The National Reinsurance Corp. of the Philippines (Nat Re), the country’s national reinsurer, has been recognized by the Institute of Corporate Directors (ICD) for its good corporate governance practices.
Allan R. Santos, President and CEO of Nat Re, said the company has won two Golden Arrows for good corporate governance practices, based on the Corporate Governance Scorecard ( ACGS) of the Association of Southeast Asian Nations (ASEAN).
Specifically, Nat Re was named one of the top 15 companies regulated by the country’s Insurance Commission (IC) (InsCos) out of a total of 119.
Santos said Nat Re was honored to be recognized for her adherence to the highest standards of corporate governance in the region.
“We strive to achieve our business goals while remaining compliant with the law, upholding the highest ethical standards and being guided by our business principles. We thank the IC and the ICD for this prestigious recognition, ”Santos said in a statement.
Nat Re and the other InsCos were evaluated by the DCI on the basis of their performance according to the principles of the Organization for Economic Co-operation and Development (OECD).
These are the rights of shareholders, the fair treatment of shareholders, the role of stakeholders, disclosure and transparency, and the accountability of the board of directors.
The ACGS is a global benchmark rating system used to assess the corporate governance performance of ASEAN listed companies. Its objective is to improve the corporate governance standards and practices of listed companies and InsCos.
The IC, with its initiative to raise the bar for corporate governance practices in the insurance industry, has mandated the adoption of the ACGS by all insurance companies and mutual associations.
For publicly traded companies such as Nat Re, ACGS serves as a useful diagnostic tool to guide improvement in corporate governance standards.
For Nat Re’s foreign investors, the Scorecard methodology, adopted by companies in six ASEAN member countries, provides comparable information to be part of their investment decision-making process.
Nat Re’s best corporate governance practices have also been recognized in the region.
Nat Re received the awards for Best Corporate Governance (Reinsurance) and Best Provider of Reinsurance Services at the 2021 Global Economics Awards (Insurance Category) – the only Filipino company to have been honored in this category this year.
The Global Economics Awards indicate that they identify companies that work hard to create the best working culture towards regional and global economies, and that they embody the perseverance and credibility of its recipients.
The Global Economics Awards reward the best market players in their field of activity and aim to motivate and strengthen business confidence.
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