Ficing Companies under Goverce Code

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SEC MEMORANDUM CIRCULAR NO. 5 S. OF 2010: Ficing Companies under Goverce Code

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Title Supreme Court: Ficing Companies under Goverce Code

Law: Sec Memorandum Circular No. 5 S. Of 2010

Decision Date: Aug 6, 2010

The SEC mandates that financing companies with total assets of Php50 million or more, over 40% foreign ownership, or issued commercial papers must submit a Corporate Governance Scorecard every three years to ensure compliance with the Revised Code of Corporate Governance.

corporate governance

financing companies

legal compliance

A

Submission Requirements

The financing companies covered by this Circular are required to submit their Corporate Governance Scorecard.
The submission frequency is every three (3) years.
The Corporate Governance Scorecard is to be submitted to the Securities and Exchange Commission (SEC).

Effectivity

The Circular took effect immediately upon issuance on August 6, 2010.

Legal Authority and Issuance

The issuance and amendment of this Circular were resolved by the SEC on July 1, 2010.
The Chairperson of the SEC, FE B. Barin, signed and promulgated the Circular.

Purpose and Intent

The amendment aims to delineate the scope of the Revised Code of Corporate Governance, focusing on financing companies with significant size, foreign ownership, or engagement in commercial paper issuance.
Ensures enhanced corporate governance standards are applied to relevant financing entities to promote transparency and accountability.

END