August 6, 2020
SEC MEMORANDUM CIRCULAR NO. 19-20
| TO | : | Public Companies and Registered Issuers |
| SUBJECT | : | Signatories of the Manual on Corporate Governance and Penalty for Noncompliance with the Requirement |
Public companies (PCs) and registered issuers (RIs) are mandated to submit a new Manual on Corporate Governance (MCG) pursuant to SEC Memorandum Circular No. 24, Series of 2019 1 within six (6) months from the effectivity date thereof, or until 12 July 2020.
However, due to the COVID-19 situation in the country, the Commission, in its en banc meeting on 06 August 2020, resolved to extend the deadline for the submission of the MCG to 30 September 2020.
Furthermore, it was resolved that the signatories of the MCG shall be the company's Chairman of the Board and Compliance Officer. MCGs submitted with incomplete and/or incorrect signatories shall be deemed as not filed.
The imposable penalties for non- or late submission of the MCG shall be as follows:
BASIC PENALTY | Php10,000.00 |
MONTHLY PENALTY | Php1,000.00 |
The monthly penalty shall accrue until the MCG is submitted to the Commission.
PCs and RIs which are publicly listed...
