The Institute of Corporate Directors (ICD) releases an annual survey based on an independently verified “scorecard” rating of corporate governance for publicly listed companies in the Philippines. ICD is a professional organization that is based in the Philippines and is accredited by the Securities and Exchange Commission and the Philippine Stock Exchange. ICD works closely with the Organization for Economic Cooperation and Development (OECD), the Global Corporate Governance Forum, and the International Corporate Governance Network and is committed to promoting world-class corporate governance principles in the East Asia region.
In 2010, Ayala Land topped the ICD Corporate Governance ratings with a score of 99% and was given a Platinum award for garnering Gold awards (with a score of at least 95%) for three consecutive years. The average score of the 214 companies in the 2010 survey was 77%.
In 2012, ICD decided to fully adopt the ASEAN Corporate Governance Scorecard in preparation for the economic integration by 2015. This move aims to further enhance local corporate governance standards to ensure that Philippine listed firms remain at par with the rest of the region. After its initial run conducted in 2013, which included 252 publicly-listed companies, Ayala Land registered a score of 79.6%, topping the average score of 51% across all listed entities and also beating the average rating of the property sector, composed of 38 listed corporations, at 48.4%.