In an effort to ensure timely and complete disclosure of information of Ph publicly listed companies, SEC recently issued Memorandum Circular No. 11 series of 2024 dated 8 July 2024 mandating all Ph publicly listed companies to upload the minutes of their regular and special stockholder’s meetings based on provided guidelines under the circular related to the following:
- Contents of the minutes of meeting;
- Signatory who shall be the Corporate Secretary or Assistant Corporate Secretary on the filed General Information Sheet (GIS); and,
- Posting of the minutes on the company’s website within five (5) days from the date of stockholders meeting.
For failure to comply with the above mandates, SEC will be imposing penalties as follows without prejudice to any other penalties that may be imposed by the SEC under other applicable laws, rules, and regulations:
- Failure to timely post/ update periodic reports/ disclosure – basic penalty of PhP20,000 and a monthly penalty of PhP5,000;
- Incomplete disclosure of minimum required information – basic penalty of PhP5,000 and a monthly penalty of PhP1,000.00; and,
- No signature/ wrong signature – basic penalty of PhP5,000 and a monthly penalty of PhP1,000.00.
Ph publicly listed companies are advised to be guided accordingly.
