The Philippine Securities and Exchange Commission has opened a second consultation on revised corporate governance training guidelines for publicly listed companies, public companies, registered issuers and accredited institutional training providers. The draft would require all directors and key officers to attend role-appropriate corporate governance training at least once each calendar year, with first-time directors and key officers completing specified foundational topics within their first year. It incorporates stakeholder feedback from the first consultation in February 2026. All training delivered by external providers or in-house would generally require SEC accreditation. Institutional training provider accreditation would last five years and cost PHP 50,000 initially, while in-house applications would cost PHP 10,000 for publicly listed companies and PHP 5,000 for public companies and registered issuers. The proposal also sets accreditation and performance standards for speakers, pre- and post-training reporting requirements, five-year record-retention obligations and escalating penalties for noncompliance. A fourth instance of the same violation could lead to suspension or revocation of accreditation after notice and hearing. Comments are due by May 22, 2026. Once finalized, the circular would take effect 15 days after publication in two newspapers of general circulation, while existing provider accreditations would remain valid until their current expiry dates.

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