SM companies among the most awarded in Corporate Governance

From left to right: Emilio B. Aquino, Securities and Exchange Commission Chairman; Ma. Aurora “Boots” D. Geotina-Garcia, Vice-Chair and President of the Institute of Corporate Directors (ICD); Noel T. Ang, Senior Assistant Vice President for Governance Risk and Compliance of SM Investments Corporation; Wellington L. Palmero, Senior Vice President for Governance, Risk & Compliance, Chief Risk and Compliance Officer of SM Investments; Ramon S. Monzon, President and CEO of Philippine Stock Exchange; Atty. Cesar L. Villanueva, Chairman of ICD


(08 February 2023, Pasay City, Philippines) SM companies were one of the most awarded companies in the recently held Golden Arrow Awards by the Institute of Corporate Directors (ICD) who recognized nine companies of the SM Group for excellence in performance in Corporate Governance.

Based on the recent ASEAN Corporate Governance Scorecard (ACGS) assessment results,

China Banking Corporation (China Bank) received the 5-arrow recognition, the highest award during the ceremony while SM Investments Corporation (SM Investments), SM Prime Holdings, Inc., BDO Unibank Inc. (BDO), and Belle Corporation garnered the 4-arrow recognition. Gaining the 3-arrow recognition are 2GO Group, Inc., and APC Group, Inc. Other awardees are Premium Leisure Corp. and Atlas Consolidated Mining and Development Corporation.

“We are grateful for this recognition that reflects our strong corporate governance culture across our ecosystem of businesses,” said SM Investments Corporation President and Chief Executive Officer Frederic C. DyBuncio.

The Golden Arrow is awarded to a Philippine publicly listed company that achieved a score of at least 80 points in their respective ACGS assessment.

About SM Investments Corporation

SM Investments Corporation is a leading Philippine company that is invested in market-leading businesses in retail, banking, and property. It also invests in ventures that capture high growth opportunities in the emerging Philippine economy.

SM’s retail operations are the country’s largest and most diversified with its food, non-food, and specialty retail stores. SM’s property arm, SM Prime Holdings, Inc., is the largest integrated property developer in the Philippines with interests in malls, residences, offices, hotels, and convention centers as well as tourism-related property developments. SM’s interests in banking are in BDO Unibank, Inc., the country’s largest bank, and China Banking Corporation, the 6th largest bank.

For more about SM, visit