PUBLICLY listed companies are given a two-month extension to file their Integrated Annual Corporate Governance Report (I-ACGR) amid the enhanced community quarantine in Greater Metro Manila.
The Securities and Exchange Commission (SEC) said in a recent notice on its website it is allowing the submission of I-ACGR for publicly listed companies until July 30, two months from its original May 30 deadline.
The Philippine Stock Exchange, Inc. (PSE) made the same announcement on its website, noting the deadline extension will apply automatically without the need to submit a request.
But should companies prefer to submit their I-ACGR on the original May 30 deadline, the PSE said they may choose to do so.
“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,” SEC Chairperson Emilio B. Aquino said in a statement over the weekend.
The SEC has been moving deadlines for regulatory submissions since last March, in consideration of companies that it said are challenged by the enhanced community quarantine to contain the coronavirus disease 2019 (COVID-19).
SEC Memorandum Circular No. 5 issued on March 12 extended the deadline for submitting 2019 annual reports and audited financial statements until June 30, and SEC Memorandum Circular No. 13 issued on April 21 extended the deadline for sustainability reports also until June 30.
“The resilience of the business sector is integral to the recovery of our economy,” Mr. Aquino said.
On Friday, the government extended until May 15 the enhanced community quarantine in Metro Manila, Central Luzon, Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon) and other areas across Luzon, Visayas and Mindanao including Cebu, Iloilo and Davao.
Other areas that are deemed “low-risk” and “moderate risk” will be downgraded to a general community quarantine. — Denise A. Valdez
