The Villar Group is extremely proud to be recognized for our good corporate governance by the Institute of Corporate Directors (ICD). Our listed companies — Vista Land & Lifescapes Inc., AllDay Marts Inc., AllHome Corp., Golden MV Holdings, Inc., and Vistamalls Inc., were recently awarded with a Golden Arrow Award for two consecutive years, progressing from a one-arrow recognition to a two-arrow recognition in the 2021 and 2022 ASEAN Corporate Governance Scorecard (ACGS) assessments.
We have always been serious about our commitment to continue safeguarding the interests of our shareholders and stakeholders by adhering to the highest standards of corporate governance. This is something that we have inculcated in our corporate culture since we started this enterprise.
From the simple teaching from my mother that I should always take care of customers and never take advantage of them to the establishment of a strong corporate governance structure in our businesses, we have always adhered to our unwavering pursuit of excellence in every aspect of our operations and our unyielding commitment to the future.
This recognition only strengthens our desire to continue pushing the boundaries of corporate governance, transparency, and responsible business practices across all our companies. We are embarking on a journey filled with renewed determination to create a brighter and more sustainable future for all.
Corporate governance is an important element of any business and an integral part of national development. Good corporate governance directly affects the ability of corporations to attract investments, generate profits and create employment which in turn contribute to the creation of national wealth.
The issue of corporate governance is especially crucial in times of economic crises. Or more specifically during attempts to recover from economic turmoil. For instance, one of the good things to come out of the Asian economic crisis was the renewed focus on corporate governance as part of the rescue package in Thailand, Indonesia and the Philippines.
The East Asian financial crisis in the late 1990 focused attention on concerns relating to unsound investment practices, poor standards of disclosure and accountability of large corporations, and the degree to which these contributed to the economic destabilization of the region.
The Organization for Economic Cooperation and Development (OECD) defined corporate governance “a set of relationships between a company's management, its board, its shareholders and other stakeholders” that help build an environment of trust, transparency and accountability necessary for fostering long-term investment, financial stability and business integrity, thereby supporting stronger growth and more inclusive societies.
In other words, good corporate governance refers to how companies are run for the purpose of a more efficient, effective, and, transparent organization in order to ensure that all stakeholders’ interests (shareholders, employees, suppliers, customers and the community) are balanced. While companies have business goals, corporate governance puts emphasis on equally considering the social, regulatory, and market contexts.
The ICD employed the ASEAN Corporate Governance Scorecard (ACGS) in its analysis. The ACGS is “a benchmarking tool based on international best practices for assessing the corporate governance performance of publicly listed companies in the Association of Southeast Asian Nations (ASEAN). Launched in 2011 and introduced in the Philippines two years later, it covered the five main corporate governance principles established by the OECD: rights of shareholders, equitable treatment of shareholders, role of stakeholders, disclosure and transparency, and, the responsibilities of the board.
We are extremely honored and inspired for being recognized with the Golden Arrow Award by the ICD. This citation will motivate us to sustain and improve our good corporate governance structures and culture. I congratulate all the board members, officers, and employees of the Villar Group for this tremendous achievement. I know it’s a cliche but this is the absolute truth — this award belongs to all the men and women of our organization — the best and the brightest — who work hard in order for us to reach these milestones.