The Securities and Exchange Commission (SEC) teamed up with Komunidad Global Services & Operations Philippines Inc. to improve sustainability reporting for publicly-listed companies (PLCs).
The SEC said it signed a memorandum of agreement (MOA) with Komunidad to develop a web-based SEC Sustainability Reporting (SuRe) framework application.
It said the application would help streamline data collection, verification, management and analysis. This will improve the SEC’s ability to monitor compliance with sustainability reporting among PLCs.
Under the agreement, Komunidad will give the SEC rights to use the SuRe framework application. A data sharing agreement will also be created to outline data flow and ensure security.
“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,” said SEC Commissioner Karlo Bello.
“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,” he said.
The SEC is also revising the SuRe form to provide general metrics for disclosure that will apply to PLCs.
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