SM Powerhouses Shine Bright: Top 5 in ASEAN Corporate Governance Excellence

MANILA, Philippines – In a resounding testament to their unwavering commitment to good governance, sustainability, and transparency, two Philippine corporate giants, SM Investments Corporation (SMIC) and SM Prime Holdings, have triumphantly secured their places among the elite top five publicly-listed companies (PLCs) in the 2023 ASEAN Corporate Governance Scorecard (ACGS).

This remarkable achievement not only positions them among the leading corporations across the entire ASEAN region but also cements their standing within the top three in the Philippines, a feat that underscores their consistent dedication to ethical and responsible business practices.

The ACGS, a flagship initiative of the ASEAN Capital Markets Forum (ACMF) with robust support from the Asian Development Bank (ADB), is designed to elevate and harmonize corporate governance standards throughout the ten ASEAN member states.

Its rigorous methodology, deeply rooted in the globally recognized OECD Principles of Corporate Governance, provides a comprehensive framework for assessing the governance practices of the region's top companies. Earning a spot in this distinguished list signifies a company's exceptional adherence to best practices in areas such as shareholder rights, equitable treatment of shareholders, role of stakeholders, disclosure and transparency, and board responsibilities.

SM Investments Corporation, a perennial high-scorer in the ACGS evaluations, continues to set a formidable benchmark for corporate excellence.

Its consistent inclusion in such prestigious rankings reflects a deeply ingrained culture of accountability and forward-thinking governance. Similarly, SM Prime Holdings, a leader in integrated property development, has once again demonstrated its formidable prowess, maintaining a strong performance that highlights its dedication to sustainable growth underpinned by robust governance structures.

The recognition extends beyond just these two powerhouses within the SM Group.

Other notable SM-affiliated companies also garnered significant accolades in the Philippine Corporate Governance Scorecard. BDO Unibank, the country's largest bank, along with China Banking Corporation and Belle Corporation, were also celebrated for their commendable governance practices, further reinforcing the group's overarching commitment to corporate integrity across its diverse portfolio.

This latest triumph on the regional stage is more than just an award; it's a powerful affirmation of SMIC and SM Prime's proactive approach to integrating world-class governance standards into their core operations.

In an increasingly complex global landscape, their commitment to transparency, ethical conduct, and long-term sustainability not only fosters investor confidence but also contributes significantly to the economic stability and integrity of the ASEAN capital markets. Their exemplary performance serves as an inspiration and a model for other corporations striving for excellence in governance.