SM

 

Story at a Glance

SM’s story is an extraordinary story of one man with a simple dream, to sell a good pair of shoes to every Filipino.

In the late 1950’s, our founder, Henry Sy started his first company, ShoeMart, a small shoe store in Carriedo, Manila. Fueled with the passion to serve his customers better every day, he found different ways to provide excellent customer experience, anticipating their needs and innovating retail so that every Filipino can enjoy the SM experience.

Having a deep understanding of teamwork, Henry Sy worked and grew alongside his suppliers, looked after his employees and helped the communities he served. Through the years, we continued to build on these aspirations as SM fulfills its role in building sustainable businesses that are catalysts for responsible development in the communities we serve.

After 6 decades, Henry Sy’s values are upheld by the second and third generations of the Sy Family, working alongside thousands of employees with a shared sense of purpose, committed to improving the quality of life of the communities we serve and constantly finding ways to provide opportunities for growth.

Today, SM become the country’s largest conglomerate, touching the lives of millions of Filipinos and creating shared value for all that we serve.

Mission

We will provide a consistently high standard of service to our customers, look after the welfare of our employees and deliver sustainable returns to our shareholders, at all times upholding the highest standards of corporate governance and environmental stewardship in all our businesses.

Vision

Sustainability is at the heart of our vision—to build an ecosystem of sustainable businesses that are catalysts for responsible development in the communities we serve. We are committed to partner with our host communities to provide a consistently high standard of service to our customers, look after the welfare of our employees and deliver sustainable returns to our shareholders, at all times upholding the highest standards of corporate governance and environmental stewardship in all our businesses.

Strong Proxy for Philippine Growth

SM Investments Corporation (SMIC) is a leading and dynamic conglomerate with major investments in retail, banking and property in the Philippines.

Founded by Henry Sy, Sr., SMIC is a highly focused and synergistic group that continues to expand at an unparalleled scale in the Philippines with the view to tap into the growth potential of our core markets.

In over six decades, SMIC has become one of the largest market capitalized companies listed on the Philippine Stock Exchange. Our three largest companies – SMIC, SM Prime Holdings and BDO Unibank comprise over 30% of the value of the Philippine Index. This is a testament to our ability to deliver steady high earnings and asset growth, sound financial management, long-term sustainability and a comprehensive development program for our host communities that creates value for all our stakeholders.

SM Prime Holdings, Inc.

Publicly listed SM Prime Holdings, Inc. (SM Prime) is one of the largest integrated property developers in Southeast Asia that offers innovative and sustainable lifestyle cities with the development of malls, residences, offices, hotels and convention centers.

SM Prime is committed to the country in providing world-class and sustainable property development. The company is the largest mall developer, both in terms of gross floor area (GFA) and geographical reach. It operates 76 malls in the country and 7 in China. While a
large number of its malls are concentrated in Metro Manila, this area continues to present significant growth opportunities through the expansion of its existing malls, even as SM Prime penetrates new markets in provincial areas.

Apart from mall development and management, SM Prime has residential offerings nationwide through SM Development Corporation (SMDC) and leisure homes through a number of projects that complement Philippine tourism. SMDC provides access to luxurious urban living through vertical villages that are integrated with a commercial retail environment for a truly cosmopolitan lifestyle.

In terms of commercial developments, SM Prime has office buildings that primarily cater to the growing Business Process Outsourcing (BPO) industry. It continues to expand the E-com hub within the Mall of Asia complex and develop stand-alone as well as mall-based BPO buildings around the country. The company has hotels with over 1,900 rooms as well as convention facilities that aim to take advantage of the growing tourism and entertainment sectors.

Building Climate Ready Businesses and Communities

Being climate ready has become part of everyday life in the Philippines. Living with more than 20 typhoons a year on average, climate change is only going to make things more difficult. This is the reason why incorporating sustainability and resiliency in how we do business has become part of ‘business-as-usual’ for SM.

Throughout the country, we build integrated lifestyle cities to help meet the growing urban requirements of the Philippines. These developments provide positive socio-economic impact to local communities while also developing essential infrastructure to protect against environmental hazards due to climate change. Well before the issue of climate change became an urgent global priority, SM has been building climate-ready businesses that can withstand the Philippines’ regular experiences of typhoons, water level rises and flash flooding.

SM Baguio 

brings outdoor and indoor into one space optimizing natural lighting and ventilation with its Sky Garden. It has a green roof system as well as a provision for an underground water reservoir for storage and reuse of rainwater with a capacity of 6,900 cubic meters.

SM Seaside Cebu 

mallgoers can enjoy an extensive green area, center courtyard and roof garden. Constructed with Low E glass and utilizes EchoStop for noise management, the building is designed to maximize natural light and ventilation.

SM Lanang 

Premier showcases lush greenery, a roof garden and green pavers that encourage filtration and allow stormwater back to the underground soil. It is equipped with a rainwater catchment system and a water reservoir with 600 cubic meter capacity based on 425mm per hour rainfall intensity. It also has a materials recovery facility which receives, segregates and prepares recyclable materials for marketing to end-user manufacturers.

SM City Masinag 

helps communities avoid flood waters through its 17,681 cubic meter water catchment facility. It is designed with green screens to promote vertical plant growth and is constructed with Clerestory windows as a source of natural light.

SM North Edsa 

is one of the pioneers of large scale solar panels use on the roof of commercial city developments. It is also the first to use its urban footprint to provide open access to community amenities with its extensive Sky Garden and elevated parks.

SM Mall of Asia 

is uniquely designed with a seawall to avert any damage from potential storm surges or sea level rise. Built on reclaimed land, it used a specialized excavation method providing a greater degree of protection against liquefaction and seismic events. It is also elevated above the required building levels and is equipped with wave return and drainage channels to prevent flooding due to storm surges and high waves.

SM Marikina

 sits on 246 stilts and is built 20 meters beyond the compliance for safety zone. At 20.5 meters above natural ground level, it serves as a first responder and a place of refuge for the residents of Marikina during times of calamities.

Board of Directors

SM Investments Corporation’s Board of Directors set the tone from the top and uphold the highest standard of excellence and integrity. The Board is composed of eight (8) highly qualified directors, majority of whom are non-executive directors. The Board ensures that it has an appropriate mix of competence and expertise and that its members remain qualified for their positions individually and collectively, which enable it to fulfill its roles and responsibilities and respond to the needs of the organization based on the evolving business environment and strategic direction.

Henry Sy

was the Chairman Emeritus of the Board of Directors of SMIC.  He was the founder of the SM Group and was Chairman Emeritus of SM Prime Holdings, Inc., SM Development Corporation, Highlands Prime, Inc., BDO Unibank, Inc., and Honorary Chairman of China Banking Corporation until his passing.  Mr. Sy opened the first ShoeMart store in 1958 and has since evolved into a dynamic group of companies with three lines of business – retail, banking, and property.

 

Jose T. Sio

Chairman Emeritus (effective June 16, 2023)

Chairman of the Board (until June 15, 2023)

83 Years Old

is the Chairman Emeritus of SMIC, he assumed this post on June 16, 2023, following his retirement in June 15, 2023. He is also a Director of China Banking Corporation, Atlas Consolidated Mining and Development Corporation, NLEX Corporation, and Ortigas Land Corporation, Trustee of Far Eastern University, Incorporated, and Adviser to the Board of BDO Unibank, Inc. Belle Corp. and Premium Leisure Corporation. Mr. Sio holds a master’s degree in Business Administration (MBA) from New York University, is a certified public accountant, and is a former Senior Partner of SyCip Gorres Velayo & Co. (SGV). He was voted CFO of the Year in 2009 by the Financial Executives of the Philippines. He was also awarded Best CFO (Philippines) in various years by several Hong Kong-based publications.  In 2022, he received the Parangal San Mateo Award from the Philippine Institute of Certified Public Accountants (PICPA) Foundation, Inc.

 

Designation

Chairman Emeritus (effective June 16, 2023)

Chairman of the Board (until June 15, 2023)

Member, Audit Committee (until June 15, 2023)

Member, Risk Management Committee (until June 15, 2023)

Member, Compensation Committee (until June 15, 2023)

Member, Related Party Transaction Committee (until June 15, 2023)

 

Positions in other Reporting Companies

China Banking Corporation  –  Director

Atlas Consolidated Mining and Development Corporation – Director

Far Eastern University Incorporated – Trustee

 

Board Attendance: 100%; 8 of 8 meetings

Date of First Appointment:  May 2005

No. Years on the Board: 18 years

Other Information: No legal dispute in the past five (5) years; No conflict of interest transactions in the past year

 

Amando M. Tetangco, Jr.

Chairman of the Board

Independent Director

70 Years Old

 

Amando M. Tetangco Jr. was elected as Independent Director and appointed as Chairman of the Board of Directors of SM Investments Corporation on June 16, 2023. He is also the Vice Chairman of SM Prime Holdings, Inc., and is concurrently an independent director of Belle Corporation, Converge ICT Solutions, Inc. and Shell Pilipinas Corporation. He also sits on the board of Toyota Motor Corporation, CIBI Information, Inc. and The Manila Hotel. He is a Trustee of the St. Luke’s Medical Center, Tan Yan Kee Foundation, Inc., and Foundation for Liberty and Prosperity. He is also a member of the international advisory board of the Graduate Institute for Policy Studies in Tokyo, Japan and the Asia School of Business in Kuala Lumpur, Malaysia.

He was a career central banker for over four decades. He served as the Governor of the Bangko Sentral ng Pilipinas and Chairman of the Monetary Board for two consecutive terms (July 2005 – July 2017). As Governor, he held other government positions, such as Chairman of the Anti-Money Laundering Council, the Financial Stability Coordination Council and the Philippine International Convention Center. Overseas, he served as Alternate Executive Director of the International Monetary Fund from 1992 to 1994. He also chaired various international groups such as the Bank for International Settlements Asian Consultative Council, Financial Stability Board Regional Consultative Group for Asia and the Alliance for Financial Inclusion Steering Committee. Prior to joining the Central Bank in 1974, he worked at the Management Services Division of SGV and Co. in 1973 -1974.

He is the recipient of various awards, among which are the Order of Lakandula with the rank of Bayani conferred by the President of the Philippines in 2009 and the Order of the Rising Sun, Gold and Silver Star given by the Emperor of Japan in 2019. He also received multiple recognition from a number of international organizations as one of the world’s best central bank governors and was chosen as MAP Management Man of the Year in 2015. He graduated from the Ateneo de Manila University with an AB Economics degree and obtained his Master’s in Public Policy and Administration (Development Economics) from the University of Wisconsin-Madison, USA. He attended various training programs at different institutions including the Harvard Business School and the New York Institute of Finance.

 

Designation

Chairman of the Board (Independent Director)

Member, Audit Committee

Member, Risk Management Committee

Member, Compensation Committee

Member, Related Party Transaction Committee

 

Positions in other Reporting Companies

Belle Corporation – Independent Director

Converge ICT Solutions, Inc. – Independent Director

Pilipinas Shell Petroleum Corporation – Independent Director

 

First Appointment – June 16, 2023

 

 

 

Teresita T. Sy

Vice Chairperson of the Board

72 Years Old

 

Teresita T. Sy is the Vice Chairperson of SMIC and Adviser to the Board of SM Prime Holdings, Inc. She also sits as Chairperson of SM Retail Inc. She also holds board positions in several companies within the SM Group. She is also the Chairperson of BDO Unibank, Inc. (“BDO”) and serves as the Chairperson and/or Director of various subsidiaries and affiliates of BDO such as BDO Private Bank, Inc. and BDO Foundation, Inc. She also serves as Adviser to the Board of One Network Bank, Inc. (A Rural Bank of BDO). A graduate of Assumption College with a Bachelor of Arts and Science degree in Commerce majoring in Management, she brings to the board her diverse expertise in retail merchandising, mall and real estate development, and banking and finance.

 

Designation

Vice Chairperson of the Board (Non-Executive Director)

Chairperson, Compensation Committee

Chairperson, Executive Committee

 

Positions in other Reporting Companies

BDO Unibank Inc. – Chairperson of the Board

 

Board Attendance: 100%; 8 of 8 meetings

First Appointment: May 1979

No. of Years on the Board: 44

Other Information: No legal dispute in the past five (5) years; No conflict of interest transactions in the past year.

 

 

Henry T. Sy, Jr.

Vice Chairman of the Board/Non-Executive Director

69 Years Old

 

Henry T. Sy, Jr. is the Vice Chairman of SMIC and Chairman of SM Prime Holdings, Inc. and Synergy Grid & Development Phils., Inc. He is also the Chairman and Chief Executive Officer (CEO) of SM Development Corporation and Vice Chairman of National Grid Corporation of the  Philippines. He is responsible for the real estate acquisitions and development activities of the SM Group which include the identification, evaluation, and negotiation for potential sites as well as the input of design ideas. He graduated with a Management degree from De La Salle University.

 

Designation

Vice Chairperson of the Board (Non-Executive Director)

 

Positions in other Reporting Companies

SM Prime Holdings, Inc. – Chairman of the Board

Synergy Grid & Development Phils. Inc. – Chairman of the Board

 

Board Attendance: 100%; 8 of 8 meetings

First Appointment: May 1979

No. of Years on the Board: 44 Years

Other Information: No legal dispute in the past five (5) years; No conflict of interest transactions in the past year.

 

 

 

Harley T. Sy

Executive Director

63 Years Old

 

Harley T. Sy is the Executive Director of SMIC.  He is a Director of China Banking Corporation and other companies within the SM Group and an Adviser to the Board of Directors of BDO Private Bank.  He is the Co-Vice Chairman and Treasurer of SM Retail Inc.  He holds a degree in Bachelor of Science in Commerce, Major in Finance from De La Salle University.

 

Designation

Member, Executive Committee

 

Positions in other Reporting Companies

China Banking Corporation – Director

 

Board Attendance: 100%; 8 of 8 meetings

First Appointment: May 1993

No. of Years on the Board: 30 Years

Other Information: No legal dispute in the past five (5) years; No conflict of interest transactions in the past year.

 

 

 

Frederic C. DyBuncio

President/CEO

63 years Old

 

Frederic C. DyBuncio is the President and Chief Executive Officer of SMIC and 2GO Group, Inc. He is the Vice Chairman of the Board of Atlas Consolidated Mining and Development Corporation. Prior to holding the post, he was a career banker who spent over 20 years with JP Morgan Chase and its predecessor institutions. During his stint in the banking industry, he was assigned to various executive positions where he gained substantial professional experience in the areas of credit, relationship management and origination, investment banking, capital markets, and general management. He has worked and lived in several major cities including New York, Seoul, Bangkok, Hong Kong, and Manila. He graduated from Ateneo de Manila University with a Bachelor of Science degree in Business Management and finished a Master’s degree in Business Administration program at the Asian Institute of Management.

 

Designation

Member, Executive Committee

 

Positions in other Reporting Companies

2Go Group, Inc. – Chairman of the Board/President/CEO

Atlas Consolidated Mining and Development Corporation – Vice Chairman of the Board

 

Board Attendance: 100%; 8 of 8 meetings

First Appointment: April 2017

No. of Years on the Board: 6 Years

Other Information: No legal dispute in the past five (5) years; No conflict of interest transactions in the past year.

 

Tomasa H. Lipana

Lead Independent Director

74 Years Old

 

Tomasa H. Lipana is the Lead Independent Director of SMIC. She is a former Chairperson and Senior Partner of Isla Lipana & Co., the Philippine member firm of PricewaterhouseCoopers. She is also an Independent Director and Audit Committee Chairperson of Flexo Manufacturing Corporation. Previously, she was an Independent Director of Goldilocks Bakeshop Inc., Inter-Asia Development Bank, and QBE Seaboard Insurance Philippines. She was also an appointive Director of the Trade and Investment Development Corporation (Philippine Guarantee Corporation, formerly Philippine Export-Import Credit Agency), a government-owned and controlled corporation for the last 5 years.  She is a Fellow and Trustee of the Institute of Corporate Directors. She is also a Trustee of the Shareholders’ Association of the Philippines, Inc., among other non-profit organizations. Ms. Lipana took up Executive Education/Management Development Programs at Harvard Business School, University of Western Ontario, and Asian Institute of Management. She received the Outstanding CPA in the Public Practice Award from the Philippine Institute of Certified Public Accountants and the Outstanding Alumna Award from the University of the East where she graduated Cum Laude. She is also a CPA Board placer.

 

Designation

Lead Independent Director

Chairperson, Audit Committee

Member, Corporate Governance Committee

 

Positions in other Reporting Companies

Currently no directorships in other reporting companies.

 

Board Attendance: 100%; 8 of 8 Board meetings

First Appointment:  April 2016

No. of Years on the Board: 7 years

Other Information: No legal dispute in the past five (5) years; No conflict of interest transactions in the past year.

 

 

 

Ramon M. Lopez

Independent Director

63 Years Old

 

Ramon M. Lopez, is an Independent Director of SMIC. He currently serves as an Independent Director of AIC Group of Companies Holding Corporation. He was the former Secretary of the Philippine Department of Trade and Industry (DTI). He has served for the full term of the administration of former President Rodrigo Roa Duterte. He chaired during his term the DTI institutions such as the Board of Investments, the Philippine Economic Zone Authority, the Export Development Council, the Anti-Red Tape Authority Advisory Council, Philippine International Trading Corp., CITEM, and the Halal Board. He also supervised attached agencies such as the Intellectual Property Office of the Philippines, Technical Education and Skills Development Authority, and the Cooperative Development Authority, among others.

 

He also received the 2016 Nation Builders Award for Government Service and the 2017 Philippine Innovation Man of the Year Award. In 2018, he received the Presidential Award, Order of Sikatuna, with the rank of Datu from former President Duterte, one of the highest honors one can receive in the Philippines. He was also named “Lifetime Contributor of the Year” at the 2022 Asia CEO Awards. People Asia named him one of the 2020 People of the Year for his role in reopening the economy during the pandemic. He was also recently awarded the Presidential Medal of Merit for his contributions to the Inter-Agency Task Force for the Management of Emerging Infectious Diseases.

 

Mr. Lopez has a Master’s Degree in Development Economics class from Williams College, Massachusetts USA, and an A.B. Degree in Economics from the University of the Philippines School of Economics.

 

Designation

Chairman, Corporate Governance Committee

Chairman, Related Party Transactions Committee

Member, Audit Committee

Member, Compensation Committee

Member, Risk Management Committee

 

Positions in other Reporting Companies

Currently no directorships in other reporting companies.

 

Board Attendance: 100% ; 3 of 3 Board meetings (There were three remaining Board Meetings when he assumed office)

First Appointment:  August 2022

No. of Years on the Board: 1 year

Other Information: No legal dispute in the past five (5) years; No conflict of interest transactions in the past year.

 

 

Robert G. Vergara

Independent Director

62 Years Old

 

Robert G. Vergara is an Independent Director of SMIC. He also sits as an Independent Director of Metro Pacific Health, Inc and STI Education Systems Holdings. Inc.  He is currently the President of Vergara Advisory Management, Inc. founded in May 2018.   From September 2010 to October 2016, he served as the President and General Manager and Vice-Chairman of the Board of Trustees of the Government Service Insurance System (GSIS). As President and General Manager of GSIS, Mr. Vergara also served as Vice Chairman and Director of National Reinsurance Corporation of the Philippines, Manila Hotel Corporation, and Member of the Board of Directors of the Philippine Stock Exchange, Philippine Health Insurance Corporation, Philippine National Construction Corporation and Housing and Urban Development Coordinating Council. Before that, he was the Managing Director and Founding Partner of Cannizaro (Hong Kong) Limited from October 2006 to September 2010. From 2002 to 2006, he was a Director of Lionhart (Hong Kong) Ltd. He was a Principal in Morgan Stanley Asia Ltd. from 1997-2001 and served as the Managing Director of IFM Asia Ltd. from 1990 to 1997. He obtained his Master’s in Business Administration from Harvard Graduate School of Business Administration. He graduated magna cum laude from Ateneo De Manila University with Bachelor of Science degrees in Management Engineering and Mathematics.

 

Designation

Chairperson, Risk Management Committee

Member, Corporate Governance Committee

Member, Related Party Transactions Committee

 

Positions in other Reporting Companies

STI Education Systems Holdings, Inc. – Independent Director

 

Board Attendance: 100%;  8 of 8 Board meetings

First Appointment:  April 2019

No. of Years on the Board: 4 year

Other Information: No legal dispute in the past five (5) years; No conflict of interest transactions in the past year.

Independent Director