PNB scores double win in Asia Responsible Enterprise Awards 2023
26 July 2023 — Philippine National Bank (PSE: PNB) was recognized twice in the Asia Responsible Enterprise Awards (AREA) 2023 during its hybrid awarding ceremony held last June 30 in Phnom Penh, Cambodia.
PNB President Florido P. Casuela emphasized the significance of the two awards in the pursuit of the Bank’s strategy and business objectives. “We are deeply honored and humbled that our efforts are constantly being recognized by regulators, industry observers, and external organizations,” he said. “While we continue to pursue profitability, it is important for us to be on the right track in our corporate governance initiatives. These awards validate our efforts.”
The Lucio Tan-led bank won in the Corporate Governance category for its initiatives as captured in its entry, “Strengthening Corporate Governance Towards PNB’s Sustainability”. The award recognizes how the Bank “adheres and maintains the quality and completeness of disclosure and reporting of governance practices in annual reports of business entities in the public and private sectors”. According to the awards criteria, “the recipient should not reflect just a checklist approach, but demonstrate transparency and openness, integrity, stewardship and leadership recorded in the annual reporting of corporate governance”.
Likewise, the Bank was recognized in the Corporate Sustainability Reporting category for its entry, “2022 PNB Sustainability Report: Our Sustainability Journey Continues”. This particular award commends the Bank’s “comprehensive sustainable reporting in disclosure, transparency, and credibility while bridging the social, environmental, and economic issues affiliated to the business”. The Bank’s report was also evaluated based “on the business’s strategic means in sustainability, stakeholder engagement, disclosure of quantifiable and financially relevant investing frameworks, and significant sustainability impacts addressing its challenges and contributions”.
PNB was first recognized by the AREA in 2021 when it won the Green Leadership Award for the Project P.L.A.N.E.T. (Protect, Love, and Nurture the Planet Together), an internal environmental awareness and carbon footprint reduction campaign.
The AREA recognizes and honors deserving Asian businesses for championing sustainable and responsible business practices in the following: Green Leadership, Social Empowerment, Health Promotion, Investment in People, Corporate Governance, Circular Economy Leadership, Corporate Sustainability Reporting, and Responsible Business Leadership.