Publicly-listed cement manufacturing firm Eagle Cement Corporation (Eagle Cement) posted a 44% dip in net income to P3.4 billion, down from P6.0 billion in 2019, after a strong start in 2020 was disrupted by the implementation of lockdown measures in the wake of the Covid-19 pandemic that began in mid-March of the year.
Eagle Cement bags first Golden Arrow Award for corporate governance
Apr 8, 2021
Manila, PHILIPPINES — In recognition of its commitment to deliver outstanding corporate governance, Eagle Cement Corporation (Eagle Cement) brings home its first Golden Arrow Award from the Institute of Corporate Directors (ICD).
Eagle Cement was conferred with a Golden Arrow Award (1-arrow recognition) during the ACGS Virtual Golden Arrow Recognition held recently. Such an award is given to publicly-listed and insurance companies for achieving at least 80 points in the 2019 ASEAN Corporate Governance Scorecard assessment. Eagle Cement was the sole cement company recipient of this award.
“The past year has proven how important it is for us to be nimble to adapt and evolve our corporate governance practices in order to better serve our clients and stakeholders,” said Paul Ang, President & CEO of Eagle Cement, in a statement. “This achievement is just a testament on how we strongly value transparency, consistency, compliance, and quality in our line of work despite the changing business landscape.”
Under the ACGS award, Eagle Cement was evaluated in the five areas of the Organization for Economic Cooperation and Development (OECD) principles of corporate governance, which cover rights of shareholders, the equitable treatment of shareholders, the role of stakeholders, disclosure and transparency, and responsibilities of the board.
“This recognition also signifies new beginnings for the company, as we focus our efforts on recovery and ensuring our employees’ and stakeholders’ safety and welfare during these trying times. We will continue to find ways to upgrade our operations and help our clients navigate amid the new business environment,” Ang added.
Eagle Cement remains bullish on the growth prospects of the industry as the government eased COVID-19 quarantine restrictions and facilitate the rollout of vaccinations, allowing construction and major infrastructure projects to resume.