Signatories and Penalty for Non/Late Submission of the Manual on Corporate Governance

April 20, 2017SEC MEMORANDUM CIRCULAR NO. 08-17TO : Publicly-Listed Companies   SUBJECT :Signatories and Penalty for Non/Late Submission of the Manual on Corporate Governance SEC Memorandum Circular No. 19, Series of 2016 directed all publicly-listed companies (PLCs) to submit a new Manual on Corporate Governance (MCG), pursuant to the new Code of Corporate Governance for PLCs, on or before 31 May 2017.The Commission, in its en banc meeting on 20 April 2017 resolved that the signatories to the MCG should be the company's Chairman of the Board and Compliance Officer.Further, it resolved to impose the following penalty for the non/late submission of the MCG: BASIC PENALTYPhp20,000.00MONTHLY PENALTYPhp2,000.00 The monthly penalty will accrue until the new MCG is submitted to the Commission.This Memorandum Circular shall take effect fifteen (15) days after its publication in a newspaper of general circulation.Pasay City, Philippines, April 20, 2017. For the Commission: (SGD.) TERESITA J. HERBOSAChairperson