Regulatory Alerts2020-08-13
SEC Rules on the Number of Independent Directors and Sectoral Representatives of Exchanges and Other Organized Markets
The Securities and Exchange Commission promulgated rules mandating that independent directors constitute at least one-third of the board of directors for exchanges and other organized markets in the Philippines. The regulations further require the inclusion of at least four sectoral representatives for issuers, investors, and other market participants, each possessing at least three years of relevant experience. These governance standards aim to enhance corporate governance and protect minority investors in alignment with international best practices and the Revised Corporation Code.
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