MANILA In late April, SM Investments, the largest conglomerate in the Philippines by market value, announced big changes in its senior management. Teresita Sy-Coson, the eldest among the six children of the group's founder, Henry Sy, said the move represented a "natural evolution" of the family-owned business.
"We are [now] more or less advisers," she said, referring to family members. "Some of us are nonexecutives so that it will go beyond a family business," she told the Nikkei Asian Review.
