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SEC sets stricter 9-year limit for independent directors
Business World Philippines
|January 28, 2026
THE SECURITIES and Exchange Commission (SEC) is imposing a maximum cumulative nine-year term limit for independent directors of publicly listed companies starting in February, a move that will boost board independence, analysts said.
SEC Memorandum Circular No. 7, which was signed by SEC Chairperson Francisco Ed. Lim on Jan. 26, stated that an independent director is elected for a one-year term and can only serve for a maximum cumulative term of nine years in the same listed company.
The circular will take effect on Feb. 1 after publication in two newspapers of general circulation.
Independent directors who were elected before the effec-tivity of the circular will also be covered by the nine-year limit, starting from calendar year 2012.
Diese Geschichte stammt aus der January 28, 2026-Ausgabe von Business World Philippines.
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