SM Investments Corporation, the parent company of the Philippine SM Group, has received the Five Golden Arrow Award from the Institute of Corporate Directors (ICD) for the third consecutive year, earning the highest rating under the ICD's corporate governance awards program.

Other companies within the group were also recognized. SM Prime Holdings, Inc. and China Banking Corporation (Chinabank) each received Five Golden Arrows, while BDO Unibank, Inc. and Belle Corporation received 4 Golden Arrows. All were recognized under the same ICD program, putting the parent and several of its operating companies through the same external governance assessment this cycle.

The awards assess how companies protect shareholder rights, disclose material information, and provide effective board oversight. The 2026 recognition is based on the 2025 ASEAN Corporate Governance Scorecard (ACGS) assessment.

"We aim to continuously create long-term value for our stakeholders, and strong governance is central to that," said Amando M. Tetangco Jr., Chairman of the Board of SM Investments.

Tetangco is the first independent Chairman in the company's history and a former two-term Governor of the Bangko Sentral ng Pilipinas (BSP). SM Investments' Board is led by an independent Chairman.

The Board oversees the parent company's strategy, risk management, and major investment decisions across its interests in retail, banking, property, and portfolio businesses. This oversight supports decisions on where to invest, how to manage financial obligations, and how much cash to return to shareholders. The operating companies retain their own boards and management teams, which remain accountable for their respective businesses.

"The achievement reflects SM Investments' continuing commitment to integrity, transparency, accountability and responsible stewardship, with sound corporate governance serving as a foundation for sustainable growth and long-term stakeholder value," said SM Investments President and CEO Frederic C. DyBuncio.

The ACGS assessment covers shareholder rights and equitable treatment, sustainability and resilience, stakeholder relations, transparency and accountability through timely disclosure, and the Board's strategic guidance and accountability. It also provides investors with a basis for comparing corporate governance practices. Because each recognition is tied to a specific assessment cycle, the next ACGS run will serve as the next checkpoint for how the group's ratings measure up.

The recognition comes as SM marks 68 years since the opening of its first Shoemart store. According to the company, the founder's values of trust and integrity have remained a foundation for how the Group is governed as its businesses have grown.

Source: BusinessWorld