Strong Corporate Governance Practice. Jollibee Group’s Chief Legal, Ethics, and Compliance Officer Valerie Amante (3rd from right) receives the Golden Arrow Award on behalf of the company at the recent ASEAN Corporate Governance Scorecard Awards. This is the second consecutive year that the Jollibee Group has been cited for its strong corporate governance practices.
MANILA, Philippines. – The Jollibee Group has once again been awarded with a 1-Golden Arrow Recognition from the ASEAN Corporate Governance Scorecard (ACGS) Golden Arrow Awards, acknowledging the company’s success in responsible and transparent business practices.
Organized by the Institute of Corporate Directors (ICD), the award recognizes the top Philippine publicly listed companies in corporate governance based on the ACGS.
“Getting cited again by the ASEAN ACGS validates our dedication to integrity, accountability, and transparency, ensuring that we conduct business ethically as an organization,” said Ernesto Tanmantiong, Jollibee Group President and CEO. “This is also consistent with our commitment to strong ESG practices that are aligned with our Joy for Tomorrow Global Sustainability Agenda, in which our business success is closely linked with our ability to create a beneficial influence on both society and the planet.”
According to ICD, the Golden Arrow is awarded to companies that achieved a score of at least eighty points in the ACGS Assessment, which means the company has exhibited observable conformance with the Philippine Code of Corporate Governance and internationally recommended corporate governance practices as espoused by the ACGS.
It measures the performance of companies in the areas of facilitating the rights and the equitable treatment of shareholders, how they relate to their different stakeholders, ensuring transparency and accountability thru timely disclosure of material information, and how the board guides the company strategically, monitors the management, and ensures the board’s accountability to the company and the shareholders.
The scorecard is composed of 184 questions based on publicly available disclosures on the companies’ websites. It aims to raise the corporate governance standards and practices of the country and to make well-governed Philippine publicly listed companies attractive to investors.
About Jollibee Group
Jollibee Foods Corporation (JFC, also known as Jollibee Group) is one of the fastest-growing restaurant companies in the world. Its mission is to serve great-tasting food and bring the joy of eating to everyone through its 18 brands with over 6,600 stores across 34 countries including the Philippines, United States, Canada, the People’s Republic of China, United Kingdom, Vietnam, United Arab Emirates, and Australia.
The Jollibee Group has eight wholly owned brands (Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Yonghe King, Hong Zhuang Yuan, Smashburger); four franchised brands (Burger King, Panda Express, and Yoshinoya in the Philippines, and Tim Ho Wan in certain territories in China); 80% ownership of The Coffee Bean and Tea Leaf; 60% ownership in the SuperFoods Group that owns Highlands Coffee; and 51% ownership of Milksha, a popular Taiwanese bubble tea brand. JFC also has a business venture with award-winning Chef Rick Bayless for Tortazo, a Mexican fast-casual restaurant business in the United States.
The Jollibee Group, through its subsidiary Jollibee Worldwide Pte. Ltd. (JWPL) owns 90% participating interest in Titan Dining LP, a private equity fund that owns the Tim Ho Wan brand. The Jollibee Group has a joint venture with the THW Group to open and operate THW restaurants in Mainland China. Recently, the Jollibee Group has signed an agreement to establish a joint venture company that will own and operate Tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines.
The Jollibee Group has launched its global sustainability agenda dubbed Joy for Tomorrow, which aims to strengthen the company’s commitment to sustainable business practices. The agenda centers on the key pillars of Food, People, and Planet, and consists of 10 focus areas namely: food safety, food quality, nutrition & transparency, employee welfare, farmers livelihood, community support, good governance, packaging & recycling, waste reduction, and energy & water efficiency. Each focus area sets goals and initiatives that contribute and align with the United Nations Sustainable Development Goals (UN SDGs).
The Jollibee Group was named the Philippines’ most admired company by the Asian Wall Street Journal for ten years. It was also honored as one of Asia’s Fab 50 Companies and among the World’s Best Employers and World’s Top Female-Friendly Companies by Forbes. The company is also a two-time recipient of Gallup’s Exceptional Workplace Award, making it the only Philippine-based company to receive the distinction.
To learn more about Jollibee Group, visit www.jollibeegroup.com
