SMIC and SM Prime Holdings Inc., the group’s property arm, were ranked among the Top 5 Philippine PLCs and Top 50 ASEAN PLCs based on the 2024 ASEAN Corporate Governance Scorecard (ACGS) Regional Assessment.
SM’s banking arm, BDO Unibank Inc., also secured a spot among the Top 50 ASEAN PLCs, making it the only Philippine bank on the list.
Banking excellence highlighted
SM’s banking arm, BDO Unibank Inc., also secured a spot among the Top 50 ASEAN PLCs, making it the only Philippine bank on the list.
Among the six Philippine PLCs awarded, three came from the SM Group. China Banking Corp. (Chinabank), another SM affiliate, was named to the ASEAN Asset Class, an honor for companies that have consistently scored highly in the ACGS.
This is the second consecutive recognition for SMIC and SM Prime after securing similar high placements in the 2022 ACGS awards.
In their own words
“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, SMIC president and CEO.
“Our recognition at this year’s ACGS Awards validates our commitment to building sustainable and resilient communities,” said Jeffrey C. Lim, SM Prime president. “It affirms our belief that good governance goes hand in hand with long-term value creation for shareholders and stakeholders alike.”
BDO Unibank president Nestor V. Tan emphasized that the award reflects the bank’s dedication to ethical and sustainable business practices.
“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,” Tan said.
Chinabank president and CEO Romeo D. Uyan Jr. likewise stressed the bank’s culture of responsible leadership.
“This recognition reaffirms Chinabank’s steadfast commitment to responsible corporate governance that goes beyond compliance while embedding ethical stewardship into our culture,” Uyan said.
Measuring corporate governance excellence
The 2024 ACGS Regional Assessment evaluated 569 large-market-cap PLCs across ASEAN, using publicly available information such as annual reports, sustainability disclosures, corporate governance policies, and official websites.
The review is first conducted by domestic ranking bodies, followed by a regional peer evaluation.
The ASEAN Corporate Governance Initiative, which includes the ACGS, has been jointly advanced by the ACMF and the Asian Development Bank since 2011.
The program aims to elevate governance standards in the region, encouraging transparency, board accountability, shareholder rights, and sustainability practices in line with global best practices. —Ed: Corrie S. Narisma
