The Securities and Exchange Commission extended the deadline on listed companies to file corporate governance and sustainability reports amid the new coronavirus pandemic.
The SEC in a notice dated April 22 announced the extension of the deadline for the submission of the Integrated Annual Corporate Governance Report (I-ACGR) until July 30, 2020.
The SEC, however, noted that publicly-listed companies may choose to submit the I-ACGR on the original deadline.
Under normal circumstances, publicly-listed companies are required to submit the I-ACGR every May 30 while they remain listed on the Philippine Stock Exchange.
The SEC also extended the deadline for the submission of the sustainability report for publicly-listed companies whose fiscal year ended on December 31, 2019 or November 30, 2019.
The SEC on April 21 issued SEC Memorandum Circular No. 13, Series of 2020 to allow publicly-listed companies to submit the Sustainability Report, as an attachment to the Annual Report, until June 30, 2020, or 60 days from the lifting of travel restrictions, whichever comes later.
“The resilience of the business sector is integral to the recovery of our economy,” SEC chairperson Emilio Aquino said.
“The leeway in complying with the reportorial requirements should allow companies to focus their efforts on coping with the impact of the COVID-19 pandemic and supporting our economy,” he added.
The new deadline aligns with the extension of the filing period for the annual report or audited financial statement, as earlier approved by the SEC.
The SEC said an annual report filed without the sustainability report would not be considered incomplete, provided the latter is submitted by June 30, 2020.
Publicly-listed companies may avail of the extension without having to file a request.
However, they may still submit the sustainability report along with the annual report on the original deadline, which is 105 days after the end of the fiscal year or April 14, 2020.
Companies submitting the sustainability report within the extended filing period will not incur penalties.