Listed companies are steadily adopting the practice of coming up with a sustainability report, according to the Securities and Exchange Commission (SEC).
Rachel Gumtang-Remalante, SEC director for corporate governance and finance, said at present, about 98 percent of listed companies are issuing the sustainability report, which enumerates a company’s efforts in complying with its environment, social and corporate governance (ESG) functions. This is nearly three years after the SEC issued guidelines on how listed companies can come up with the report.
“I think there was around 98 percent have already complied in the two years that we have been monitoring,” said Remalante during the forum on Sustainable Development Goals (SDG)facilitated by the Economic Journalists Association of the Philippines.
The sustainability report is an offshoot of global demand for businesses to be better corporate citizens as calls for more programs to address social and environmental ills grow larger.
Remalante said the SEC is stepping up efforts to encourage more companies to come up with their sustainability reports which in the long run will cover the reportorial requirements of non-listed companies as well.
Shiena Angela Aquino, SEC assistant director for corporate governance, said the SEC is presently limiting the reportorial requirement to listed companies but may soon include other sectors after the practice has been incorporated into the culture of public firms. –Ruelle Castro
