For a business to grow and stand the test of time, success goes beyond profits and expansion. It also takes good leadership, transparency, and a commitment to doing what is right. For SM Investments Corporation, these principles continue to guide its operations, earning the company its third consecutive Five Golden Arrow Award from the Institute of Corporate Directors (ICD).
The recognition, presented on October 30, 2026, in Pasay City, gives SM Investments the highest rating under the ICD’s corporate governance awards program, based on the 2025 ASEAN Corporate Governance Scorecard (ACGS) assessment.
A Commitment to Good Governance
The Five Golden Arrow Award recognizes companies that demonstrate strong practices in protecting shareholder rights, providing transparent disclosures, maintaining accountability, and ensuring effective board oversight.
For SM Investments Chairman of the Board Amando M. Tetangco Jr., these practices are essential to creating lasting value.
“We aim to continuously create long-term value for our stakeholders, and strong governance is central to that,” Tetangco said.
The company’s Board, led by Tetangco as its first independent Chairman, oversees its overall strategy, risk management, and major investment decisions. These responsibilities cover SM’s interests in retail, banking, property, and other portfolio businesses.
Meanwhile, each operating company maintains its own board and management team, ensuring that business decisions remain accountable to their respective stakeholders.
Growing with Accountability
For SM Investments President and CEO Frederic C. DyBuncio, the recognition reflects the company’s continued effort to uphold the principles that guide its business.
“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,” DyBuncio said.
The ACGS assessment looks at several areas of corporate governance, including equitable treatment of shareholders, sustainability, stakeholder relations, timely disclosure of information, and the Board’s ability to provide strategic direction.
Other companies within the SM Group also received recognition. SM Prime Holdings, Inc. and China Banking Corporation earned Five Golden Arrows, while BDO Unibank, Inc. and Belle Corporation received Four Golden Arrows.
Values That Stand the Test of Time
The recognition comes as SM marks 68 years since the opening of its first Shoemart store. From its beginnings in retail, the Group has grown into one of the country’s major business conglomerates, with interests spanning retail, banking, and property.
Yet, alongside this growth, the values established by its founder remain central to how the company operates.
For SM Investments, good governance is more than an annual recognition. It is a continuing responsibility to its shareholders, employees, business partners, and communities—ensuring that as the business grows, trust and accountability grow with it.
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