The annual Best in Corporate Governance was conducted by Asset Benchmark Survey, a Hong Kong-based research institution, tapping exclusively institutional investors. Survey period was from May 2002 to September 2002 in which 145 institutional investment houses participated. The criteria used was transparency, accountability, fairness and accessibility.
The award given to SM Prime is a reflection of the company’s commitment to good corporate governance and shareholder value as well as a strong track record of transparency and communication with investors.
In spite of the continuing Asian crisis, SM Prime shows robust growth and continues with current expansion plans of building two new malls each year. The latest additions are SM City Cagayan de Oro which opened in Nov. 19, 2002 followed by SM City Bicutan in Nov. 29, 2002. Currently under construction, are malls in Baguio, Marilao (Bulacan) and Lucena (Quezon province).