October 26, 2024 | 12:00am
MANILA, Philippines — The Securities and Exchange Commission (SEC) has tapped climate data and analytics software company Komunidad Global Services & Operations Philippines Inc. to facilitate the submission of sustainability reports by publicly listed companies.
The SEC entered into an agreement with Komunidad for the development of the web-based SEC Sustainability Reporting (SuRe) Framework Application.
Under the agreement, 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.
The customized web application will streamline the data collection, verification, management and analysis of sustainability data.
The SEC said this would improve its monitoring capabilities on sustainability reporting compliance of the publicly listed companies.
“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 Bello said.
“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 said it is also working on revisions to the SuRe form, which will provide the general metrics for disclosure that are applicable to publicly listed companies as it will pioneer industry or sector-specific materiality.
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