Regulatory Alerts2019-12-19
MC No. 24 s.2019 – Code of Corporate Governance for Public Companies and Registered Issuers
The Securities and Exchange Commission of the Philippines issued this memorandum circular to adopt the Code of Corporate Governance for Public Companies and Registered Issuers, superseding previous governance circulars. The Code mandates a "comply or explain" approach, requiring companies to disclose their adherence to principles and recommendations regarding board competence, diversity, and fiduciary duties. Additionally, covered entities are required to submit a new Manual on Corporate Governance within six months and provide specific compliance certifications for the year 2019.
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