On November 6, 2026, SM Investments Corporation, the main entity of the SM Group, was honored with the Five Golden Arrow Award by the Institute of Corporate Directors (ICD) for the third consecutive year. This accolade represents the highest distinction within the ICD’s corporate governance awards program, acknowledging SM Investments’ commitment to maintaining exemplary governance standards.
The Five Golden Arrow Award is a testament to the company’s dedication to upholding shareholder rights, ensuring transparency through the disclosure of material information, and providing effective board oversight. The 2026 award is based on the 2025 ASEAN Corporate Governance Scorecard assessment, which evaluates various facets of corporate governance practices across the region.
In addition to SM Investments, SM Prime Holdings, Inc. and China Banking Corporation (Chinabank) also received the Five Golden Arrows, demonstrating their strong governance frameworks. Meanwhile, BDO Unibank, Inc. and Belle Corporation were awarded four Golden Arrows each, highlighting their adherence to high governance standards.
Amando M. Tetangco Jr., Chairman of the Board of SM Investments, emphasized the importance of strong governance in creating long-term value for stakeholders. “We aim to continuously create long-term value for our stakeholders, and strong governance is central to that,” he stated. Tetangco, who serves as the company’s first independent Chairman and is a former two-term Governor of the Bangko Sentral ng Pilipinas, leads the Board in overseeing strategy, risk management, and major investment decisions across the company’s diverse interests in retail, banking, property, and portfolio businesses.
The governance structure of SM Investments involves an independent Chairman leading the Board, which plays a critical role in guiding the parent company’s strategic direction and financial management. This oversight ensures that decisions regarding investments, financial obligations, and shareholder returns are made judiciously. Each operating company within the group maintains its own board and management team, responsible for their respective business operations.
Frederic C. DyBuncio, President and CEO of SM Investments, remarked on the company’s achievement, stating that it reflects a steadfast commitment to integrity, transparency, accountability, and responsible stewardship. He highlighted that sound corporate governance is fundamental to sustainable growth and long-term stakeholder value.
The ASEAN Corporate Governance Scorecard (ACGS) assessment, which forms the basis for the awards, evaluates companies on several key areas: shareholder rights and equitable treatment, sustainability and resilience, stakeholder relations, transparency, and accountability. It also considers the Board’s strategic guidance and accountability, providing investors with a framework for comparing corporate governance practices across the region.
This recognition coincides with SM’s 68th anniversary since the opening of its first Shoemart store. Throughout its expansion, the Group has remained committed to the founder’s values of trust and integrity, which continue to underpin its governance approach. The consistent recognition of SM Investments in corporate governance awards underscores the company’s dedication to these principles.
SM Investments Corporation is a leading player in the Philippine economy, operating market-leading businesses in retail, banking, and property. Its retail operations are the largest and most diversified in the country, while its property division, SM Prime Holdings, Inc., is the largest integrated property developer in the Philippines. The company’s banking interests include BDO Unibank, Inc., the nation’s largest bank, and China Banking Corporation, a major private domestic bank. These businesses not only contribute significantly to the Philippine economy but also reflect the company’s strategic focus on sectors with high growth potential.
Through its portfolio, SM Investments generates resilient cash flows and reinvests with discipline to compound value over the long term. The company’s approach to governance and business operations is designed to ensure sustainability and resilience, aligning with its mission to create enduring value for its stakeholders.
Footnotes:
- SM Investments Corporation received the Five Golden Arrow Award from the Institute of Corporate Directors for the third consecutive year. Source.
- The 2026 award is based on the 2025 ASEAN Corporate Governance Scorecard assessment. Source.
- SM Investments Corporation’s Board is led by an independent Chairman, Amando M. Tetangco Jr., who is the first independent Chairman of the company. Source.
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