Recent Changes to Corporate Governance Reporting
Understand the latest BIR and SEC mandates affecting board structures and reporting requirements for registered businesses.
Recent updates from both the BIR and SEC have shifted what registered businesses need to disclose, when, and to whom.
If you operate a registered corporation, partnership, or one-person corporation (OPC), the changes likely affect at least one of your annual filings.
What changed
Enhanced beneficial ownership disclosure requirements now apply to a broader range of entities. The SEC’s MC No. 1 series clarifies who counts as a beneficial owner and the documentation you must keep on file.
BIR has also expanded the eFPS coverage to additional taxpayer segments, meaning some businesses that previously filed manually are now required to file electronically.
What to do this week
Pull your latest GIS (General Information Sheet) and confirm beneficial owner information is current. If you’ve changed shareholders or directors in the last 12 months and haven’t updated the SEC, do it now.
Confirm whether your TIN is now flagged for eFPS filing — penalties for filing in the wrong system are easy to avoid and painful to incur.