SEC drafts guidelines on annual corporate governance report for public companies and registered issuers

PURSUANT to the Securities and Exchange Commission (SEC)'s power and authority to promote corporate governance and the protection of minority investors, through, among others, the issuance of rules and regulations consistent with international best practices, the SEC proceeded to draft the proposed guidelines on annual corporate governance report for public companies (PCs) and registered issuers (RIs) or the SEC Form ― ACGR (For PC/RI), which has been released for public comment last June 25.

The purpose of the draft guidelines is to facilitate the disclosure of PCs and RIs' compliance/noncompliance with the recommendations provided under SEC Memorandum Circular 24, Series of 2019 (MC24, s. of 2019), or the Code of Corporate Governance for PCs and RIs.