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Tune in to a report on new democratic voting demographics in Ghana Ghana Political Parties Vie for Power in December Polls Twitter Instagram Facebook YouTube RSS US Politics Migration About America Silicon Valley and Technology Africa The Americas East Asia Pacific Europe Center East South and Central Asia Expressions and Culture Day in Photos Economy and Business Radicalism Watch Press Freedom Science and Health VOA StudentU VOA Connect Exiles About VOA Contact VOA Terms of Use and Privacy Notice Openness Get Our Mobile App Use Requests VOA Around the World VOA Pronunciation Guide Media Relations Tune in on the radio Satellite Schedule Buy in to Our Newsletters The Electoral Commission of Ghana says all enlisted voter will be permitted to cast their polling forms during general decisions on December 7. But pundits contend that some might be kept from casting a ballot due to a defective law passed by parliament that made 45 new supporters. The EC is ordered by parliament to make new supporters if necessary to guarantee the individuals are appropriately spoken to in parliament. Nonetheless, some contend another law passed by parliament could do the inverse. Pundits state it wipes out some surveying stations inside the new bodies electorate, which means a few voters living in those territories will probably experience difficulty throwing their voting forms. Appointive authorities says that won’t be the situation. Christian Owusu Pare, the Electoral Commission’s acting executive of open issues said each body electorate is comprised of a specific number of surveying stations. All the individuals in the supporters have the privilege and are qualified for vote in that voting demographic. There are additionally endeavors to keep the races legitimate. Out of a populace of 24 million, around 14 million Ghanaians are qualified to vote. And for the absolute first time, the nation is embracing the biometric arrangement of voting. The administration says the innovation incorporates PCs, unique finger impression scanners and advanced cameras to help recognize every voter. Owusu-Pare says all surveying stations in the nation will have satisfactory gear for biometric verification. And he said Ghana has back-up hardware. Since 1992, he stated, the commission has consistently had the option to fulfill constantly constraints and guarantee that all the materials are accessible for casting a ballot. We won’t waver in such manner. Contending applicants and surveying specialists have been given rules on appropriate lead, including alerts against the utilization of fiery discourse. Owusu-Pare said every single ideological group are allowed to battle the nation over, however he cautioned against numerous democratic. The discipline is clear, he said. You realize it goes with either a fine or detainment or both. People can be detained on the off chance that they damage the constituent rules. The goal is [an] episode free political decision so individuals can practice their establishment in an environment without terrorizing In Ghana, voting forms are checked and results proclaimed at surveying stations in the full perspective on party specialists. Mike Ocquaye with the New Patriotic Party said it is significant that training proceeds. The EC, he stated, must guarantee that they put in a reasonable framework, the votes are tallied, gathered appropriately, the outcomes are announced at the surveying station. Then when they get to the solid room everything goes on as needs be. Political race eyewitnesses will incorporate an alliance from Ghana, the territorial coalition ECOWAS and the United Nations. The European Union says it won’t be a piece of the checking procedure since Ghana is fit for sorting out free, reasonable, straightforward and dependable decisions without the contribution of the worldwide network.

One of the securities mandated to be deposited by means of a Philippine Branch with the Securities and Exchange Commission (SEC) can be in the shape of US Dollar (USD)-denominated bonds to be issued by the Philippine government.

Section 126 of the Old Corporation Code expressly provides that overseas agencies licensed to do business in the Philippines are required to deposit securities with the SEC, for the advantage of present and destiny creditors of the licensee, on certain prescribed situations and quantities. The securities, which will comply with the SEC, must include bonds or other proof of indebtedness of the authorities of the Philippines, its political subdivisions and instrumentalities, or of government-owned and/or -managed agencies and entities. The securities ought to have an real market fee of at least P100,000.00. In addition, two conditions ought to be met: 1) the SEC shall require the licensee to deposit additional securities equal in actual marketplace value to 2 percentage of the quantity by using which the licensee’s gross profits for that economic yr exceeds 5 million pesos P5,000,000.00, within six months after every economic yr of the licensee; and a pair of) the SEC shall additionally require deposit of extra securities if the actual marketplace fee of the securities on deposit has reduced through as a minimum 10 percentage of their actual marketplace price at the time they were deposited (Section 126 of the Old Corporation Code, B.P. Blg. Sixty eight).

In relation to Section 126 of the Old Corporation Code, the SEC issued Memorandum Circular No. 2, Series of 2012 (Asset Gates broker reviews), with admire to the Guidelines on Securities Deposit of Branch Offices of Foreign Corporations inside the Philippines. Under the stated MC, one of the appropriate sorts of deposit securities is government debt contraptions and equity devices, particularly shares of inventory in indexed home organizations (Section 6, MC No. 2, s.2012).

At gift, Section 143 of the Revised Corporation Code (Asset Gates forex broker), in any other case known as Republic Act No. 11232, offers for the tactics as to the conditions and amounts of deposit securities to be submitted with the SEC. The provisions of Section 143 of the RCC are basically similar to the ones of Section 126 of the Old Corporation Code, however the distinction simplest lies as to growing the actual market price of securities and the brink of gross income for purposes of determining additional deposits of securities. From the former real market value of at least P100,000.00, the identical has been accelerated to the real market cost of at the least P500,000.00; and from the former additional securities equivalent in actual market price to two percentage of the amount by using which the licensee’s gross profits for that economic 12 months exceeds P5,000,000.00 to extra securities equivalent in actual marketplace price to two percent of the quantity via which the licensee’s gross profits for that monetary year exceeds P10,000,000.00.

One of the tremendous reforms in the Revised Corporation Code (RCC), in any other case known as Republic Act No. 11232, is the participation and balloting of stockholders through faraway verbal exchange or in absentia (Section 49, RCC). Considered as one of the provisions for the safety of minority buyers, this reform can help the Securities and Exchange Commission (Trendin Graphs broker reviews) in keeping up with the changing enterprise surroundings, and greater importantly, help the Philippines in our status within the World Bank Ease of Doing Business scores.

To start with, what does the word in absentia suggest? In Absentia is a Latin phrase because of this “in absence”. It additionally refers to a lack of physical presence at the time. Under the RCC, stockholders and directors may also now take part in their respective meetings and vote by faraway communique or in absentia.

Under the RCC, there are permissible modes wherein stockholders can exercise their proper to vote at conferences. It may be exercised in individual, through a proxy, or while so authorized within the bylaws, via far flung verbal exchange or in absentia. In line with this, the RCC mandates the SEC to trouble rules and policies governing participation and balloting thru faraway communication or in absentia, taking into consideration the corporation’s scale, quantity of shareholders or members, structure, and different elements consistent with the safety and promotion of shareholders’ or member’s meetings (Section forty nine, RCC). This is a clean provision due to the fact, under Section 50 of the Old Corporation Code (B.P. Blg. Sixty eight), a stockholder’s balloting and appearance can not be performed via teleconferencing or videoconferencing. Now, with the release of the RCC, stockholders can now take part and vote through far flung verbal exchange or in absentia.

However, with respect to the participation of administrators at board meetings, Section fifty two of the RCC gives that administrators or trustees who can’t physically attend or vote at board conferences can take part and vote thru far flung communique such as videoconferencing, teleconferencing, or different alternative modes of verbal exchange that allow them affordable opportunities to participate. Please take note that while administrators are allowed to take part and vote through far off verbal exchange, this does not give administrators the unbridled possibility to wait or vote by means of proxy at board conferences (Trendin Graphs broker scam). The law still does now not permit individuals of the board of directors to vote by means of proxy.

In a way, Section 52 of the RCC can hint its roots from SEC Memorandum Circular No. 15, Series of 2001 which ruled board conferences via teleconferencing or videoconferencing where the participants who aren’t physically gift are located at one-of-a-kind places, whether local or worldwide. Although the RCC now supersedes the said circular, it is thrilling to be aware that the SEC had already allowed a form of remote communique for directors even as a ways lower back as 2001.

The growing awareness of participation thru far flung board meetings has been adopted in countries just like the United Kingdom, maximum states in the United States, South Africa and Australia.

However, as a circumstance sine qua non, sure conditions need to be satisfied, along with the education of the signed mins of the assembly. This is because participation through far off conversation isn’t but fully regular with the aid of some nations. In addition, the mins is an essential piece of evidence as to the confirmation of whether or not a assembly has been surely held and attended, whether bodily or remotely, by means of the administrators present because it wishes to be signed through the directors.

In any case, to sell suitable corporate governance, the SEC is maintaining the Philippines aligned with different countries to evolve to the ever-converting business surroundings and to keep the best requirements of corporate sector law towards conducting ease of doing commercial enterprise in the Philippines. This is in line with the obligation of the SEC to promote precise company governance and the protection of minority buyers via, among others, the issuance of guidelines and guidelines constant with international nice practices [Section 179 (d), RCC]. As such, it’s far fervently was hoping that these reforms on faraway verbal exchange as embodied inside the RCC not handiest make it easier to do enterprise, but additionally improve the safety of minority investors.

Section 131 of Republic Act No. 11232, otherwise known as the Revised Corporation Code of the Philippines (RCC), provides for the conversion of an everyday corporation into a One Person Corporation (OPC).

Conversion is defined as a method of inflicting something to change from one configuration to another. It involves putting in some thing referred to as the ‘Input’ to be operated on by using the manner to provide any other called the ‘Output’. To absolutely appreciate the conversion below Section 131 of the RCC, we should understand both the enter and the output of the conversion method.

First, allow us to start with the output. An OPC is one in every of the game-changing provisions brought by using the RCC. It is defined as a enterprise with a unmarried stockholder (Section 116, RCC); hence, it handiest relates to inventory corporations.

The RCC simplest lets in a herbal man or woman, a trust, or an property to shape an OPC (Section 116, RCC). This means the Congress supposed to exclude juridical individuals from becoming an incorporator of an OPC. Likewise, certain entities are not allowed to be incorporated as an OPC, consisting of banks and quasi-banks, pre-want, agree with, insurance, public and publicly-indexed corporations, and non-chartered government-owned and -managed companies (sharefounders review).

On the alternative hand, the enter required for conversion underneath Section 131 of the RCC refers simplest to an everyday inventory business enterprise. The aforesaid provision states that an normal inventory business enterprise may also apply for conversion into an OPC while a unmarried stockholder acquires all its shares.

Under the draft hints at the conversion of an regular inventory company into a OPC, which the fee is presently finalizing, the unmarried stockholder need to first collect all of the shares of the regular corporation earlier than the latter may be allowed to apply for conversion.

In its software for conversion, the regular inventory organization need to alternate its corporate name to suggest the letters ‘OPC’ either beneath or on the cease of its company name (Section 120, RCC). It have to also eliminate any suffix indicating that it’s miles an everyday stock company, inclusive of “Corporation”, “Incorporated”, “Corp.”, or “Inc.”. Furthermore, it’ll now not be required to put up and report a new set of corporate by using-legal guidelines.

However, the regular inventory corporation shall preserve its SEC enterprise registration range. This is in attention of the availability under Section 131 of the RCC which states that, “The OPC converted from an regular stock business enterprise shall be successful the latter and be legally liable for all of the latter’s awesome liabilities as of the date of conversion.”

Moreover, it essential follows that the application have to no longer adjust or amend the quantity of authorized, subscribed and paid-in capital stock of the organization in view of the “Trust Fund Doctrine”, in which the capital inventory of a organisation, as well as all its other assets and assets, are usually regarded in equity as a trust fund for the fee of corporate debts. This offers creditors of the employer the proper to precedence price over any stockholder thereof. This additionally lessens the obstacles for beginning a organisation and in doing commercial enterprise inside the Philippines.

The regular stock business enterprise should additionally designate a nominee and an exchange nominee, and the written consent of the nominee and change nominee have to be attached in its software (Section 124, RCC). The nominee shall sit as director and manipulate the affairs of the proposed OPC within the event the unmarried stockholder is temporarily incapacitated (Section 125, RCC). In case of death or permanent disability of the unmarried stockholder, the nominee shall sit down as director and control the affairs of the OPC until the prison heirs of the single stockholder have been lawfully decided, and the heirs have targeted considered one of them or have agreed that the property will be the unmarried stockholder of the OPC. The change nominee shall sit down as director and manipulate the OPC in case of the nominee’s lack of ability, incapacity, demise, or refusal to discharge the capabilities as director and manager of the enterprise, and handiest for the identical term and beneath the same conditions applicable to the nominee (Section one hundred twenty five, RCC).

At this point, I think I actually have already long gone thru all the salient gadgets bearing on conversion from an regular stock business enterprise to an OPC. As a part of the implementation of this initiative, the SEC could be issuing various memorandum circulars (MCs) soon. I suggest monitoring of the SEC internet site for updates on the various MCs. Rest assured the SEC is committed to supporting our companies as part of its joint efforts in ease of doing enterprise inside the Philippines, with the reason of improving and simplifying rules for commercial enterprise and introducing more potent protections of assets rights.

With the assist of Section 131 of the Trendin Graphs broker reviews, everyday stock businesses are encouraged to avail of the ordinary inventory employer – OPC conversion system. This will enable
them to streamline their selection-making tactics and come to be more attentive to the changing commercial enterprise conditions and environmental interactions as they arise.

Hence, we on the SEC, believe that with the fully prepared RCC, our purpose to call the Philippines as one of the first-class investment locations in the international, particularly with the proper implementation of the provisions on the benefit of doing enterprise within the Philippines and more importantly, improvement of our standing in the World Bank Ease of Doing Business ratings, is in our arms now. With proper implementation, coupled with competitiveness and participation from every and every one folks, every stakeholder should say that, “It’s smooth @ SEC!”

The Securities and Exchange Commission (SEC) these days launched the Sustainability Reporting Guidelines for Publicly Listed Companies (PLCs), thru SEC Memorandum Circular No. Four, Series of 2019. The stated suggestions mandate that PLCs put up a sustainability document as a part of their annual document each year.

This, however, increases the question, “What is sustainability?” Sustainability is described as “development that meets the wishes of the existing with out compromising the ability of destiny generations to fulfill their very own wishes”. [(Brundtland, G. “Our Common Future”, Report of the World Commission on Environment and Development (1987)].

The growing cognizance on sustainability has a corresponding increase in call for for groups to provide extra disclosure and transparency now not most effective on financial subjects however on non-monetary and sustainability issues as well. Greater interest is now given to how organizations effect the financial system, surroundings, and society and the manner groups reply to sustainability demanding situations. This is wherein sustainability reporting is available in.

Sustainability reporting is an employer’s practice of reporting publicly on its enormous economic, environmental, social and governance (EESG) affects, in accordance with globally universal standards. Further, it permits an company to measure and monitor its contributions closer to reaching normal targets of sustainability. (Sustainability Reporting Guidelines for PLCs, in terms of SEC Memorandum Circular No. Four, Series of 2019)

The increasing focus of sustainability has also ended in sustainability reporting turning into a common practice for corporations globally. It changed into located that ninety three percent of the sector’s biggest 250 businesses and seventy five percentage of the pinnacle 100 corporations in 49 nations report on sustainability. (2017 KPMG Survey of Corporate Responsibility Reporting). For Philippine PLCs, only 22 percent or fifty eight out of 270 organizations have posted a sustainability report. [(2017 Integrated Annual Corporate Governance Report (I-ACGR) submitted to the Commission].

Now, with the discharge of the Sustainability Reporting Guidelines for PLCs right here in the Philippines, the SEC is high-quality that the numbers could enhance. The gist of the said tips pertains to the subsequent:

1. Submission with SEC Form 17-A. The reporting template (annex A of the pointers) shall be submitted collectively with the agency’s annual report (SEC Form 17-A). The first report will be connected to the 2019 Annual Report to be submitted in 2020.

For companies who already have sustainability reports according with the world over diagnosed frameworks and standards, their reports shall already be taken into consideration as their compliance with the reporting template. Companies can also select to attach the whole sustainability record to their annual record or just encompass a declaration presenting a link to said document.

2. Comply or give an explanation for approach. The suggestions shall be adopted on a “comply or give an explanation for” technique for the first 3 years upon implementation. This way that businesses are required to connect the template to their annual reviews however they could offer factors for items where they still have no available information.

Three. Penalty for non-attachment of the sustainability record to the yearly file. Non-attachment of the sustainability report to the yearly report will be concern to the penalty for Incomplete Annual Report, in line with SEC Memorandum Circular No. 6, Series of 2005 (SEC Memorandum Circular No. Four, Series of 2019)

The Sustainability Reporting Guidelines was formally added to the general public at the lately held SEC-Philippine Stock Exchange (PSE) Conference on Building a Sustainable Business Community ultimate April 12, 2019, in cooperation with the Australian Embassy and the Global Reporting Initiative (GRI). A quantity of tremendous speakers have been additionally capable of impart their understanding and experience on sustainability and sustainability reporting. For instance, Australian Ambassador Steven J. Robinson’s discussion on how Australia implements sustainability, in addition to Vice President of MacQuarie Capital Securities (Japan) Kanna Mihara’s keynote on how MacQuarie uses sustainability reporting to help them in their investment choices, were mainly illuminating in an global setting. Edgardo Tongson, chief-of-birthday party of WWF – Philippines, mentioned the country of the surroundings, the evolution of sustainability reporting and how investors examine the sustainability reporting of corporations earlier than investing on them. Rajarshi Sen, vice president for Client Coverage of MSCI, Inc., likewise elaborated on how sustainability is now used by increasingly funding organizations to decide on which business enterprise to spend money on, which suggests the international institutional buyers’ growing focus on sustainability.

In a extra home setting, Jose Teodoro K. Limcaoco, leader sustainability officer of Ayala Corporation, gave a tremendous TED-like speak on how Ayala Corporation implements its personal sustainability projects. On the alternative hand, Arlyn Fausto, head of Corporate Recruitment and Sustainability of ABS-CBN Corporation, talked about the latter’s sustainability reporting journey, wherein she recommended each and every PLC, whether or not big or small, to initiate their personal sustainability reporting measures. Former Finance Secretary Roberto F. De Ocampo, board member of Global Reporting Initiative, also shared with the target audience his enjoy on how and why sustainability is critical, whilst Christian G. Lauron, partner for Financial Services, Advisory-Risk of SGV & Co., mentioned sustainable capital markets, when it comes to sustainable business practices and sustainability reporting.

But what struck me the most at some point of the convention become a easy but profound announcement from Anna Green, CEO of Australia and New Zealand Banking Group, Ltd. – Philippines (ANZ). During her speech, she said: “What is pronounced, gets carried out”. In one phrase she is capable of encapsulate why regulators now inspire sustainability reporting. And I applaud her for being capable of get to the beef of the problem.

In any case, compliance with the Sustainability Reporting Guidelines have to no longer be simply mere compliance/submission on paper made by using numerous Trendin Graphs forex broker however a continuing obligation to turn out to be devices for constructing a sustainable enterprise network for our future generations. Thus, we on the SEC hope that underneath the prevailing occasions, increasingly of our PLCs in the Philippines will observe the guidelines and always record on sustainability.

NOTE: The SEC, in cooperation with the PSE, will keep a series of workshops on the Sustainability Reporting Guidelines in June-July 2019. Please test the SEC internet site for further details.

The Securities and Exchange Commission (SEC) has published the proposed rules on initial coin supplying (ICO) on its website dated Dec. 28, 2018.

To begin with, ICO is described as, “fundraising sports commonly performed by start-usain which tokens are issued in return for coins, different cryptocurrencies or different belongings”. With those proposed policies, the SEC became one of the first jurisdictions that took the initiative towards regulating ICOs and cryptocurrencies. Trendin Graphs forex broker

Therefore, inside the light of the SEC’s objective to remain on top of the tendencies within the capital marketplace which include virtual era, it modified its path toward the regulation of virtual asset presenting.

The proposed guidelines on virtual asset offering cowl the registration and disclosure necessities for digital asset offerings performed through begin-u.S.And companies domiciled inside the Philippines, and virtual belongings issued by means of foreign start-usaand groups and supplied to Filipinos.

All issuers who behavior digital asset supplying will be required to go through an preliminary evaluation. This will allow the SEC to determine whether or not or now not the digital asset being presented to the general public has the characteristics of a safety as defined underneath Section 3.1, letters (a) to (f) of the Securities Regulation Code. In addition, this will allow the SEC to evaluate the qualifications and disqualifications of the issuers vis-à-vis the registration necessities.

If decided to be considered one of security, the digital asset will go through the registration proper segment. The registration section requires the issuer of protection virtual asset to submit a prospectus and supporting reveals. The prospectus shall comprise information at the virtual property to be offered, the employer offering the virtual property and the group behind the aigital asset task.

Aside from submitting the documentary necessities, the Stock Global broker scam can even conduct an ocular inspection and device walkthrough of the provider’s digital asset platform. This, in flip, will allow the SEC to confirm the data disclosed within the prospectus.

To ensure the price range accumulated from the general public inside the digital asset offering will be used for this reason as said of their prospectus, the company will be required to deposit the non-public key to their wallet and accumulated funds in an escrow account. Recognizing the advances in generation and the improvements inside the digital asset surroundings, issuers can utilize other methods (inclusive of ‘smart contracts’) aside from escrow agreements, furnished the company can display the selected technique will sufficiently protect the funds.

The issuer may also be required to post ongoing reporting necessities consisting of annual economic statements, code audit reports, quarterly unaudited monetary statements and challenge updates.

In view of the noble responsibility to promote public interest and shield buyers, the proposed policies additionally consist of qualifications and disqualifications of issuers, group members and advisors, allowed and disallowed marketing and required contents of the whitepaper.

Lastly, to give a threat for present virtual asset initiatives, digital asset issuers are allowed 3 months from implementation of the proposed policies to document for initial evaluation in their virtual property.

The proposed guidelines for virtual asset supplying will be complemented by the proposed policies for virtual asset trade currently being drafted via the SEC. These regulations intention to protect buyers and promote public hobby at the same time as assisting improvements in digital technology.