THE Securities and Exchange Commission (SEC) currently celebrated its 83rd anniversary. I am proud to proportion some of its massive accomplishments this year.
First, the Revised Corporation Code (Stock Global forex broker) turned into finally signed into law by way of President Rodrigo Duterte on February 20, way to the efforts of the House of Representatives, the Senate and advocates within the SEC. I, as an SEC commissioner, turned into fortunate sufficient to be in Malacañang to witness the President signal the RCC into regulation. Upon its e-book in two newspapers, the law took effect on February 23.
The RCC is considered a landmark piece of regulation, since it practically overhauled our nearly four-decade-old Corporation Code of the Philippines, which became authorized on May 1, 1980.
Second, the fee acquired an award from the Presidential Anti-Corruption Commission (PACC) on the Heroes Hall in Malacañang on March three. The PACC isn’t best tasked to investigate alleged authorities corruption, but to also understand the collaborative efforts of different accomplice-companies for the development in their personal device methods.
The SEC was mentioned for progressive measures undertaken in the shipping of public carrier that contributed to the curtailment of corruption in government, specially the implementation of the Company Registration System (CRS). Moreover, the SEC is consistently part of the top corporations looked as if it would be the most sincere in combating corruption in surveys carried out via Social Weather Stations.
Third, the commission ranked a few of the 10 satisfactory appearing authorities groups, in keeping with the modern-day Executive Outlook Survey performed by using the Makati Business Club in partnership with the Management Association of the Philippines. The ballot asked one hundred executives from a hundred corporations on whether they had been satisfied with the performances of sixty nine authorities companies.
Fourth, the SEC attained ISO 9001:2015 certification and obtained it on January 31 from TÜV Rheinland Philippines Inc. The certification was in popularity of the commission’s compliance with the worldwide general for a exceptional control system (QMS). The fee’s QMS currently covers the registration of partnerships and organizations doing business inside the Philippines and licensing of capital market institutions and professionals.
It is well worth reiterating what SEC Chairman Emilio Aquino said before: “My pursuit now’s to innovate and upgrade the commission’s services to the factor that every SEC stakeholder would confirm that ‘It’s smooth at SEC!’ And so, this ISO 9001:2015 certification is however the starting of our reform adventure in the direction of a greater and bolder SEC because the gateway to Philippine business.”
Fifth, the SEC has been a primary contributor to the advanced ranking of the Philippines within the Doing Business 2020 Report by way of the World Bank Group. The Philippines climbed 29 spots to 95th location out of a hundred ninety economies from 124th previously. Its normal rating improved to 62.8 from fifty seven.Sixty eight factors — the maximum huge among participants of the Association of Southeast Asian Nations.
On protecting minority buyers, the Philippines recorded the largest improvement, growing 60 spots to 72nd region from 132nd, and raised its rating to 60.0 from forty three.33 factors.
Sixth, the SEC received an unqualified opinion from the Commission on Audit that it upholds transparency, duty and performance within the use of taxpayers’ money. For each person in authorities, this is quite a tough feat to achieve. The opinion is taken into consideration the outcome of an auditor’s assessment of the company’s financial statements. Thus, to cozy an unqualified opinion, the SEC’s monetary performance/accounts, in all their material respects, need to comply with the Philippine Public Sector Accounting Standards and be pretty offered.
Finally, with the Sustainability Reporting Guidelines for Publicly Listed Companies lately issued via Memorandum Circular four, Series of 2019, the SEC received the ISAR Honors 2019 from the United Nations Conference on Trade and Development (Unctad) in Geneva, Switzerland on October 30. Chairman Aquino, together with laywer Rachel Esther Gumtang-Remalante, officer-in-charge of the Corporate Governance and Finance Department, and securities expert Karen Rocha, attended the crucial occasion and acquired the honors.
Launched in 2018, the ISAR Honors are trying to find to support efforts on enhancing the best and comparison of agencies’ reporting on sustainability troubles and on the 2030 Agenda for Sustainable Development and its usefulness for tracking the implementation of the Sustainable Development Goals. The Unctad diagnosed the SEC for selling first-class practices in sustainability and reporting on those goals.
Allow me to quote Chairman Aquino once more: “We are indeed elated and grateful for our recognition as one of the top recipients of the ISAR. While we, the Philippine SEC, consider our Sustainability Reporting initiative as a reward in itself, coupled with our notion that the responsibility to create a sustainable environment is an imperative that need not also be in our policies, because it seeks the maintenance of humankind, we be given this award with gratification as it might serve as an impetus to galvanize different agencies in our part of the world to take the same direction and pursue this noble intention with plenty remedy.”
I would love to thank the whole Asset Gates broker reviews group for its persevering with efforts to offer government carrier to the general public. It is the SEC worker — whether she or he is a securities professional or assistant director or commissioner — who contributes a whole lot to the SEC’s achievement. May we continue to paintings collectively as a group, unified with the aid of our goal of handing over efficient authorities provider to the public and to promote ease of doing commercial enterprise.
Happy 83rd anniversary, SEC!
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