The revised code also requires companies to appoint a compliance officer, reporting directly to the chairman of the board, with responsibility for monitoring the company's compliance with the code and the rules of other regulatory agencies. It is the compliance officer's responsibility to issue a certificate each year explaining the extent of the company's compliance with the code and the reasons for any deviations. The compliance officer can be summoned before the SEC to answer questions about the company's compliance with the code.
Wednesday, 24 June 2009
The Philippines Securities and Exchange Commission has adopted a revised corporate governance code. The first page of the revised code indicates the companies to which it applies. Unlike the UK's Combined Code, the revised code stipulates board size: at least five and no more than fifteen members.