Green reporting rules incoming

The Securities and Exchange Commission (SEC) has drafted guidelines for the adoption of Philippine Financial Reporting Standards (PFRS) in the preparation of sustainability reports by publicly listed companies (PLCs) and large non-listed (LNL) entities.

- By JAMES A. LOYOLA

In a notice dated July 30, the SEC Corporate Governance and Finance Department released for public comment the draft memorandum circular (MC) on the adoption of PFRS on sustainability disclosures and issuance of reporting guidelines for PLCs and LNLs.

This came following the Commission En Banc’s approval of the adoption of the PFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and PFRS S2 Climate-related Disclosures, as well as the sustainability reporting guidelines for PLCs and LNLs in its meeting on July 29.