PRA Officials Laud Employees for stellar performance in 2022 Corporate Governance Scorecard
PRA representatives during the 2022 Corporate Governance Scorecard Exit Conference and GOCC Governance Awards Ceremony. L-R: Ms. Grace D. Ortaleza, Ms. Ynna Margarita G. Yalong-Gelomina, Dir. Dioscoro E. Esteban Jr., and Ms. Juna Luz B. Latigay.
The Philippine Reclamation Authority (PRA) placed 8th in the 2022 Corporate Governance Scorecard (CGS) with a numerical rating of 97.5% in an awarding ceremony organized by the Governance Commission for GOCCs (GCG) held at the Philippine International Convention Center in Pasay City on 20 November 2023.
As the new Chairman of the Governing Board, Atty. Alexander Lopez commended the PRA management and workforce for supporting the Board as it implements best practices and international standards of corporate governance. Chairman Lopez emphasized that such feat is a testament to the Governing Board’s unwavering commitment to transparency and accountability. He further vouched that under his leadership, with the employees’ continued support, the current board of directors shall continue to respond to the GCG’s challenge to become champions of corporate governance.
General Manager and CEO Cesar Siador Jr. likewise applauded the officials and employees of the Authority for consistently being one of the top-ranking GOCCs in the CGS since its inception. For 2022, the PRA achieved yet another remarkable rating from GCG, securing 8th place in the rankings. This marks the seventh consecutive year that PRA has received an outstanding CGS rating ranging from 90.00% to 100.00%.
As promulgated in the Code of Corporate Governance for Government-Owned and Controlled Corporations (GOCCs) mandated under Section 5(c) of R.A. No. 10149 or the GOCC Governance Act of 2011, the GCG ensures that the governance of GOCCs is carried out in a transparent, responsible, and accountable manner and with the utmost degree of professionalism and effectiveness of the Governing Board. Thus, the CGS was institutionalized through GCG Memorandum Circular No. 2015-07 (Re-Issued). The CGS is implemented in all GOCCs covered by R.A. No. 10149.
The CGS is a quantitative assessment tool developed based on established and internationally recognized standards and practices. This instrument is designed to evaluate the Corporate Governance initiatives and practices of GOCCs using a methodology aligned with the OECD Principles of Corporate Governance and the ASEAN Corporate Governance Scorecard. The three main components of the CGS are stakeholder relationships, transparency, and board responsibility. The CGS results and rating equivalent are determined through a two-part assessment, culminating in an exit conference following GCG’s evaluation.
PRA is recognized for being one of the top-ranking GOCCs in the CY 2022 Corporate Governance Scorecard for GOCCs.
The award underscores the PRA Governing Board’s continued pursuit of excellence in governance practices as it fosters transformative advancement in public service.