Regulatory Alerts2020-08-06
SEC Memorandum Circular No. 19 s.2020 — Signatories of the Manual on Corporate Governance and Penalty for Noncompliance
The Securities and Exchange Commission extends the deadline for public companies and registered issuers to submit their Manual on Corporate Governance to September 30, 2020, due to the COVID-19 pandemic. The Commission mandates that the Chairman of the Board and the Compliance Officer must sign the document, declaring any submission with incomplete or incorrect signatories as not filed. Non-compliance or late submission incurs a basic penalty of Php 10,000 and a monthly penalty of Php 1,000, while publicly listed companies remain governed by existing codes of corporate governance.
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