The Securities and Exchange Commission (SEC) has been recognized again for championing sustainability, as it continues to promote sustainable practices toward achieving long-term growth in the corporate sector.

The SEC was named as one of the Circle of Excellence awardees in the Sustainability Company of the Year category during the 14th Asia CEO Awards.

The SEC first received this distinction in 2021, which recognizes companies that have achieved success in environmental progress and demonstrated leadership and commitment to sustainability.

The Asia CEO Awards is an annual program that aims to promote the Philippines as a premier business destination for global enterprises.

“This award shows our continued commitment to sustainability, and the role of the Commission in protecting our planet by incorporating sustainable practices in the corporate sector,” SEC Chairperson Emilio B. Aquino said.

He added that, “we believe that sustainability is crucial to ensure a better future for Filipinos, which is why the SEC has integrated holistic sustainability targets and initiatives within the organization, and continuously promotes the adoption of such initiatives in our covered entities.”

This year, the Commission introduced the Sustainability Reporting (SuRe) Form, which features a tailored industry or sector-specific materiality and sets a new benchmark for transparency and disclosure in the corporate sector.

The SEC's preparations for its own Sustainability Report serve as a pioneering testament to its dedication to transparency and accountability.

The SEC also engaged in collaborative efforts with other regulatory entities in the financial sector to achieve the harmonization of national policies and the synchronization of regulations and sustainability initiatives, thereby promoting both interoperability and transparency within the Philippine sustainable finance capital market.

Over the last five years, the SEC has released new rules and regulations aimed at pushing sustainability as part of the management strategy of Philippine corporations.

The SEC recently issued Memorandum Circular No. 18, Series of 2023, providing Guidelines on the Submission of Digital Copies of Applications, Compliance Documents and Other Requests, and Further Reducing the Number of Hard Copies to be Filed with the Commission, which is expected to significantly reduce printing costs, paper consumption, and associated logistics expenses of corporate filers.

In 2019, it released SEC Memorandum Circular No. 4, Series of 2019, Sustainability Reporting Guidelines for Publicly Listed Companies, which guided publicly listed companies in their submission of sustainability reports to the Commission.

The Sustainability Reporting Guidelines are currently being updated to reflect new trends in international sustainability reporting standards, where the SEC will mandate companies to disclose their sustainability initiatives in two formats: the Sustainability Reporting Narrative and the SuRe Form.

The SEC in 2022 also issued Memorandum Circular No. 11, Series of 2022, or the Rules on Sustainable and Responsible Investment Funds, which provide guidelines for newly formed and existing investment companies that are qualified as Sustainable and Responsible Investment Funds.

The Commission likewise adopted the ASEAN Sustainable and Responsible Fund Standards on April 13 where the SEC promulgated new rules concerning local and foreign companies that fall in line with the Framework for Cross- Border Offering of ASEAN Collective Investment Schemes.

This was complimented a month later by the SEC’s renewal of its membership in the ASEAN Taxonomy Board.