Eight firms under the SM group of companies received Golden Arrow Awards from the Institute of Corporate Directors (ICD) for performing well in the ASEAN Corporate Governance Scorecard (ACGS).

In a statement, the conglomerate said this is an assessment benchmarked against international best practices on corporate governance standards across the region.

The SM companies which received the awards are: SM Investments Corporation, SM Prime Holdings, Inc., China Banking Corporation, Belle Corporation, BDO Unibank, Inc., Premium Leisure Corp., 2GO Group, Inc. and Atlas Consolidated Mining and Development Corporation.

“We thank the Institute of Corporate Directors for this honor. The practice of corporate governance remains an integral part of our business and our company culture,” SMIC Chairman of the Board Jose T. Sio.

The recognition is given to companies with outstanding scores in the 2019 ACGS assessment. It symbolizes the continuing efforts of Philippine companies to raise the level of compliance with the ASEAN corporate governance principles. 

“The environment brought about by the pandemic has heightened the challenges to business. But our values and commitment remain the same—to deliver financial sustainability while upholding fairness, accountability, transparency and to continue to make a positive impact on the environment and communities that we serve,” Sio said.

He added that, “These are unfamiliar times, and now more than ever, we believe that companies that behave responsibly will emerge resilient and be able to serve our society better.”