PASAY CITY, Philippines, Oct. 26, 2023 /PRNewswire/ -- Ten companies from the SM Group were recognized for their excellence in corporate governance in the recently concluded Golden Arrow Awards by the Institute of Corporate Directors (ICD).
China Banking Corporation (China Bank), the banking arm of SM Investments Corporation (SM Investments), bagged the highest 5-arrow recognition for two years in a row. SM Prime Holdings, Inc., SM Investments' property business, also attained its second 5-arrow award.
SM Investments, BDO Unibank, Inc. (BDO), and Belle Corporation (Belle) notched 4-arrow awards. The companies feted with the 3-arrow recognition were 2GO Group, Inc., and Belle's subsidiaries, Pacific Online Systems Corporation (POSC) and Premium Leisure Corporation. The other awardees from the Group were Atlas Consolidated Mining and Development Corporation and the APC Group, Inc.
"This honor inspires us to continue advocating best practices in corporate governance in serving our stakeholders and communities," said SM Investments Chairman of the Board Amando M. Tetangco, Jr.
The SM Group has been a consistent recipient of the Golden Arrow Award from the ICD since 2018. This year's performance has solidified the Group's commitment in upholding the highest standards of corporate governance as one of the most awarded conglomerates with ten of its companies recognized.
ICD's Golden Arrow recognition is awarded to publicly listed companies in the Philippines based on the ASEAN Corporate Governance Scorecard (ACGS) assessment results.
Established in 1999, the Philippine ICD has been a staunch advocate to establishing and promoting international standards of good corporate governance in the country alongside its regional counterparts.
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 fourth largest bank by total assets among private banks.
For more information, please visit www.sminvestments.com
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