SEC bags another global award for good governance

FOR the second year in a row, the Securities and Exchange Commission (SEC) was awarded the 3G Advocacy and Commitment to Corporate Governance Award by Cambridge International Financial Advisory (IFA) at the 7th Annual Global Good Governance or 3G Awards in Dubai last May 18. During the same event, the SEC was also awarded the 3G Transparency Award.

The 3G Advocacy and Commitment to Corporate Governance Award honors an organization that has demonstrated a strong commitment to corporate governance practices and policies and a sustainable corporate strategy and business policy geared toward creating long-term value for shareholders, strategic and problem-solving skills, and competence in dealing with change. The 3G Transparency Award, meanwhile, recognizes an organization with the most rigorous and transparent reporting on financials, governance and strategy.

Cambridge IFA is a financial services intelligence house that provides strategic advice to governments, financial institutions and multilateral organizations through the development and utilization of analytical tools to evaluate business data, assess macroeconomic indicators and understand market trends, leadership positioning, and brand development relevant to the development of the financial services industry globally.

Through the 3G Awards, Cambridge IFA advocates for good governance and commitment to social welfare. The 3G Awards recognizes excellence in good governance and commitment to social welfare in three major categories: government and politics; corporate sector; and social sector and philanthropy. Since its inception, over 150 awards have been granted to individuals and institutions from more than 25 countries.

The commission has made significant advances in encouraging good corporate governance in the country. For the guidance of SEC-registered and covered organizations, it has issued the Code of Corporate Governance for Publicly Listed Companies, Code of Corporate Governance for Public Companies and Registered Issuers, and the Revised Code of Corporate Governance. The SEC also issued SEC Memorandum Circular 4, Series of 2019, or the Sustainability Reporting Guidelines for Publicly Listed Companies, which aims to raise awareness on sustainability reporting among Philippine listed companies.

Furthermore, it has advocated for the protection of minority investors through the issuance of SEC Memorandum Circular 14, Series of 2020, which gave minority shareholders holding at least 5 percent of the outstanding capital stock of a publicly listed company the right to include items in the agenda of a regular or special stockholders' meeting. The commission also issued SEC Memorandum Circular 14, Series of 2021, which gave minority shareholders who have continuously held at least 10 percent of the outstanding capital stock of a publicly listed company for at least one year the right to call for a special stockholders' meeting.

I congratulate the SEC, under the dynamic leadership of Chairman Emilio Aquino and my fellow commissioners, and the commendable efforts of the Corporate Governance and Finance Department, headed by director Rachel Gumtang-Remalante and officer in charge Shiena Aquino, for the prestigious international recognition.

Kelvin Lester K. Lee is a commissioner of the Securities and Exchange Commission. The views and opinions stated herein are his own. You may email your comments and questions to oclee@sec.gov.ph.

Source: TheManila Times