Reportorial Requirements for Public Corporations

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SEC MEMORANDUM CIRCULAR NO. 5, S. 2005: Reportorial Requirements for Public Corporations

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Title Source: Supreme Court: Reportorial Requirements for Public Corporations

Law: Sec Memorandum Circular No. 5, S. 2005

Decision Date: Sep 19, 2005

Corporations with assets over P50 million, at least 200 stockholders, and each holding a minimum of 100 shares must notify the Commission of their status and include this information in their audited financial statements starting in 2006.

Law Summary

Reporting Obligation for Corporate Secretaries

Secretaries of corporations meeting the above criteria must notify the Commission in writing.
Notification deadlines:
- Must be submitted no later than November 30, 2005.
Notification must include:
- Confirmation that the corporation meets the criteria.
- The date the corporation attained such status.

Disclosure in Audited Financial Statements

The information about public company status and the attainment date must be:
- Disclosed in the audited financial statements.
- Applicable to statements due for submission in 2006 and subsequent years.
Other relevant data must also be included alongside this information.

Effective Date of the Memorandum Circular

The Memorandum Circular takes effect immediately upon adoption.

Authority and Adoption

Issued by the Chairperson of the Securities and Exchange Commission.
Adopted on September 19, 2005.

END