SEC tightens transparency rules for publicly-listed companies

MANILA, Philippines - The Securities and Exchange Commission (SEC) is tightening its transparency requirements for publicly-listed companies (PLCs).

Firms listed at the Philippine Stock Exchange (PSE) are now mandated to include all company disclosures in their websites, the corporate regulator said in a memorandum circular.

“Accordingly, all PLCs are hereby directed to post all periodic reports on their due dates,” SEC said.

“Minutes of all general or special stockholders meeting shall be posted within five days from the actual date of the said meeting,” it added.

Through the memorandum circular, the corporate watchdog also came out with a template for listed companies’ websites.

“Pursuant to the Commission’s drive to promote a better corporate governance environment for PLCs, the Commission resolves in its May 22 meeting that the following information, arranged under recommended topic hearings, shall be included in all PLC’s websites,” SEC said.

For instance, the “Home” section should contain the company’s business operations, corporate profile, mission and vision, and board of directors.

Under the “Corporate Governance” section, PLCs should list the Manual of Corporate Governance, Code of Business Conduct and Ethics and Annual Corporate Governance Report.

The “Company Disclosures” page should contain SEC filings, notice of shareholders’ meetings, and other disclosures while a specific page should be allotted for press materials and news, the corporate regulator said.

Lastly, the “Investor Relations” section should feature investor relation programs and share information, SEC said.

“This website template is deemed as a minimum requirement for PLC’s websites and any items could be added or removed therefrom anytime the need arises,” it added.

There are currently more than 250 companies listed in the PSE, which has shown resiliency despite volatilities abroad on the back of continuous growth in corporate earnings that justify high stock prices.