THE Securities and Exchange Commission issued Memorandum Circular (MC) No. 20-2016 to set the deadline of the 2016 Annual Corporate Governance Report submission on or before May 30.

Other important points clarified by the MC includes:

The 2016 ACGR will be based on the 2009 Revised Code of Corporate Governance while the 2017 and succeeding ACGRs will be based on the 2016 Code of Corporate Governance for publicly listed companies.

Listed companies are not required to post the consolidated changes in the 2016 ACGR on or before Jan. 10 on their websites and attach the same to their 2016 Annual Report (SEC Form 17-A).

Penalties will be imposed on late filing of reports.

Please be guided accordingly. Source: P&A Grant Thornton