SEC MEMORANDUM CIRCULAR NO. 20, S. 2013

: The circular directs all key officers and members of the board of publicly-listed companies to attend at least one corporate governance training annually, conducted only by SEC-accredited training providers.
: All members of the board of directors and key officers of publicly-listed companies are required to attend the training.
: They must attend the program at least once a year.
: Only training providers duly accredited by the SEC are allowed to conduct the training.
: Participants must submit the Certificate of Attendance within ten (10) days from the completion of the program.
: The Certificate of Attendance should be submitted through the corporation.
: It took effect on January 1, 2014.
: The SEC’s authority is based on Section 5 of the Securities Regulation Code, which grants it regulatory and supervisory powers over securities and publicly-listed companies.
: The purpose is to promote good corporate governance practices within publicly-listed companies to protect investors and ensure proper management.