Proposed Secondment Program for the Laos Securities Commission Office (LSCO) and Securities and Exchange Regulator of Cambodia (SERC)

By: Lea May D. Mortel

CG Analyst

Institute of Corporate Directors

The Institute of Corporate Directors (ICD) advanced its commitment to advancing strong and comparable corporate governance standards across the region through the successful conduct of two ASEAN Corporate Governance Scorecard (ACGS) Secondment Programs, welcoming delegates from the Securities Exchange Regulator of Cambodia (SERC) in September 2025 and the Lao Securities Commission Office (LSCO) in December 2025.

The ACGS is a regional benchmarking framework developed to promote sound corporate governance practices among publicly listed companies in ASEAN. Introduced in 2011, the Scorecard is rooted in the OECD Principles of Corporate Governance and reflects the shared aspiration of ASEAN member states (Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam) to be evaluated under a common framework that strengthens transparency, accountability, sustainability, and investor confidence in their capital markets. Over the years, the ACGS has served not only as an assessment tool but also as a catalyst for regulatory reforms, market discipline, and peer learning among participating ASEAN jurisdictions.

Recognizing these benefits, both Cambodia and Laos expressed interest in deepening their understanding of the ACGS framework as they continue to develop and refine their own corporate governance and regulatory ecosystems. Their participation in the secondment program was driven by a common objective: to examine whether the ACGS, its structure, methodology, and implementation process, could be meaningfully adapted to their respective regulatory frameworks and market contexts.

Organized in partnership with the Securities and Exchange Commission (SEC), the two-week secondment programs took place across the SEC Headquarters and the ICD office. Led by the SEC’s Corporate Governance and Finance Department and ICD’s Corporate Governance Advocacy Department, the programs gave delegates firsthand exposure to the Philippine experience in implementing the ACGS, including regulatory coordination, assessment methodologies, and the role of independent governance advocates.

A core component of the secondment focused on the ACGS assessment process itself through in-depth discussions on the four core pillars of the ACGS namely: shareholder rights, sustainability and resilience, disclosure and transparency, and board responsibilities. Delegates examined how companies are selected, how publicly available disclosures are reviewed, and how scores are derived using standardized tools and verification procedures using case-based learning methods and assessor-level perspectives.

Importantly, the secondment created space for reflective dialogue on regulatory gaps and contextual challenges. Delegates from SERC and LSCO discussed areas where local practices may diverge from ACGS standards and considered how these gaps could be addressed. These exchanges emphasized the adaptability of the ACGS, not as a one-size-fits-all model, but as a flexible framework that can evolve alongside each market’s level of development.

The programs concluded with synthesis and feedback sessions, where delegates shared key insights and articulated how the knowledge gained could inform policymaking, supervision, and market development in their home jurisdictions. Delegates from Cambodia and Laos actively contributed to these discussions, reflecting a strong commitment to continuous learning and regional collaboration.

As ICD closes 2025, the successful conduct of the ACGS Secondment Programs for Cambodia and Laos stands as a meaningful milestone in its regional engagement efforts. These initiatives highlight the growing interest among ASEAN regulators in adopting shared governance benchmarks, not for compliance alone, but to build resilient markets, protect investors, and promote long-term value creation. ICD remains hopeful that more ASEAN member countries will continue to explore and adapt the ACGS framework, reinforcing the region’s collective pursuit of good corporate governance for sustainable and inclusive growth.

Photo from left to right during the training with Cambodian delegates: Commissioner Javey Paul D. Francisco (SEC), Commissioner McJill Bryant T. Fernandez (SEC), Ms. Catherine Denise S. Jalandoni (ICD Executive Director), Atty. Jacqueline Rachel G. Liu (SEC), Ms. Voeung Kimneth, (Official of Corporate Governance Division Securities Issuance Supervision Department Securities and Exchange Regulator of Cambodia), Ms. Chea Ya Eem (Deputy Director of Securities Issuance Supervision Department Securities Issuance Supervision Department Securities and Exchange Regulator of Cambodia), Chairperson Francis Ed. Lim (Chairperson, Securities and Exchange Commission), Commissioner Karlo S. Bello (SEC), Commissioner Rogelio V. Quevedo (SEC), Atty. Rachel Esther J. Gumtang-Remalante (Director, Corporate Governance and Finance Department, Securities and Exchange Commission), Atty. Mariane Theresa B. Salles (SEC)

Photo from left to right during the training with Lao delegates: Atty. Jacqueline Rachel G. Liu (SEC), Atty. Zara Janella M. Cacha (SEC) Ms. Thea Angelie O. Angara (ICD, Corporate Governance Advocacy Manager), ICD President Tomasa H. Lipana, Mr. Sonexay Vongphideth (Deputy Director of Legal Division), Mr. Viladeth Thongvankham (Director, Securities Public Offering Supervision Division), Chair Francisco Ed. Lim (Chairmen, Philippines' Securities and Exchange Commission), Ms. Phonesavanh Phonepaseuth (Officer, Securities Public Offering Supervision Division), Atty. Rachel Esther J. Gumtang-Remalante (Director, Corporate Governance and Finance Department, Securities and Exchange Commission), Mr. Roberto T. Bascon Jr. (ICD Faculty), Ms. Catherine Denise S. Jalandoni (ICD Executive Director), Atty. Mariane Theresa B. Salles (SEC), Atty. Ma-Yr Teruel (SEC)