THE Securities and Exchange Commission (SEC) is set to introduce alternative means for companies to distribute and provide their notices for annual stockholders’ meetings (ASM).
On Feb. 28, the commission en banc in a meeting agreed to provide an alternative mode of compliance for publicly listed companies, public companies, and other companies with registered securities under the SEC
Companies will be allowed to publish the announcements of their 2023 ASM in the business section of two general circulation newspapers, in both print and online, for two consecutive days.
“Provided that, the last publication date of the Notice of Meeting shall be made no later than 21 days prior to the scheduled ASM,” the SEC said.
The notice would inform a company’s shareholders of the meeting’s date, time, location, and other information that the commission has required under the Revised Corporation Code.
Additionally, the notice will provide an electronic copy of the company’s information statement, management report, and SEC Form 17A, on the company’s website.
For publicly listed companies, these reports should also be available on the Philippine Stock Exchange’s portal PSE Edge.
The compliance of the companies would be considered by the SEC as a fulfillment of the requirements under the 2015 implementing rules and regulations of the Securities Regulation Code, Revised Corporation Code, and other applicable issuances of the commission. — Adrian H. Halili