March 20, 2020 | 6:33 pm [ bworldonline.com]
THE Securities and Exchange Commission (SEC) is allowing corporations to submit their general information sheets (GIS) via different methods while Luzon is under quarantine.
In Memorandum Circular No. 9 uploaded on its website, the SEC outlined the guidelines for GIS filing whether or not corporations were able to conduct officer elections and annual meetings.
If a company was able to meet to elect directors, trustees and officers, its GIS must be submitted within 30 days from the actual meeting via mail, private courier or email. For email, the GIS may be sent to mlmliwanag@sec.gov.ph, mdtmabuyo@sec.gov.ph or cmdnotive@sec.gov.ph.
If a company is unable to elect its officers between March 1 and May 1 as scheduled due to safety concerns over the coronavirus disease (COVID0-19) outbreak and has no means for remote communication, the SEC must be notified within 30 days from its original meeting date. This may be done through mail, private courier or email, using the same email addresses above. The notice must specify the new date for the election, which should be within 60 days from the original schedule.
If a company is not able to meet for elections due to reasons unrelated to the COVID-19, it must notify the SEC within 30 days from the company’s original meeting date. The letter should inform the SEC of the new date for the election, which must be within 60 days from the original schedule.
If a company is unable to notify the SEC of failing to meet for elections, the results of the would-be elections must still be reported through the GIS, submitted to the SEC within 30 days from the date of its actual meeting. However, the GIS will “no longer enjoy the same forbearance from the penalty for late submission” as provided for others that complied.
These new rules on GIS filing are effective starting Mar. 18.
“We will closely monitor ensuing developments and make adjustments, if needed, to help corporations and other stakeholders mitigate the risks and negative impact of the COVID-19 outbreak,” SEC Chairperson Emilio B. Aquino said in a statement. — Denise A. Valdez
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