Citicore Energy REIT Corporation (CREIT) receives its very first Golden Arrow Award, conferred by the Institute of Corporate Directors (ICD) on 19 September 2024 at the Manila Mariott Hotel.
The award recognizes top performing Publicly Listed Companies in the Philippines, based on the 2022 ASEAN Corporate Governance Studies (ACGS) and Corporate Governance Scorecard (CGS) Assessment Results, both of which measure the performance of companies in facilitating the rights and equitable treatment of shareholders, stakeholder relationship, transparency and accountability through timely disclosures, and the ability of the board of directors to strategically guide the company, monitor management, and ensure their accountability to shareholders.
Mr. Oliver Tan, President and CEO of CREIT, thanked ICD for recognizing CREIT for its commitment to corporate governance. “Our first Golden Arrow for our Citicore Energy REIT reflects our continuous commitment to ensuring transparency in investments and empowerment to our shareholders, while operating with the highest standards of corporate governance,” he said.
The company’s Corporate Governance initiatives enhance the company’s value proposition as a sustainable investment platform with a current portfolio of 7.1 million square meters of total leasable space, solely leased out to solar power plant developers and operators with a gross installed solar generation capacity of 145MW.
CREIT’s shareholder commitment also extends to the continually increasing shareholder value through its resilient portfolio, focus on value accretive asset acquisition and the consistent pay-out of dividends above the minimum requirement of 90% of distributable income.
According to the ICD website, a company conferred a Golden Arrow has “exhibited observable conformance with the Philippine Code of Corporate Governance and internationally recommended corporate governance practices as espoused by the ACGS and CGS.
A Champion of Good Governance
CREIT’s Golden Arrow Award is the most recent recognition awarded to the company. CREIT is the first in Southeast Asia to receive the Dark Green rating from Shades of Green by S&P Global (formerly part of CICERO) – its highest rating – affirming the environmental soundness of CREIT’s green assets, long-term support for low-carbon power sources, and climate resiliency.
CREIT’s corporate governance backbone is its Green Financing Framework, which was recognized by global think-tank Sustainalytics for its credibility, impact, and alignment with core components sustainability financing, paving the way for a Philippine Rating Services Corporation PRSAa+ rating for its maiden ASEAN Green Bond listing in February 2023.
More recently, CREIT was recognized by Finance Asia Awards as 2024’s Best Managed Company, Best Small-Cap Company, Most Committed to ESG, and Most Committed to Diversity, Equity and Inclusion.
Tan further mentioned that sound corporate governance is key to meeting high shareholder standards. “Success for our shareholders is a direct result of our values, practices and commitment of the people in our organization from top to bottom,” said Tan.
