The Securities and Exchange Commission (SEC) has expressed optimism that the proposed changes that will make the Corporation Code aligned with global benchmarks can be adopted by the country before President Benigno S. Aquino III’s term ends.
SEC Chairperson Teresita Herbosa expressed hope that the amendments to the Corporation Code will be finally introduced during the opening of SEC’s third satellite office in Robinsons Galleria in Mandaluyong City on Tuesday.
Herbosa said many stakeholders already gave their comments on the proposed changes to the Corporation Code, including the Institute of Corporate Directors (ICD), Bangko Sentral ng Pilipinas and Shareholders’ Association of the Philippines (SharePhil).
She said Senator Bam Aquino targets the approval of the committee report on the amendment will happen this year. Aquino chairs the Senate Committee on Trade, Commerce and Entrepreneurship.
“Congress is new so you have to re-do but the committee chairs will remain the same. Senator Bam is not for re-election. He is really been very helpful to us,” Herbosa added.
Under the amended Corporate Code, regulators were pushing for one-person corporation and whistleblower provision, as well as perpetual corporation life in line with the trend worldwide.
Meanwhile, Herbosa said they are looking to put up two more satellite offices in SM North Edsa in Quezon City and in Alabang area this year, in line with SEC’s target to have five satellite offices in Metro Manila.
The corporate regulator watchdog has already satellite offices in Ali Mall Cubao and SM City Manila.
It also aims to open another satellite office in Davao, apart from those in Cebu.