Term Limits for Independent Directors Posted 4 April 2016

Term Limits for Independent Directors

TERM LIMITS FOR INDEPENDENT DIRECTORS

 

ADVISORY 

Pursuant to SEC Memorandum Circular No. 9, Series pf 2011 and SEC Advisory dated 15 March 2015, Independent Directors (IDs) elected in 2012 may be re-elected as such until 2017, when the two (2) years cooling-off period shall commence.  However, if there are no suitable replacement, said IDs may be re-elected in 2017 until 2021, at which time, they may no longer be qualified as IDs for the same companies.

Said re-election in 2017 until 2021 shall be with prior written notice and justification to the Commission addressed to the Corporate Governance and Finance Department.

Mandaluyong City, 31 March 2016.