SEC MEMORANDUM CIRCULAR NO. 5 S. OF 2010

: The main subject is the coverage of financing companies by the Revised Code of Corporate Governance as amended by the Commission.
: Financing companies covered are those that have total assets of Php50 million or more, or have more than 40% foreign participation in their voting stock, or have issued exempt or registered commercial papers.
: The Circular took effect immediately upon issuance on August 6, 2010.
: Covered financing companies are required to submit their Corporate Governance Scorecard to the Commission every three years.
: They must submit it every three years.
: The minimum total asset threshold is Php50 million.
: Yes, financing companies with more than 40% foreign participation in their voting stock are covered under this Circular.
: It is a regulatory framework established by the SEC for corporate governance standards applicable to certain corporations, including some financing companies as amended by this Circular.
: The Circular was signed by Fe B. Barin, Chairperson of the SEC.