The Securities and Exchange Commission (SEC) is proposing stricter rules to make training for board members and key officers more rigorous, relevant, and enforceable amid a tougher stance on corporate governance.

The regulator said Wednesday that a 5 February draft memorandum circular seeks to update guidelines on mandatory governance training and the accreditation of institutional training providers, resource speakers, and in-house programs. 

“The proposed guidelines consolidate and update existing memorandum circulars on corporate governance training, with the goal of providing a more comprehensive and future-ready framework that supports the Commission's push to strengthen corporate governance,” the Commission said.

The draft rules introduce stricter accreditation standards and expand the required training for board members and key officers, covering all publicly-listed companies, public companies, registered issuers, and accredited training providers. 

The rules are open for public comment until 28 February.

Training topics include corporate governance principles, environment, social and governance, reporting, board responsibilities, financial oversight, and compliance with relevant laws. 

Sessions can be held onsite, online, or in a hybrid format, and organized by the company or SEC-accredited providers. Proposed accreditation fees range from P2,000 to P50,000, with validity extended to five years. 

Resource speakers must also be accredited, though some directors or officers with recent or foreign training may be exempt. Violations could result in fines or suspension of SEC accreditation.