Get the Latest on Si Circular 2024
What is Si Circular 2024?
Si Circular 2024 is the latest regulatory requirement from the Securities and Exchange Commission (SEC) that aims to enhance the transparency and accountability of publicly traded companies in the Philippines.
Key Features of Si Circular 2024
- Requires companies to disclose their sustainability practices and performance in their annual reports.
- Sets out specific guidelines for reporting on environmental, social, and governance (ESG) factors.
- Aims to promote responsible investing and sustainable business practices.
Impact of Si Circular 2024
Si Circular 2024 is expected to have a significant impact on the Philippine capital market.
- Increased investor focus on ESG factors
- Enhanced credibility and reputation for companies that disclose ESG information
- Increased demand for ESG-related products and services
Compliance Timeline
Listed companies are required to comply with Si Circular 2024 starting with their annual reports for the fiscal year ending December 31, 2023.
How to Comply with Si Circular 2024
To comply with Si Circular 2024, companies should:
- Establish a framework for identifying, measuring, and reporting ESG impacts.
- Develop a content plan that includes estimates and assumptions used in ESG calculations.
- Obtain independent assurance of ESG information from a qualified professional.
The SEC has provided detailed guidance to assist companies in complying with Si Circular 2024. Companies should refer to the SEC's website for the latest information and updates.
Benefits of Complying with Si Circular 2024
- Enhanced transparency and accountability
- Improved access to capital
- Increased investor confidence
- Enhanced brand reputation
Conclusion
Si Circular 2024 is a landmark development in the Philippine capital market. By enhancing the transparency and accountability of publicly traded companies, Si Circular 2024 promotes responsible investing and sustainable business practices.
Companies that comply with Si Circular 2024 will gain a competitive advantage in the evolving ESG landscape.
