Regulatory Alerts2018-04-23
SEC Memorandum Circular No. 8 s.2018: Shareholder Approval for External Auditor Changes and Audit Committee Composition
The Securities and Exchange Commission of the Philippines issued this memorandum circular to implement initiatives aimed at improving the country's ranking in the Ease of Doing Business Report. The directive mandates that all publicly-listed companies must obtain shareholders' approval for any changes to their external auditor. Additionally, it requires that the audit committee of these companies be composed entirely of board members.
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