SM Investments Corp. (SMIC) has been named as the Philippine company with the strongest adherence to corporate governance by Hong Kong-based magazine Alpha Southeast Asia.

The 14th Institutional Investor Corporate Awards citation was SMIC's ninth in the same category after being selected by 586 investors and analysts across Southeast Asia, the United States and Europe.

"We uphold the highest standards of corporate governance in keeping with our commitment to attain shared value for our stakeholders — towards responsible and sustainable development for the communities we serve," SMIC President and CEO Frederic DyBuncio said in a statement.

SMIC was also among the top five best performing companies with its 13th win in the Most Organized Investor Relations and Best Strategic CSR (Corporate Social Responsibility) categories.

A total of 38 publicly listed firms from the region were rated this year.

The magazine poll included fund managers with investment interests in the region, large institutional investors, insurance companies, pension funds, funds of hedge funds, private banks, equity and fixed income brokers as well as buy and sell-side analysts.

SMIC shares fell by P16 to P880 apiece on Monday.