SBCorp bags multiple awards from GCG for Corporate Governance

SBCorp bags multiple awards from GCG for Corporate Governance

The Small Business Corporation (SBCorp) received a total of four awards and ranked 3^rd in the 2023 Corporate Governance Scorecard (CGS) for its exceptional governance standards and commitment to excellence in public service. The award was conferred by the Governance Commission for Government-Owned and Controlled Corporations (GCG) during the ceremonies held on November 25 at the Philippine International Convention Center (PICC).

SBCorp has been recognized as 3^rd Top Performing Government-Owned and Controlled Corporation (GOCC) in the 2023 Corporate Governance Scorecard (CGS). The recognition affirms SBCorp’s continued adherence to best practice in corporate governance, garnering a score of 102.6 % and a rating equivalent to Outstanding.

“Our CGS top ranking provides confidence to all of SBCorp’s stakeholders as the organization delivers transparent, accountable, and customer-focused service to micro, small, and medium enterprises (MSMEs) in the country. SBCorp strives to maintain an untainted record in corporate governance while advancing the Corporation’s mission of putting MSMEs at the forefront of inclusive economic growth,” said SBCorp President and CEO Robert B. Bastillo.

As a key pillar of the country’s economy, MSMEs contribute 35.7% to GDP, employ 62.5% of the labor force, and constitute 99.5% of all business establishments. Given this central role, the Philippine government – through the Department of Trade and Industry and SBCorp – supports the financing needs of MSMEs through numerous innovative loan products and other forms of financing facilities.

SBCorp has also been recognized for consistently achieving a perfect score on the Disclosure and Transparency as well as on the Stakeholder Relationship sections of the Governance Scorecard for calendar years 2021 through 2023.

A certificate of recognition was also awarded for the Corporation’s adherence to the Global Reporting Initiative (GRI) Standards in Sustainability Reporting for calendar years 2021 to 2023.

The GCG, in partnership with the Institute of Corporate Directors (ICD), established the CGS to raise the corporate governance standards and practices of GOCCs and aims to raise these standards to be at par with ASEAN state-owned enterprises. It was developed using a methodology benchmarked against the Principles of Corporate Governance of the Organization for Economic Co-operation and Development (OECD) and the ASEAN Corporate Governance Scorecard.

The CGS aligns with the Performance Evaluation System for GOCCs and improves the transparency of GOCCs’ corporate governance initiatives and practices. It likewise aids GCG in identifying and assessing the strengths and weaknesses of GOCCs against existing corporate governance provisions, including level of adherence to best practice and international standards of corporate governance.