SM Group Firms Rank Among ASEAN’s Top Corporate Governance Performers

Three companies under the SM Group have been recognized among the region’s top publicly listed firms in corporate governance by the ASEAN Capital Market Forum (ACMF) through the 2024 ASEAN Corporate Governance Scorecard (ACGS) Regional Assessment.

SM Investments Corporation and SM Prime Holdings, Inc. were both ranked in the Top 5 among Philippine publicly listed companies (PLCs) and in the Top 50 across ASEAN. BDO Unibank, Inc., the group’s banking arm, also secured a place in the Top 50 ASEAN PLCs, making it the only Philippine bank to appear on the list. Of the six Philippine firms recognized in the Top 50, half belong to the SM Group.

Another SM-affiliated bank, China Banking Corporation (Chinabank), was included in the ASEAN Asset Class category—an honor for companies consistently achieving high ACGS scores.

This is the second time SM Investments and SM Prime have achieved Top 5 rankings in the Philippine Asset Class and Top 20 positions in ASEAN, following similar recognition in the 2022 awards.

SM Investments President and CEO Frederic C. DyBuncio said the recognition underscores the group’s alignment with international governance standards, adding that good governance builds trust and supports long-term value creation. SM Prime President Jeffrey C. Lim noted that the award affirms the company’s belief that sound governance supports both shareholder and stakeholder interests.

BDO Unibank President Nestor V. Tan emphasized the importance of effective oversight, compliance, and sustainable value creation in the bank’s governance approach. Chinabank President and CEO Romeo D. Uyan, Jr. highlighted the institution’s commitment to ethical stewardship and long-term value for stakeholders.

The 2024 ACGS assessment reviewed 569 large-market-cap PLCs in the region, based on publicly available information such as annual reports, websites, governance policies, and sustainability disclosures. The process involves domestic evaluation by member countries, followed by regional peer review.

A flagship initiative of the ACMF in collaboration with the Asian Development Bank since 2011, the ACGS promotes international governance principles within ASEAN, enhancing transparency, board accountability, shareholder rights, and sustainable business practices.