Philippine Securities and Exchange Commission consults on new corporate governance training and accreditation guidelines for listed and public companies

The Philippine Securities and Exchange Commission has invited comments on an exposure draft memorandum circular that would update the regime for corporate governance training for publicly listed companies, public companies, and registered issuers, and set new SEC accreditation requirements for institutional training providers, resource speakers, and in-house corporate governance training. Under the draft, all board members and key officers of covered entities would be required to attend at least one corporate governance training each calendar year, with initial training covering specified mandatory topics including the Revised OECD Principles of Corporate Governance, ASEAN Corporate Governance Scorecard, the relevant SEC corporate governance code, ACGR or I-ACGR reporting, ESG and sustainability reporting, financial oversight and audit, related party transactions, director liabilities, and competition law. Training could be delivered onsite, online, or hybrid, either by an SEC-accredited Corporate Governance Institutional Training Provider or in-house, but all training programs would need SEC accreditation. The proposal also sets application, validity, renewal and fee rules for providers and speakers, adds pre- and post-training notifications and five-year document retention in a repository accessible to the SEC, requires website posting of training completion within five days, and introduces an administrative penalties schedule with potential suspension or revocation of accreditation after repeated offences; it would supersede SEC Memorandum Circular No. 11 (2012) and No. 2 (2015). Comments must be submitted via G-Form by 28 February 2026. If adopted, the memorandum circular would take effect 15 days after publication in two newspapers of general circulation.