Four companies under the SM Group earned top honors in the 2024 ASEAN Corporate Governance Scorecard (ACGS) Regional Assessment, cementing their reputation as leaders in corporate governance in the region.
SM Investments Corporation and SM Prime Holdings, Inc. were both named among the Top 5 Philippine Publicly Listed Companies (PLCs) and Top 50 ASEAN PLCs. SM’s banking arm, BDO Unibank, Inc., also secured a place in the Top 50 ASEAN PLCs, the only Philippine bank to do so.
Rounding out the SM Group’s recognition, China Banking Corporation (Chinabank) was included in the ASEAN Asset Class, awarded to companies that achieved consistently high scores in corporate governance.
This marks the second time the ACGS has affirmed SM’s governance standards as globally competitive, following similar top-tier placements in 2022.
“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 CEO of SM Investments Corporation.
SM Prime President Jeffrey C. Lim echoed this commitment: “Our recognition at this year’s ACGS Awards validates our commitment to building sustainable and resilient communities. Good governance goes hand in hand with long-term value creation for shareholders and stakeholders alike.”
BDO Unibank President Nestor V. Tan emphasized their guiding principles: “Our corporate governance is about effective oversight, strict compliance with regulations, and sustainable value creation to promote the best interests of stakeholders. This recognition affirms our deepest commitment to the highest standards.”
Chinabank President and CEO Romeo D. Uyan, Jr. highlighted the institution’s ethos: “This recognition reaffirms Chinabank’s steadfast commitment to responsible corporate governance that goes beyond compliance, embedding ethical stewardship into our culture.”
The 2024 ACGS Regional Assessment evaluated 569 large-market-cap PLCs across ASEAN, using publicly available disclosures such as annual reports, sustainability reports, governance policies, and corporate websites.
The ASEAN Corporate Governance Initiative—spearheaded by the ASEAN Capital Market Forum (ACMF) in partnership with the Asian Development Bank—has been promoting transparency, board accountability, shareholder rights, and sustainability since 2011. It continues to encourage ASEAN PLCs to adopt internationally recognized best practices, fostering ethical leadership and driving long-term value creation.
