Circular No. 1188: Amendments to Persons Exempted from Attending the Seminar on Corporate Governance for Board of Directors

BANGKO SENTRAL NG PILIPINAS OFFICE OFTHE COVERNOR CIRCULAR NO. II88 Series of 2c24 Subject: Amendments to Persons Exempted from Attending the Seminar on Corporate Governance for Board of Directors The Monetary Board, in its Resolution No. l4l dated 1 February 2024 approved the amendments to the eligibility requirements for directors to exempt incumbent Cabinet Secretaries, who serve as directors/chairman in government financial institutions in an ex-officio capacity, from the required corporate governance seminar under Section 132 of the Manual of Regulations for Banks (MORB). Section l. Section 132 of the MORB, as amended by Circular Nos. l'129 dated'f 2 Novemb er 2o21 and'll 54 dated'l 4 Septem ber 2022, on q ua I ifi cations of a director is hereby amended to read as follows: T32 BOARD OF DIRECTORS xxx Qualifications of a director. a. A directorshall have the following minimum qualiftcations: He must have attended a seminar on corporate governance for board of directors.xxx Provided, That the following persons are exempted from complying with the aforementioned requirement: (a) xxx; (b) xxx; (c) Incumbent Cabinet Secretaries in the Philippine Covernment who serve as directors/chairman in government financial institutions in an ex-officio capacity;or (d) xxx xxx Section 2. This Circular shall take effect fifteen (15) calendar days following its publication either in the Official cazette or in a newspaper of general circulation. FOR THE MONETARY BOARD: Lft-S xxx (21 f9 Pebrua ry 2ci24 Governor