JK&C LIBRARYSEC Memorandum Circular No. 5, s. 2009
Overview
SEC Memorandum Circular No. 5, Series of 2009, dated June 8, 2009, established administrative penalties for publicly listed companies that failed to comply with the Securities and Exchange Commission’s directive to participate in the Corporate Governance Survey.
The directive originated from SEC Memorandum Circular No. 8, Series of 2008, which required all publicly listed companies to participate as respondents in the Corporate Governance Survey using the Corporate Governance Scorecard as the survey instrument.
The 2009 circular was issued after the Commission En Banc, during its meeting on May 13, 2009, resolved to impose specific administrative penalties for failure to comply with the participation requirement.
Full Text
Overview
SEC Memorandum Circular No. 5, Series of 2009, dated June 8, 2009, established administrative penalties for publicly listed companies that failed to comply with the Securities and Exchange Commission's directive to participate in the Corporate Governance Survey. The directive originated from SEC Memorandum Circular No. 8, Series of 2008, which required all publicly listed companies to participate as respondents in the Corporate Governance Survey using the Corporate Governance Scorecard as the survey instrument. The 2009 circular was issued after the Commission En Banc, during its meeting on May 13, 2009, resolved to impose specific administrative penalties for failure to comply with the participation requirement.
Short Title / Subject
Penalty for Failure to Comply with the Commission’s Directive to Participate in the Corporate Governance Survey
Full Text
Republic.of the Philippines
Department of Finance
Securities and Exchange Commission
SEC Bldg. EDSA, Greenhills, Mandaluyong City
SEC MEMORANDUM CIRCULAR NO. 5
SERIES OF 2009
To : ALL PUBLICLY-LISTED COMPANIES
Subject : PENALTY FOR FAILURE TO COMPLY WITH THE COMMISSION'S DIRECTIVE TO PARTICIPATE IN THE CORPORATE GOVERNANCE SURVEY
The Securities and Exchange Commission, under its Memorandum Circular No. 8, Series of 2008 enjoined all publicly-listed companies to participate as respondents in the Corporate Governance Survey using the Corporate Governance Scorecard as survey instrument.The Commission En Banc in its meeting on May 13, 2009 resolved to adopt the following administrative penalties for failure to comply with the Commission's directive to participate in the corporate governance survey:
1" Offense Reprimand
2" Offense P25,000.00
3'" Offense P50,000.00
This Circular shall take effect fifteen (15) days after publication in two (2) newspapers of general circulation in the Philippines.
Signed this June 8, 2009
Mandaluyong City, Metro Manila, Philippines.
For the Commission:
FE B. BARIN
Chairperson
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Source
Official URL: https://www.sec.gov.ph/mc-2009/sec-memorandum-circular-no-05-6/#gsc.tab=0
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 5, s. 2009, SEC Memorandum Circular No. 5, s. 2009, 2009-06-08
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Source
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 5, s. 2009, SEC Memorandum Circular No. 5, s. 2009, 2009-06-08