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(NAR) VOL. 29 NO. 1/ JANUARY - MARCH 18

[ MEMORANDUM CIRCULAR NO. 15, January 03, 2018 ]

INTEGRATED ANNUAL CORPORATE GOVERNANCE REPORT (I-ACGR)



Adopted: 15 December 2017
Date Filed: 03 January 2018


To facilitate the disclosure of publicly-listed  companies’ (PLCs) compliance/non- compliance  with  the  recommendations  provided  under  the  Code  of Corporate
 
Governance for PLCs and to harmonize the corporate governance requirements of  the  Commission   and  the  Philippine   Stock   Exchange,   the  Commission, pursuant   to  its  regulatory   and  supervisory   power  under  Section   5  of  the Securities  Regulation  Code,  mandates  all  companies  to  submit  an  Integrated Annual Corporate Governance Report (I-ACGR) subject to the following:

1.  All companies already listed in the PSE by 31 December of a given year shall submit  three  (3)  copies  of  a  fully  accomplished  I-ACGR  on  May  30  of  the following year for every year that the company remains listed in the PSE;

2. The I-ACGR shall cover all relevant information from January to December of the given year. It is expected that companies, regardless of listing dates, would already have Corporate Governance practices in place. Hence, they can already submit their I-ACGR by May 30 of the following year;

3. At least one (1) complete copy of the I-ACGR filed with the Commission shall be duly notarized and shall bear original and manual signatures of the following required signatories;
a. Chairman of the Board;
b. Chief  Executive Officer or President;
c. All Independent Directors;
d. Compliance Officer; and
e.  Corporate Secretary;
4. The I-ACGR  with accessible  links shall be posted  on the company  website within five (5) business days from submission to the SEC;

5. The companies  shall no longer be required  to file updates  and changes  on their I-ACGR within five (5) Days from the occurrence of the reportable changes;

6. The companies shall no longer be required to file a Consolidated  Changes in the ACGR within ten (10) Days from the end of the year;

7. The imposable penalties are as follows:


V I O LAT I O N

BAS I C PENALTY

M ONTHL Y PENALTY

Non / La t e Sub m i ss i o n

Php50 , 000 . 0 0

Php5 , 000 . 0 0

D i sc l osu r e ( s )
a . I nco m p l e te (i. e. no exp l ana ti on p r ov i ded; no a lt e r na ti ve p r ac ti ces t o ach i eve ove r- a ll p ri nc i p l e)

Ph p 25 , 000 . 00

Php2 , 500 . 0 0

b . M i s r ep r esen t a ti on / M i s i n f o r m a ti on

P100 , 000 . 0 0

P10 , 000 . 0 0

S i gna t o r y (i es )
  a. I nco m p l e t e
b. I nco rr ec t

P10 , 000 . 0 0

P1 , 000 . 0 0


For General Instructions in answering the I-ACGR, please see attached SEC Form I-ACGR*.

Any previous  Orders,  Issuances  and Circulars  which  are inconsistent  with the provisions of this Circular are hereby repealed accordingly.

This Memorandum Circular shall take effect fifteen (15) days after its publication in two (2) newspapers of general circulation.


(SGD.) TERESITA J. HERBOSA
Chairperson
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