Philippines: SEC publishes new corporate governance code

The Securities and Exchange Commission has published a new edition of its code of corporate governance for public companies and registered issuers: see here (pdf).

Philippines: revised Corporation Code becomes law

A revised Corporation Code became law earlier this week on receiving the assent of the President. An overview of the new framework - achieved by making amendments to the existing Code (the Batas Pambansa Blg. 68) - has been published by the Securities and Exchange Commission: see here (pdf). Under the amended Code, it is now possible to form single member companies and companies will enjoy, unless the articles provide otherwise, perpetual existence (the old Code, in section 11, set a limit of 50 years). A copy of the revised Code is available here (pdf).

OECD Survey of Corporate Governance Frameworks in Asia

The OECD has published a survey of corporate governance frameworks in Asia: see here (pdf). The survey presents information for 14 jurisdictions and is based on questionnaire responses from organisations including securities regulators, institutes of directors, stock exchanges and governance centres. The jurisdictions included in the survey are Bangladesh, China, Chinese Taipei, Hong Kong, India, Indonesia, Korea, Malaysia, Mongolia, Pakistan, Philippines, Singapore, Thailand and Vietnam. The survey reports on a variety of matters including ownership structure, shareholder rights and board structure.

Philippines: SEC publishes revised governance code for publicly listed companies

The Securities and Exchange Commission has published for public comment a revised edition of its Corporate Governance Code for Publicly Listed Companies: see here (pdf).

Philippines: SEC publishes corporate governance blueprint

The Philippines Securities and Exchange Commission has published a corporate governance blueprint, containing best practice recommendations that will form the basis for a governance code to be published in 2016. A copy of the blueprint, in English, is available here (pdf).

Philippines: SEC recommendations on governance best practice

The Philippines Securities and Exchange Commission has written to all publicly listed companies recommending that they follow certain governance practices (as outlined in the ASEAN Corporate Governance Scorecard), including the appointment of at least one female independent director: see here (pdf).

Philippines: amendments made to the revised code of corporate governance

The Philippines Securities and Exchange Commission has made several amendments to its Revised Code of Corporate Governance, including a change to the definition of corporate governance to include recognition of non-shareholder stakeholders: see here (pdf).

Philippines: the PSE Corporate Governance Guidelines for Listed Companies

The Philippines Stock Exchange Corporate Governance Guidelines for Listed Companies were launched last month and have since been published: see here (pdf).

Philippines: the PSE Corporate Governance Guidelines for Listed Companies

The Philippines Stock Exchange last week launched its Corporate Governance Guidelines for Listed Companies. The Guidelines are not yet available on the PSE's website but there is further information about them here (pdf).

Update (1 Dec 2010): the Guidelines are available here (pdf).

ACGA report: independent directors - rules and recommendations

The Asian Corporate Governance Association has published a useful overview of the rules and recommendations regarding independent directors in China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand: see here (pdf).

Philippines: SEC adopts revised corporate governance code

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. 

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.