SEC to develop web app to manage firms’ sustainability reports

THE SECURITIES and Exchange Commission (SEC) will develop a web-based app to manage the sustainability reports submitted by publicly listed companies.

The corporate regulator will work with climate data and analytics software firm Komunidad Global Services & Operations Philippines, Inc. to create the SEC Sustainability Reporting (SuRe) Framework app, it said in an e-mailed statement on Thursday.

“The customized web application will streamline the data collection, verification, management, and analysis of sustainability data, improving the monitoring capabilities of the commission on sustainability reporting compliance of publicly listed companies,” it added.

Under the memorandum of agreement signed by the parties on Oct. 16, Komunidad will give the SEC the license to use the app. The SEC and Komunidad will also implement a data sharing deal to ensure security protocols, and to determine the scope and flow of data.

“Komunidad’s contribution in providing innovative solutions via online submission platform is in line with the SEC’s initiative to streamline the data capture and management of sustainability reports and simplify the process in the submission of the SuRe form,” SEC Commissioner Karlo S. Bello said.

“With Komunidad’s technical expertise, we are confident that we will achieve our common goal of embracing industrial developments while gearing towards a greener capital market and sustainable future,” he added.

Meanwhile, the SEC said it is working on revisions to the SuRe form to provide the general metrics for disclosure that are applicable to listed companies.

The SuRe form template has three sections consisting of sustainability and climate-related opportunities and risk exposures, cross-industry standard, and industry-specific metrics.

The SuRe form aims to improve the quality of sustainability reporting and ensure the consistency of nonfinancial information submitted by listed companies. — Revin Mikhael D. Ochave