INSURERS and mutual benefit associations (MBAs) scored higher in the Asean Corporate Governance Scorecard (ACGS) for the year 2019 but the Insurance Commission said there is still room for improvement, especially in terms of disclosure and transparency.
The insurance industry and MBAs collectively registered an average ACGS score of 45.9 in 2019, up by 3.36 points from 42.54 in the previous year. The 2019 assessment conducted by the Institute of Corporate Directors (ICD) covered a total of 119 entities regulated by the IC, of which 56 are non-life insurers, 32 are life insurers, and 31 are MBAs.
The IC attributed the increase in the total average score to the Commission’s issuance of Circular Letter No. 2021-26 that mandated the creation and maintenance of company websites.
However, Insurance Commissioner Dennis B. Funa noted that the ICD report for 2019 also revealed the area of Disclosure and Transparency or the disclosure of corporate governance-related documents is of “special concern.”