Category: Jose T. Sio

SM Marks 10th Listing Anniversary, cites Tremendous Growth

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SM Investments Corporation (SM) marked its 10th year as a publicly-listed company in the Philippine Stock Exchange.

SM listed on March 22, 2005 with an adjusted price of PHP 191 per share. As of March 26, SM closed at PHP888 apiece, representing a growth of 365%.

In his remarks during the anniversary ceremony, SM Chief Finance Officer Jose T. Sio said that the company’s growth has been tremendous over the last ten years.

“More compelling is how our operating companies in retail, property and banking have emerged to be market leaders in just ten years. Such leadership is backed by having one of the largest footprints in the country consisting of highly productive assets and delivering superior value, margins and returns. These assets have evolved to cater to more sophisticated lifestyles of our customers by providing a world-class look and feel, a sense of completeness and an exciting experience for every member of the family,” Mr. Sio said.

In 2005, SM had total assets of PHP153 billion and a market capitalization of PHP127 billion. Today, , SM’s assets are worth over PHP711 billion with a market capitalization of PHP732 billion. Its assets grew almost seven -fold, delivering an average annual growth of 21% over the last ten years. Market capitalization grew by 19% during the same period.

Revenues also accelerated in the last ten years for an average growth of 20.6% per annum with net income showing an average growth of 21.4 percent each year.

“Indeed, the story of SM has inspired and surprised many, ourselves included, as we witnessed its phenomenal growth from humble beginnings to what it has become today. SM is a story of leadership, innovation, commitment, focus and a collective effort to advance the great legacy that Mr. Henry Sy, Sr. built,” Mr. Sio further said.

SM Raises Governance Bar

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SM Investments Corporation (SM) has approved an expanded code of ethics, further strengthening its corporate governance standards to keep pace with emerging trends in the region.

The revised code is a more comprehensive guide on how the company should deal with stakeholders, from investors, creditors, customers and employees to contractors, regulators, suppliers and the general public.

Salient provisions added pertain to policies on accountability, integrity and vigilance and non-discriminatory practices as well as enhanced provisions pertaining to conflicts of interest and avoidance thereof. The expanded form aims to strengthen the company’s defenses against potential wrongdoing and to enhance confidentiality and privacy protections.

“The code is very specific about the mere appearance of conflict of interest. The core principle is to ensure that the underlying ethical culture runs across all core business units of the Group and that they are always aligned with best practice,” said Jose T. Sio, SM executive vice president and chief finance officer.

“The expanded code of ethics provides a broader framework to ensure we cover all areas of engagement with all our stakeholders,” Gil L. Gonzales, SM Vice President for Corporate Governance and Risk Management said.

However, the expanded code is not all about restrictions and consequences. A big part of the code is devoted to resolving governance-related issues in a fair, just and expeditious manner.

“After all, the ultimate goal of a code of ethics is to make things better for everyone concerned,” Sio said.

“We believe an ethical business environment makes good business sense,” he said. “We embed our code of ethics in everything we do, in the way we think, speak and execute things. It’s our way of fulfilling our responsibility to all who have been part of SM’s journey.”