Regulatory Alerts2020-02-21
MC No. 03 s.2020 — Notice of Regular Meetings of the Stockholders/Members
The Securities and Exchange Commission issued Memorandum Circular No. 03, Series of 2020, to enforce rules on regular stockholder or member meetings under the Revised Corporation Code of the Philippines. The circular mandates that written notice be sent to all stockholders of record at least twenty-one days prior to the meeting, with specific provisions for postponements requiring two weeks' notice and detailed information on remote voting rights. Violations of these provisions may result in sanctions under Section 158 of the Revised Corporation Code, and the rules take effect upon publication in two newspapers of general circulation.
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