Manila, the Philippines, April 24, 2017—
IFC, a member of the World Bank Group, and the Philippine Securities and Exchange Commission (SEC) are training 250 representatives of publicly listed companies to help them implement a new corporate governance code that took effect at the beginning of the year. Numerous studies show that companies with good governance tend to perform better, offer better protection for shareholder interests, and are thus more attractive to investors.
Five sessions have been organized between late March and mid-May at the Philippine International Convention Center to train key company officers in implementing the new code, which requires all publicly listed companies to submit to the SEC their new corporate governance manuals by the end of May.
The new code seeks to increase the responsibilities of the board, ensure the competence and commitment of its directors, promote full disclosure in financial and non-financial reporting, and bring the corporate governance standards of Philippine companies closer to the international level. Publicly listed companies are required to state in their annual reports whether they have complied with the code provisions and explain reasons for non-compliance.
“Following the release of the new code, we are working with IFC closely to encourage Philippine companies to adopt best corporate governance practices. This is crucial to the development of a strong and sustainable capital market in the Philippines,” said
SEC Chairperson Teresita J. Herbosa.
The release of the new code is part of IFC and the SEC’s partnership to enhance the country’s regulatory framework and investment climate.
“IFC is committed to leveraging its global knowledge on corporate governance to support our partners to enhance their long-term competitiveness,” said Yuan Xu, IFC Country Manager for the Philippines. “These training roundtables are part of our comprehensive efforts to raise corporate governance standards and promote best corporate governance practices in Philippine companies."
IFC’s corporate governance program in the Philippines is implemented in partnership with the State Secretariat for Economic Affairs of Switzerland. In addition to working with the Philippine government and regulatory bodies, IFC also supports the Institute of Corporate Directors and provides corporate governance advice to Philippine companies. IFC has contributed to the adoption of 95 corporate governance codes, laws, and regulations in more than 30 countries worldwide.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
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About the Philippine Securities and Exchange Commission
The Securities and Exchange Commission is the Philippine government’s regulatory agency charged with supervision over the corporate sector, capital market participants, the securities and investment instruments market, and the investing public. The commission’s mission is to develop and regulate the capital market and supervise company registration toward good corporate governance, protection of investors, widest participation of ownership, and democratization of wealth.
