SM Investments Corporation, the parent company of the SM Group, received the Five Golden Arrow Award from the Institute of Corporate Directors (ICD) for the third consecutive year, achieving the highest rating under the corporate governance awards program.
SM Prime Holdings, Inc. and China Banking Corporation (Chinabank) received Five Golden Arrows while BDO Unibank, Inc. and Belle Corporation received the 4 Golden Arrows.
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 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, SM Investments.
SM Investments’ Board is led by an independent Chairman. Tetangco is the first independent Chairman of the company, and a former two-term Governor of the Bangko Sentral ng Pilipinas.
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, 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 provides investors with a basis for comparing corporate governance practices.
The recognition comes as SM marks 68 years since the opening of its first Shoemart store. As the businesses have grown, the founder’s values of trust and integrity have remained a foundation for how the Group is governed.
