, contributing to various national programs.