SEC MEMORANDUM CIRCULAR NO. 5, S. OF 2009, June 08, 2009
PENALTY FOR FAILURE TO COMPLY WITH THE COMMISSION’S DIRECTIVE TO PARTICIPATE IN THE CORPORATE GOVERNANCE SURVEY
National Administrative Register June 8, 2009
The Securities and Exchange Commission, under its Memorandum Circular
No. 8, Series of 2008 enjoined all publicly-listed companies to
participate as respondents in the Corporate Governance Survey using the
Corporate Governance Scorecard as survey instrument.
No. 8, Series of 2008 enjoined all publicly-listed companies to
participate as respondents in the Corporate Governance Survey using the
Corporate Governance Scorecard as survey instrument.
The Commission En Banc in its meeting on May 13, 2009 resolved to
adopt the following administrative penalties for failure to comply with
the Commission’s directive to participate in the corporate governance
survey:
1st Offense Reprimand
2nd Offense P25,000.00
3rd Offense P50,000.00
This Circular shall take effect fifteen (15) days after
publication in two (2) newspapers of general circulation in the
Philippines.
Adopted: 08 June 2009
FOR THE COMMISSION:
(SGD.) FE B. BARIN
Chairperson