SM Companies Shine in ASEAN for Corporate Governance Excellence Recognition

The Association of Southeast Asian Nations (ASEAN) Capital Market Forum (ACMF) has recently acknowledged several companies under the SM Group for their exceptional corporate governance practices. SM Investments Corporation, along with its property subsidiary SM Prime Holdings, Inc., was recognized among the top five public companies in the Philippines and ranked among the top 50 publicly listed companies in the entire ASEAN region.

In a remarkable showing for the SM Group, BDO Unibank, Inc., their banking arm, also made it into the top 50 list of ASEAN publicly listed companies. This impressive recognition highlights the group’s commitment to maintaining high standards in governance and transparency. Out of the six Philippine companies that received the award, three belong to the SM conglomerate, reflecting their dominance in both the retail and financial sectors.

Additionally, China Banking Corporation (Chinabank), another financial entity under the SM umbrella, was included in the ASEAN Asset Class – a distinction given to companies that consistently demonstrate high scores according to the ASEAN Corporate Governance Scorecard (ACGS). This recognition underscores the commitment of SM companies to not only meet but exceed governance standards that align with international best practices.

The recent recognition is rooted in the results of the 2024 ACGS Regional Assessment. This marks the second consecutive time that SM Investments and SM Prime have been celebrated for their corporate governance standards, following their earlier achievements in the 2022 awards where they secured top spots in the Philippine Asset Class and ranked among the top 20 publicly listed companies in ASEAN.

Frederic C. DyBuncio, President and Chief Executive Officer of SM Investments, emphasized the importance of good governance in creating long-term value for stakeholders. He stated, "Good governance is essential to long-term value creation. We continue to align our governance practices with global standards to help build trust and deliver sustainable outcomes for our stakeholders and the communities we serve."

Echoing this sentiment, Jeffrey C. Lim, President of SM Prime Holdings, remarked, "Our recognition at this year's ACGS Awards validates our commitment to building sustainable and resilient communities. It affirms our belief that good governance goes hand in hand with long-term value creation for shareholders and stakeholders alike."

The recognition for BDO Unibank came from its adherence to corporate governance principles focusing on effective oversight, compliance, and sustainability. Nestor V. Tan, President of BDO Unibank, stated, "We value this recognition which affirms our deepest commitment to the highest standards of corporate governance practices."

Chinabank’s commitment to responsible governance was highlighted by its President and CEO, Romeo D. Uyan, Jr., who said, "This recognition reaffirms Chinabank's steadfast commitment to responsible corporate governance that goes beyond compliance while embedding ethical stewardship into our culture. We are driven by our goal to always create long-term value for our stakeholders."

The ACGS assessed 569 large publicly listed companies across Southeast Asia, identifying those that maintain the highest standards of corporate governance consistent with international expectations. The results reflect the commitment of these companies toward transparent, accountable, and high-quality governance practices.

About SM Investments Corporation

SM Investments Corporation is a leading force in the Philippines, diversifying investments across retail, banking, and property sectors. The organization anticipates and captures growth opportunities within the vibrant, developing Philippine economy. For more details regarding their corporate governance and initiatives, visit their official website at www.sminvestments.com.