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Guidelines on the Nomination and Election of Independent Directors

GUIDELINES ON THE NOMINATION AND ELECTION OF INDEPENDENT DIRECTORS

SEC Memorandum Circular No.16, s.2002 | 2002-11-28

MEMORANDUM CIRCULAR NO. 16, Series of 2002
 
GUIDELINES ON THE NOMINATION AND ELECTION OF INDEPENDENT DIRECTORS
 
To properly guide the companies in the nomination and election of independent directors and to have uniform procedures on the same, the Commission hereby prescribes the following guidelines:
 
I. 
COVERAGE
 
This Circular shall be applicable to public companies and those subject to secondary licenses from the Commission, as follows:
 
a.  Issuers of registered securities to the public whether or not listed in the Philippine Stock Exchange (PSE);
 
b. Public companies or those with assets of at least...