Dear All,
The SEC, on December 15, 2017, has mandated all publicly-listed companies to submit an I-ACGR in its Memorandum Circular No. 15, series of 2017 subject to the following:
- All companies already listed in the PSE by December 31 of a given year shall submit three (3) copies of a fully accomplished I-ACGR on May 30 of the following year for every year that the company remains listed in the PSE ;
- The I-ACGR shall cover all relevant information from January to December of the given year.
- At least one (1) complete copy of the I-ACGR filed with the Commission shall be duly notarized and shall bear original and manual signatures of the following required signatories:
- Chairman of the Board;
- Chief Executive Officer or President;
- All Independent Directors;
- Compliance Officer; and
- Corporate Secretary;
- The I-ACGR with accessible links shall be posted on the company website within five (5) business
days from submission to the SEC; - The companies shall no longer be required to file updates and changes on their I-ACGR within five
(5) days from the occurrence of the reportable changes; - The companies shall no longer be required to file a Consolidated Changes in the ACGR within ten
(10) days from the end of the year; - The imposable penalties are as follows:
| VIOLATION | BASIC PENALTY | MONTHLY PENALTY |
|---|---|---|
| Non/Late Submission | Php 50,000.00 | Php 5,000.00 |
| Disclosure(s) | ||
| a. Incomplete | Php 25,000.00 | Php 2,500.00 |
| b. Misrepresentation/Misinformation | Php 100,000.00 | Php 10,000.00 |
| Signatory(ies) | ||
| a. Incomplete | Php 10,000.00 | Php 1,000.00 |
| b. Incorrect |
Attached is the complete copy of the Circular with the I-ACGR Form and its General Instructions.