Governance Briefing — August 11, 2022
Philippines SEC updated sustainability reporting guidelines for publicly listed companies, mandating board oversight of ESG metrics and assuring data quality in line with international frameworks.
Executive briefing: On 11 August 2022 the Philippines Securities and Exchange Commission released Memorandum Circular No. 24, series of 2022, providing the Sustainability Reporting Guidelines for Publicly-Listed Companies. The circular refines ESG disclosures, sets phased submission timelines, and formalises board responsibility for sustainability reporting quality.
Key governance signals
- Board accountability. Boards must approve sustainability reports, designate responsible officers, and ensure integration with strategy, risk management, and stakeholder engagement.
- Metrics and assurance. The guidelines align with global frameworks such as GRI and TCFD, encouraging quantitative metrics, boundary definitions, and external assurance considerations.
- Phased implementation. PLCs are required to submit sustainability reports using the SEC template, with transitional relief for 2022 filings and full compliance expectations from 2023 onward.
Action checklist
- Assign board-level sponsorship for sustainability reporting, including committee oversight and key performance indicators.
- Map data sources to the SEC template, validate ESG metrics, and evaluate the need for external assurance partners.
- Engage stakeholders to prioritise material topics and document how feedback informs board decisions and disclosures.
Sources
- SEC Memorandum Circular No. 24, s.2022 — Sustainability Reporting Guidelines for PLCs
- SEC release on updated sustainability reporting guidelines
Zeph Tech supports Philippine issuers with ESG data governance, assurance readiness, and board reporting workflows aligned to SEC sustainability guidelines.