The ASEAN Corporate Governance Scorecard (ACGS) was developed based on international benchmarks such as the Organization for Economic Co-operation and Development (OECD) Principles of Corporate Governance, the lnternactional Corporate Governance Network Corporate (ICGN) Governance Principles, as well as industry-leading practices from ASEAN and the world I. The ACGS is a tool used to evaluate corporate governance practices. Endorsed by ASEAN finance ministers in 2009, it was designed to help develop an integrated capital market for the region's financial integration by 20 15.

 

It is the policy of the Insurance Commission to raise the bar of corporate governance in the insurance industry by adopting the corporate governance best practices in the ASEAN region. In its Circular Letter No. 14-20 13 2, the Insurance Commission (IC) mandated the adoption of the ACGS co all insurance companies and mutual benefit associations (MBA) enjoining covered companies to develop their company websites and post their responses to the ACGS questionnaire with supporting documents. The Institute of Corporate Directors (ICD) was accredited to conduct the assessment of the covered companies.