The Association of Southeast Asian Nations (ASEAN) Capital Market Forum (ACMF) recognized SM Investments Corporation, the parent firm of the SM group, and its property arm, SM Prime Holdings, Inc. among the Top 5 Philippine publicly listed companies (PLCs) and Top 50 ASEAN PLCs.
Held at the Four Seasons Hotel Kuala Lumpur on July 24, the biennial awards highlighted the top publicly listed companies assessed under the 2024 ASEAN Corporate Governance Scorecard (ACGS). Recently cited were SM Investments Corporation, SM Prime Holdings, Inc. BDO Unibank, Inc. and China Banking Corporation.
SM’s banking arm, BDO Unibank, Inc. ranked among the Top 50 ASEAN PLCs. Among the six Philippine PLCs awarded, three were from the SM group. BDO was the only Philippine bank to earn a spot on the Top 50 list.
In addition, China Banking Corporation (Chinabank), another financial institution under the SM group, was also named to the ASEAN Asset Class of publicly listed companies, an honor given to firms that have achieved consistently high scores under the ASEAN Corporate Governance Scorecard (ACGS).
Anchored on the 2024 ACGS Regional Assessment, this is the second time the organization affirmed SM’s corporate governance standards at par with internationally-accepted best practices after both SM Investments and SM Prime secured the top 5 spots in the Philippine Asset class and top 20 ASEAN Publicly Listed Companies in the 2022 awarding ceremony.
“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.” said Frederic C. DyBuncio, President and Chief Executive Officer of SM Investments Corporation.
“Our recognition at this year’s ACGS Awards validates our commitment to building sustainable and resilient communities,” said Jeffrey C. Lim, President of SM Prime Holdings. “It affirms our belief that good governance goes hand in hand with long-term value creation for shareholders and stakeholders alike.”
“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,” Nestor V. Tan, BDO Unibank, Inc. President said.
“This recognition reaffirms Chinabank’s steadfast commitment to responsible corporate governance that goes beyond compliance while embedding ethical stewardship into our culture,” said Chinabank President and CEO Romeo D. Uyan, Jr. “We are driven by our goal to always create long-term value for our stakeholders.”
The ACGS evaluated 569 large-market-cap PLCs across the region, recognizing companies that uphold the highest standards of corporate governance aligned with international best practices. These are conducted by domestic ranking bodies per ACGS-member country followed by peer evaluation at the regional level. The assessments are based on publicly available and accessible information such as annual reports, corporate websites, corporate governance policies, and sustainability reports, among others.
The ASEAN Corporate Governance Initiative, comprising the ACGS and the assessment of PLCs, is a flagship effort under the ACMF, which has been collaborating with the Asian Development Bank since 2011. Over the years, the ACGS has been instrumental in fostering a strong corporate governance culture in ASEAN, encouraging PLCs to adopt internationally recognized corporate governance principles, driving improvements in transparency, board accountability, shareholder rights and sustainability practices. The scorecard has also contributed to innovative business models prioritizing ethical leadership and long-term value creation.
