SEC makes mark as global good governance leader

The Securities and Exchange Commission (SEC) continues to make its mark as a leader in good governance, as it received its sixth and seventh Global Good Governance (3G) Awards from Cambridge International Finance Advisory.

The SEC received the 3G Best Corporate Governance Policy & Disclosure Award and the 3G Transparency Award 2024 during the 9th Annual Awards Ceremony held at Shangri-La at the Fort Manila in Taguig City on April 29.

The 3G Best Corporate Governance Policy & Disclosure Award recognizes an organization for its commitment to transparency, clarity, and comprehensive disclosure of information toward fostering trust and accountability among stakeholders.

The 3G Transparency Award, which was also awarded to the SEC in 2023, recognizes organizations for setting a benchmark for integrity, accountability, ethical conduct, and disclosure in governance practices, thereby fostering trust, credibility, and openness in their operations.

Founded in 2016, Cambridge IFA has since presented over 150 3G awards in more than 35 categories to various individuals and institutions in more than 25 countries.

“It is a great honor that the SEC Philippines is recognized by the 3G Awards for the fourth consecutive year, marking our sixth and seventh awards from the organization,” SEC Chairperson Emilio B. Aquino said, as he accepted the awards for the Commission.

“These awards affirm the Commission’s steadfast dedication in fostering transparency, integrity, and social responsibility toward the overall development of the Philippine business and economic landscape,” he added.

The SEC has received the 3G Advocacy and Commitment to Corporate Governance three years in a row from 2021 to 2023. In 2022, it was also conferred with the 3G Transparency Award, followed by the 3G Championship Award in ESG Practices in 2023.

As regulator of the corporate sector, promoting good corporate governance is inherent in the Commission’s mandates.

As part of efforts to promote good corporate governance, the SEC has been implementing sustainability initiatives in the corporate sector. Earlier this year, it launched the Small and Medium Industries and Large Enterprises Embracing Sustainability (SMILEES) Roadshow in Cebu, with the goal of institutionalizing sustainability reporting among companies of all sizes.

The Commission is currently updating its rules on sustainability reporting with the pending release of the new SEC Sustainability Reporting (SuRe) Form, which seeks to incorporate international developments to better guide publicly listed companies in their compliance with sustainability reporting guidelines.

Walking the talk, the SEC itself publishes sustainability reports and celebrates Sustainability Week annually to set the tone in fostering sustainable development.

Among the chief drivers of the Commission’s sustainability push is its digital transformation, covering the automation of its company registration, reports submission, and payment processes.

These digital initiatives have likewise paved the way to heightened transparency in the corporate sector by making information more accessible to its stakeholders.

For instance, the launch of the Electronic SEC Education, Analysis, and Research Computing Hub (eSEARCH) and SEC API Marketplace in 2023 allows the public to obtain data from corporate reports submitted to the SEC, thereby providing them with useful information in making key policy and company decisions.

The Commission’s switch to digital payments also helps in eliminating corruption in transactions with the SEC.

Aside from the 3G Awards, the SEC has received the ISAR Honours from the   United   Nations   Conference   on   Trade   and Development for its leadership and advocacy in sustainability reporting twice, for the years 2019 and 2022.

Locally, it has received the Circle of Excellence Award for Sustainability during the Asia CEO Awards 2023.

As a leader in transparency in the government service, the SEC has consistently received an unqualified opinion for its financial statements from the Commission on Audit. The Presidential Communications Office also recognized the SEC for its promotion of the public’s right to know, being one of the top performing agencies in the implementation of the Freedom of Information Program in 2023.