Policy Notes:
MBC meets SEC Comm. Fernandez for ESG reporting and EODB

MBC members met with SEC Commissioner Bryant Fernandez on January 09, 2024 to discuss the revised guidelines on Sustainability Reporting . Since 2019, SEC has required publicly-listed companies to submit an annual sustainability report. SEC is planning on being more stringent with enforcement by introducing penalties and fees for non-compliance in 2024/’25.

For law firms: We talked about how difficult it is now to access SEC records that investors and other companies need, sometimes harder than before. Puyat, Jacinto and Santos said that accessing the General Information Sheet, Audited Financial Statements, Articles of Incorporation etc. now takes about 3-5 days. Participants also brought up the delay in reflecting regulatory filings from SEC Express. Comm. Bryant said that SEC is in the process of updating its digital capabilities, and will work on the concerns raised by law firms.

Attendees:
Manolito Tayag, MBC Board of Trustees
Benjamin Villacorte/Vivian Ruiz, SGV
Jo Ann Eala, Bank of the Philippine Islands
Yvonne Flores, JG Summit Holdings
Yoly Crisanto, Globe Telecom
Ron Rainier Reyes, PHINMA
Giles Katigbak, PHINMA
Raquel Chavez, Puyat Jacinto & Santos
Agnes de Jesus, First Philippine Holdings