Conglomerate SM Investments Corp. (SMIC) said it was elevated to the Hall of Fame in the corporate governance category in this year’s edition of the Asia Responsible Enterprise Awards (AREA).
The said awards recognized SMIC, for “demonstrating transparency and completeness of disclosure and reporting of governance practices in their annual report…, while also safeguarding integrity in financial reporting, promoting ethical decision making through a structured board of committee, respecting the rights of shareholders and remunerating fairly and responsibly.”
“We are pleased to receive this award which is a recognition of our practices as we endeavor to uphold good governance and transparency in our businesses,” SMIC President and CEO Frederic C. DyBuncio said.
The said award is widely regarded as the “gold standard” for corporate social responsibility and sustainability practice. It is the most prominent CSR recognition program across Asia initiated by Enterprise Asia.
The AREA aims to recognize and honor Asian businesses and leaders for championing sustainable and socially responsible business practices.
“As SM is a company that touches different industries in the country, we ensure our publicly-listed business units produce a transparent report through our Integrated Reports that tell the story of our sustainability across the group’s wide ecosystem of businesses,” DyBuncio said.
Eugene Chien, chairman of the AREA judging committee said many of the participants this year have strived to adopt the practice as well as manage the continuance of their CSR initiatives and evolve them into larger ventures.
“This results in projects that are more sustainable, of greater relevance to the target community, and create a meaningful positive change in society,” he said.
Since 2011, AREA has been recognizing businesses from various industries while honoring their achievements in the categories of social empowerment, investment in people, health promotion, green leadership, corporate governance, among others.
This year, a total of 260 submissions across 19 countries have undergone the judging process which is based on the three criteria of effectiveness and reach, relevance and sustainability.