The Employees’ Compensation Commission (ECC) claims the no. 16 spot among 90 Government-Owned and Controlled Corporations (GOCCs) in the Philippines based on the Corporate Governance Scorecard (CGS) for the GOCCs.
The award was made by the Governance Commission for GOCCs (GCG) and the Institute of Corporate Directors (ICD), a non-stock, non-profit organization whose main advocacy is to raise the level of the country’s corporate governance policy and practice to world-class standards.
The CGS assessed the adherence of the GOCCs to best practices and international standards of corporate governance based on their policies on stakeholder relationships, disclosure and transparency, and responsibilities of the Board.
The CGS was benchmarked against the Principles of Corporate Governance of the Organisation for Economic Co-operation and Development and the ASEAN Corporate Governance Scorecard.
After the assessment, only five GOCCs were given the excellence awards. The top five are: Philippine Deposit Insurance Corporation, Land Bank of the Philippines, Poro Point Management Corporation, Philippine Crop Insurance Corporation and Philippine Amusement and Gaming Corporation.
ECC Executive Director Stella Zipagan-Banawis said, “This assessment will identify and ensure the improvement of GOCCs’ corporate governance initiatives and practices. Through this, well-governed GOCCs will be recognized and will motivate others to achieve greater corporate governance performance.”
“By meeting the quality requirements of the CGS, ECC is on the right track,” Banawis added, “but the ECC has more than enough room to improve and enhance its benefits and services to provide a better quality service for PWRDs.”