Listed firms get reprieve on reportorial requirements

Given the prolonged enhanced community quarantine in Luzon and other key regions, the Securities and Exchange Commission (SEC) further pushed back the deadline for the reportorial obligations of publicly listed companies.

“The resilience of the business sector is integral to the recovery of our economy,” SEC Chair Emilio Aquino said.

This leeway should allow companies to focus their efforts on coping with the impact of the coronavirus disease (COVID-19) pandemic and supporting our economy, he said.

In a notice on April 22, the SEC announced the extension of the deadline for the submission of the integrated annual corporate governance report (I-ACGR) until July 30.

Nevertheless, listed companies may opt to submit the I-ACGR on the original deadline. Under normal circumstances, listed companies are required to submit the I-ACGR every May 30.

SEC also extended the deadline for the submission of the sustainability report for publicly listed companies whose fiscal years ended on Dec. 31, 2019, or Nov. 30, 2019.

SEC memorandum circular No. 13, series of 2020, allows listed firms to submit the sustainability report, as an attachment to the annual report, until June 30 or 60 days from the lifting of the lockdown order, whichever comes later.

The new deadline aligns with the extension of the filing period for the annual report and/or audited financial statement, as provided under SEC circular No. 5, series of 2020.

An annual report filed without the sustainability report will not be considered incomplete, provided the latter will be submitted by June 30. In such cases, the concerned company must file an amended annual report.

A sustainability report filed through an amended annual report must be accompanied by a copy of the previously submitted annual report and a certification signed by the company’s president. INQ