SM firms cited as among Asean’s best in corporate governance
Three SM companies have made it to the Top 5 Publicly Listed Companies in the Philippines and the Top 50 Publicly Listed Companies in the Association of Southeast Asian Nations or ASEAN.
In ceremonies held recently in Malaysia, ASEAN Market Forum conferred the distinction on SM Investments Corporation, its property arm, SM Prime Holdings Inc., and its banking arm, Banco de Oro Unibank Inc.
BDO was the only Philippine bank to earn the distinction.
This is the second time SM Investments and SM Prime are listed among the Top Five in the Philippine Asset Class and the Top 20 ASEAN Publicly Listed Companies. The two companies won the same awards in 2022.
ASEAN sets a high standard for companies to meet before they are considered for the honors. The firms must have demonstrated adherence to the highest internationally recognized corporate governance practices.
According to Frederic C. DyBuncio, president and chief executive officer of SM Investments, his company seeks to build trust and deliver sustainable outcomes for stakeholders and the communities it serves by aligning itself with the highest global standards of corporate governance.
For his part, Jeffrey C. Lim, president of SM Prime Holdings, says it is his company’s firm belief that good governance is essential to long-term value creation for shareholders and stakeholders alike.
“This year’s awards is a recognition of that commitment,” the SM Prime Holdings top honcho says.
Like its two sister companies—SM Investments and SM Prime—BDO observes strict compliance with rules set by government and banking regulatory agencies.
“It is our commitment to the highest standards of corporate governance that informs the formulation and implementation of our policy,” says Nestor V. Tan, president of BDO Unibank Inc.
Another financial institution under the SM Group, China Banking Corporation (Chinabank), was likewise named ASEAN Asset Class of Publicly Listed Companies. It is an honor given only to firms that achieved consistently high scores in the ASEAN Scorecard (ACGS).
Chinabank was conferred the distinction for having consistently achieved high scores in the ASEAN Corporate Governance Scorecard.
“The bank goes beyond mere compliance to banking rules and regulations,” says Romeo D. Uyan Jr., president and CEO of Chinabank. “Observance of the highest ethical standards is an integral part of our corporate culture.”
A total of 569 publicly listed companies in ASEAN have been evaluated, in search of companies that uphold the highest standards of corporate governance aligned with international best practices.
The evaluation was conducted at local [participating countries] and at the regional {ASEAN} levels, based on information culled from annual reports, corporate websites, and corporate governance policies, among others.
The ASEAN Corporate Governance Initiative is undertaken under the auspices of the Asian Development Bank.
Since 2011, the Initiative has fostered strong corporate governance culture by encouraging participating companies to adhere to internationally recognized corporate governance principles.
The objective is to ensure transparency, board accountability, and the protection of shareholder rights.
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