SEC to Update Corporate Governance Code

Manila Bulletin, May 12, 2016 | Go to article overview

SEC to Update Corporate Governance Code


By Chino S. Leyco and Madelaine B. Miraflor

The Securities and Exchange Commission (SEC) is tapping the expertise and assistance of the International Finance Corp. (IFC), the investment arm of the World Bank, in revising the country's Corporate Governance Code and regulatory framework, that once completed, aim to entice more foreign investments.

SEC and IFC signed yesterday a memorandum of understanding that targets to raise market awareness of good governance so the country could entice more foreign investments.

Under the memorandum, IFC and the SEC will work together to revise the country's Corporate Governance Code and set best practices for Philippine companies to follow.

IFC will facilitate the exchange of information on regulatory reforms between Commission officials and international corporate governance experts.

"We will work together with IFC to improve our regulations and encourage Philippine corporations to adopt best corporate governance practices so that they can reap the benefits," said SEC chairperson Teresita J. Herbosa. "These efforts are crucial to the development of a strong and sustainable capital market in the Philippines," she added.

In a statement, IFC said yesterday that it signed a memorandum of understanding with the SEC to strengthen the country's regulatory framework and corporate governance practices.

IFC explained the cooperation aims to raise market awareness of good governance to entice more foreign investment to the country.

Under the memorandum, IFC and the Commission will work together to revise the country's corporate governance code and set best practices for Philippine companies to follow.

"These efforts are crucial to the development of a strong and sustainable capital market in the Philippines," Herbosa added. …

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