Under the ASEAN Capital Market Forum, of which the SEC is a regular member, six ASEAN economies have adopted an ASEAN Corporate Governance Scorecard to rate compliance with existing corporate governance rules, regulations, and best practices of ASEAN publicly listed companies (PLCs). This initiative is in conjunction with the inter-connection between the different participating ASEAN stock exchanges and towards promoting the ASEAN brand as an asset class to the international investment community.

Principles behind the ASEAN Corporate Governance Scorecard

  • Reflects global principles and internationally recognized good practices in corporate governance applicable to PLCs
  • Not based on the lowest common denominator, but aims to encourage PLCs to adopt higher standards and aspirations
  • Comprehensive in coverage, capturing the salient elements of corporate governance
  • Enables gaps in corporate governance practices among ASEAN PLCs to be identified and draws attention to good corporate governance practices.
  • Universal and applicable to different markets in ASEAN
  • Methodology is robust to allow the accurate assessment of the corporate governance of PLCs beyond minimum compliance and box ticking
  • Extensive and robust quality assurance processes ensure the independence and reliability of the assessment


ACGS Scoring Methodology

The 2023 Scorecard is composed of more than 100 questions covering 4 major areas of the OECD corporate governance principles and allocates the following weights to each area:

Rights and Equitable treatment of shareholders


Sustainability and Resilience


Disclosure and transparency


Board Responsibility


As a publicly listed company, BPI, through its Corporate Governance, Compliance Office, is actively benchmarking its governance practices to be consistent with that of its counterparts in the region. We are strongly supportive of initiatives that strengthen regional capital market development, as well as regional economic integration. We have adopted the rigorous benchmarking technology based on the ASEAN Corporate Governance Scorecard and since the launch of the ACGS through the joint efforts of the SEC and the Institute of Corporate Directors (ICD) in 2012, the Bank has merited considerable success and continues to register marked improvement in its scorecard performance.

Ultimately, for BPI, an important result of successful corporate governance is a strong balance among responsible direction-setting, performance-driven culture, and discipline in risk taking.

Please click the link/s below to access our latest ASEAN Corporate Governance Scorecard:

ACGS (as of May 2024)




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