Regulatory Alerts2020-03-12
Guidelines on Remote Attendance and Participation in Corporate Meetings via Teleconferencing and Electronic Means
The Securities and Exchange Commission of the Philippines issued Memorandum Circular No. 6, Series of 2020, to formally authorize and regulate the remote attendance, participation, and voting of directors, trustees, stockholders, and members in corporate meetings via teleconferencing, videoconferencing, and other electronic means. The guidelines require corporations to adopt internal procedures and amend their bylaws to facilitate virtual participation, ensuring that remote attendees count toward quorum and can cast votes through secure electronic channels. The circular further mandates strict administrative protocols, including advance notice periods, identity verification, continuous audio-visual recording of proceedings, and proper documentation to guarantee transparency and compliance with the Revised Corporation Code.