The Securities and Exchange Commission (SEC) aims to enhance the submission of sustainability reports by publicly listed companies (PLCs) through a partnership with climate data and analytics software company, Komunidad Global Services & Operations Philippines Inc.
The SEC, through the Corporate Governance and Finance Department (CGFD), has signed a memorandum of agreement (MOA) with Komunidad to develop the web-based SEC Sustainability Reporting (SuRe) Framework Application.
The customized web application will streamline the data collection, verification, management, and analysis of sustainability data, improving the commission’s monitoring capabilities of the PLCs’ sustainability reporting compliance.
Under the MOA, Komunidad will provide the SEC with rights and licenses to use the SEC SuRe Framework Application. A data sharing agreement will likewise be executed to determine the scope and flow of data, as well as guarantee security protocols.
“Komunidad’s contribution in providing innovative solutions via online submission platform is in line with the SEC’s initiative to streamline the data capture and management of sustainability reports and simplify the process in the submission of the SuRe Form,” SEC Commissioner Karlo S. Bello said.
He added that “with Komunidad’s technical expertise, we are confident that we will achieve our common goal of embracing industrial developments while gearing towards a greener capital market and sustainable future.”
The SEC is currently working on revisions to the SuRe Form, which will provide the general metrics for disclosure that apply to PLCs as it will pioneer industry or sector-specific materiality.