The Association of Southeast Asian Nations (ASEAN) Capital Market Forum (ACMF) has recognized several companies from the SM Group for their strong corporate governance.
SM Investments Corporation and its property arm, SM Prime Holdings Inc., were named among the Top 5 Philippine publicly listed companies (PLCs) and the Top 50 ASEAN PLCs. The group’s banking arm, BDO Unibank Inc., was also ranked among the Top 50 ASEAN PLCs.
“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,” Frederic DyBuncio, president and chief executive of SM Investments said.
Out of the six Philippine PLCs that received awards, three were from the SM Group. BDO was the only Philippine bank to make the Top 50 list.
Nestor Tan, BDO Unibank president said BDO’s corporate governance principles are about effective oversight, strict compliance with regulations, and sustainable value creation to promote the best interest of its various stakeholders.
“We value this recognition which affirms our deepest commitment to the highest standards of corporate governance practices.”
China Banking Corporation (Chinabank), another financial institution under the SM Group, was honored with the ASEAN Asset Class designation. This recognition is given to companies that consistently achieve high scores on the ASEAN Corporate Governance Scorecard (ACGS).
Romeo Uyan Jr., president and chief executive of Chinabank, 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.”
These awards are based on the 2024 ACGS Regional Assessment. This is the second time the organization has affirmed the SM Group’s corporate governance standards, following similar recognition in 2022 when both SM Investments and SM Prime were in the top 5 in the Philippines and top 20 across ASEAN.
Jeffrey C. Lim, president of SM Prime Holdings, noted that the award “validates our commitment to building sustainable and resilient communities” and “affirms our belief that good governance goes hand in hand with long-term value creation for shareholders and stakeholders alike.”
The ACGS, a flagship initiative of the ACMF evaluates PLCs based on publicly available information like annual reports and corporate websites. It aims to encourage companies to adopt international best practices in corporate governance, promoting transparency, accountability, and sustainability.
