The Institute of Corporate Directors (ICD) recently inducted new officers, trustees, and members who will help ensure agile and ethical governance among private firms and institutions operating in an increasingly uncertain environment.
The induction ceremony was held on 14 February at Dusit Thani, Makati City, where ICD President and DAILY TRIBUNE columnist Senen "Bing" Matoto, Chairperson Atty. Benedicta Du-Baladad, Vice Chairperson Ida Caniza-Tiongson, and Treasurer Catherine Hufana-Ang were formally introduced.
"Our members should be able to share good practices in governance and help others spread their wings," Matoto said.
Matoto, who serves as a director at several private firms, including Yuanta Savings Bank, AgriNurture Inc., Greenergy Holdings, and AIB Asia Asset Management Inc., was also appointed to the Governing Board of the Philippine Guarantee Corporation in 2021. He has held key positions at the Bank of the Philippine Islands as well.
ICD also welcomed business leaders who will lead various ICD committees, including PHINMA Corporation's Ambassador Jose Cuisia, former UnionDigital Bank President Henry Aguda, and DITO CME Chief Operating Officer Donald Patrick Lim. Other inductees include Maria Celeste Narciso, Atty. Jose Tomas Syquia, Jonathan Juan Moreno, Tomasa Lipana, Jose Antonio Mapa, and Atty. Teodoro Kalaw.
New ICD members include IT & Business Process Association of the Philippines President Jack Madrid and Asian Institute of Management Professor Olivier Roche. Also joining are Tiger Resorts Leisure and Entertainment Inc.'s Ricardo Aguas Jr., P&A Grant Thornton's Mary Rose Anatalio, GCMC Financial Solutions' Carla Campos, and Insular Life Assurance Company Ltd. Board of Trustee Mona Lisa Dela Cruz.
The ICD membership base has now grown to over 500 members, with a target increase of 20 percent in the near future.
ICD Chairperson Atty. Benedicta Du-Baladad announced several new projects, including a 24/7 help desk and chatbot to provide round-the-clock assistance, a co-working space for ICD fellows, and an e-commerce platform where members can enroll in courses and pay membership fees digitally.
"We encourage members to propose courses, particularly in emerging areas like cybersecurity and artificial intelligence. We plan to develop a learning management system similar to LinkedIn or Coursera," Du-Baladad said.
She also revealed plans to expand the Golden Arrow Awards to include institutions that are not listed with the Philippine Stock Exchange. The Golden Arrow Awards recognize companies that uphold the highest standards of transparency and accountability.
As ICD's guest speaker for the induction ceremony, Bangko Sentral ng Pilipinas Monetary Board member Romeo Bernardo advised ICD members on three factors for good governance. First, Bernardo said firms should build diverse teams.
"It's having the right men and women and having diversity in terms of age and experience. The more diverse perspectives we have in scanning the horizon, the more prepared we are for what comes next," he said.
Second, Bernardo said firms should establish a culture of integrity that challenges inefficient and self-serving rules.
"Governance goes beyond formal rules. It's about maintaining a culture of integrity, fairness, accountability, and transparency. Culture determines the right behavior," he said.
Lastly, Bernardo said firms should strengthen their risk management systems which include modern technologies and highly-skilled staff.
"Risks today come in different forms like political risks and reputation risks amplified by social media," the Central Bank official said. "It's about building a team that can anticipate changes and respond effectively."
ICD Founder and Chairman Emeritus Dr. Jesus Estanislao cautioned corporate leaders about rising global economic uncertainties, citing trade and immigration policies under the Trump administration and the China-Philippines conflict over the West Philippine Sea as potential risks. He emphasized the role of businesses in boosting economic resilience, urging firms to ease financial access for small and medium enterprises and provide competitive salaries for Filipino workers, including nurses.
"There will be less freedom of movement of goods, finance, and people. We cannot say we cannot do anything," he said. "We have to do our homework. It's about for us to wake up and use problems as a base for rising up."