According to Business Mirror, SEC commissioner Kelvin Lester K. Lee said at an online forum last week that an additional requirement will be imposed on publicly listed companies by 2023, requiring them to submit their sustainability reports to the SEC apart from their annual reports.
Lee noted that sustainability reporting is already mandatory in countries such as Thailand, Singapore, Malaysia and Indonesia, and that researchers have identified a positive correlation between good sustainability practices, profitability and higher stock prices.
The SEC is also seeking to introduce the sustainability reporting obligations for companies that are not publicly listed on a comply or explain basis, Lee said. “Later on, we want to adopt a mandatory approach to sustainability reporting for all types of corporations.”
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