GOCCs TRAIN FOR CORPORATE REPORTING SYSTEM PORTAL
The Governance Commission for GOCCs (GCG) has moved closer to its landmark goal of institutionalizing transparency and accountability in the GOCC sector.
The GCG which was created last June 2011 to oversee and regulate the public corporate sector is preparing to launch its Integrated Corporate Reporting System (ICRS), a sector-wide uplink of crucial data and information on all GOCCs. When launched, the comprehensive database will feature all the necessary data on all GOCCs under the Governance Commission’s jurisdiction, regardless of size.
Mandated under Republic Act No. 10149, which created the GCG and its Code of Corporate Governance, the ICRS will be the Governance Commission’s key policy tool in pursuing good governance, transparency and accountability in the GOCC sector.
Last May 5 to 15, 2014 the GCG has started its training of officers and personnel from various GOCCs in the use of ICRS through its ICRS orientation workshops.
GCG Commissioner Angela Ignacio stated that “The ICRS will serve as the central web portal and database for all information and reports on the GOCC Sector.” Once publicly launched, this would be the central repository of GOCCs’ financial information, including financial statements and corporate operating budgets, and of non-financial information such as GOCC Charters, Performance Scorecards, and Organizational Structures. Information on GOCCs’ incumbent Appointive Directors would also be included in the system.
273 representatives from 91 GOCCs attended the ICRS training slated for 8 days at the GCG’s office in Makati. GCG together with the ICRS developers –Sagesoft Solutions, Inc., discussed the ICRS’s background and purpose and trained the GOCC representatives in using the system to input financial and non-financial information regarding the GOCC.
As a stepping stone towards streamlining the various reportorial requirements for GOCCs, both GCG and the GOCCs work together in continuously enhancing the system and inputting relevant data that would be useful not only within the GOCC sector but also for the general public.
The development of the ICRS is mandated under Section 5(c)(6) of the “GOCC Governance Act of 2011” (R.A. No. 10149). Consequently, GOCCs are required to become “an active and responsible member and contributor to the ICRS” under Section 4 of the Code of Corporate Governance for GOCCs (GCG MC No. 2012-07).
Bea Nadine V. Barte
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