Sm Investments Corporation Announces Executive Changes
June 16, 2023 at 12:40 am EDT
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Board of Directors of SM Investments Corporation, at its special Board Meeting held, June 16, 2023, approved the following: (1) Acceptance of the retirement of Mr. Jose T. Sio as Chairman and Director, (2) Designation of Mr. Jose T. Sio as Chairman Emeritus, (3) Election of Mr. Amando M. Tetangco, Jr. as Independent Director, (4) Appointment of Mr. Amando M. Tetangco, Jr. as Chairman, and (5) Appointment of Mr. Amando M. Tetangco, Jr. as member of the Audit Committee Compensation Committee, Related Party Transactions Committee and Ris Management Committee. Mr. Tetangco, 70, 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 in 1992 - 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 Vice Chairman of SM Prime Holdings Inc., and is currently, 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 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.
SM Investments Corporation is engaged in retail, banking and property businesses. The Companyâs segments include Property, Retail, Banking and Portfolio Investments. The Property segment is involved in mall, residential and commercial development and hotel and convention center operations. The Retail Segment is engaged in the retail/wholesale trading of merchandise, such as dry goods, wearing apparel, food and other merchandise. The Banking segment includes its equity in net earnings in BDO Unibank, Inc. and China Banking Corporation. The Portfolio Investments segment includes 2GO, PGPC, Neo subsidiaries and associates, Atlas Consolidated Mining and Development Corporation, Belle Corporation, GBI and others. The mall segment develops, conducts, operates and maintains the business of modern commercial shopping centers and all related businesses. The residential and commercial segments are involved in the development and transformation of residential, commercial and others.