SEC Memorandum Circular No. 14, s. 2002 – Guidelines for Accreditation of Institutional Training Providers on Corporate Governance
SEC Memorandum Circular No. 14, s. 2002 establishes the guidelines for the accreditation of institutional training providers authorized to conduct corporate governance training for directors of corporations covered by the Code of Corporate Governance.
SEC MEMORANDUM CIRCULARS
6/25/20263 min read
SEC Memorandum Circular No. 14, s. 2002
Guidelines for Accreditation of Institutional Training Providers on Corporate Governance
Date Issued: August 30, 2002
Issuing Agency: Securities and Exchange Commission (SEC), Philippines
Overview
Editorial Summary
This overview is an editorial summary and does not form part of the official memorandum circular.
SEC Memorandum Circular No. 14, s. 2002 prescribes the guidelines for accrediting institutional training providers (ITPs) that offer corporate governance training for directors of corporations covered by the Code of Corporate Governance.
The circular establishes the Accreditation Committee, sets the minimum qualifications and accreditation requirements for training providers, prescribes the application process and processing fee, and outlines the continuing obligations of accredited providers. It also authorizes the SEC to monitor training programs and withdraw accreditation for non-compliance.
Full Text
SEC Memorandum Circular No. 14
Series of 2002
SUBJECT: GUIDELINES FOR ACCREDITATION OF INSTITUTIONAL TRAINING PROVIDERS ON CORPORATE GOVERNANCE
To ensure that quality training on good corporate governance principles and standards shall be provided for the directors of corporations covered under the Code of Corporate Governance ("Code"), the conduct of seminars/trainings on said topics shall be made by institutional training providers that are duly recognized and accredited by the Securities and Exchange Commission ("Commission").
Pursuant thereto, the Commission approved in its meeting of August 29, 2002, the following guidelines on accreditation of institutional training providers on corporate governance:
1. Accreditation Authority
The Commission, through its duly constituted Accreditation Committee, shall accredit all private or government institutional training providers (ITP).
2. Accreditation Committee
Said Accreditation Committee shall be composed of a Chairman and four (4) members, who shall be designated by the Commission En Banc.
3. Minimum Standards for Accreditation
An ITP may be accredited provided it follows the procedural requirements of this Guidelines and the following minimum standards of the Commission:
(a) That it is formally organized to conduct training activities and that it has an adequate track record of successfully conducting corporate training programs including preferably training in corporate governance;
(b) That it has a sound business plan including reasonable training fees for conducting corporate governance training and adequate financial and organizational resources to execute the same;
(c) That it can guarantee a qualified line-up of trainors who can effectively deliver, as a minimum, the required training in accordance with the Code; that the trainors line-up per course offering should at least have one experienced corporate director/CEO;
(d) That it can provide to the Accreditation Committee for review its intended course materials and conduct a dry run for the Commission.
4. Application Requirements
The authorized officer of the applicant ITP must submit to the Commission, through the Accreditation Committee, the following:
(a) Written application for accreditation as an institutional training provider;
(b) Certification that it meets the requirements of the Commission as set forth in paragraph (3) above;
(c) Supporting documents, i.e., summary of business experience and plan, credentials of resource persons, course program and training materials; and
(d) Processing fee amounting to Five Thousand Pesos (₱5,000.00) shall be paid to the Commission by the applicant.
5. Approval of Accreditation
The Commission, upon recommendation of the Accreditation Committee, shall approve the application for accreditation of ITP, subject to the criteria and requirements enumerated herein.
6. Clearance of Training Programs
An accredited ITP shall submit to the Accreditation Committee, for clearance, details of any proposed training program on corporate governance. It shall include the proposed line-up of trainors meeting the minimum requirements of this Circular.
7. Monitoring of Training Programs
The Accreditation Committee or its designated representative may observe the conduct of any training program and undertake an independent evaluation of any aspect of the training program.
8. Completion Report
The training providers shall submit to the Accreditation Committee a Completion Report of Training (refer to Annex "A") not later than fifteen (15) days after the training.
9. Withdrawal of Accreditation
The Commission reserves the right to withdraw its accreditation from any institutional training provider which is not complying with its training guidelines.
Signed this 30th day of August 2002.
Mandaluyong City.
For the Commission.
(Original Signed)
LILIA R. BAUTISTA
Chairperson
Source
Official Source: Securities and Exchange Commission (Philippines)
Official URL: https://appointment.sec.gov.ph/mc-2002/sec-memorandum-circular-no-14-7/
Citation:
SEC Memorandum Circular No. 14, Series of 2002, Guidelines for Accreditation of Institutional Training Providers on Corporate Governance, Securities and Exchange Commission, Philippines, August 30, 2002.