The Securities and Exchange Commission (SEC) wants companies to disclose controls that owners exercise, as the agency seeks to promote transparency and address gaps that enable corruption and financial crime in the Philippines.
Under draft guidelines, the SEC said all entities under its jurisdiction to disclose their beneficial owners and their contractual control, board election power, dominant influence, direction of the board, property stewardship, nominee arrangements, other control mechanisms, and senior management.
They will have to report the complete name of beneficial owners, spec
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