In a memorandum of agreement (MOA) signed on Oct. 16, the SEC, through its corporate governance and finance department (CGFD), formalized the collaboration to develop the SEC Sustainability Reporting (SuRe) framework application.
This web-based platform, customized by Komunidad, will enhance the SEC’s ability to collect, verify, and manage sustainability data. It aims to improve the monitoring of PLCs' compliance with sustainability reporting, making the entire process more efficient and accurate.
Sustainability data analysis
The platform will also enable better analysis of sustainability data, supporting the SEC's broader goals of fostering a greener and more sustainable capital market.
Komunidad will provide the SEC with the necessary rights and licenses for the SuRe framework application, and a data sharing agreement will be implemented to ensure data security and proper management.
SEC Commissioner Karlo S. Bello highlighted the importance of this partnership, stating, "Komunidad’s innovative solutions will simplify the submission of the SuRe Form, aligning with the SEC’s efforts to capture and manage sustainability data effectively."
Greener future for capital markets
The SEC is currently working on updates to the SuRe Form, which will introduce general metrics for disclosure and sector-specific materiality to further improve the accuracy of sustainability reporting.
This partnership marks a significant step toward the SEC’s vision of a greener, more sustainable future for the Philippine capital markets.
