Ex-chief justice ready for next journey after SEC caps independent directors' term

Retired chief justice Artemio Panganiban is ready to move on to his next journey after his stint in the board of most publicly listed companies was affected by the term limit imposed by the Securities and Exchange Commission (SEC) on independent directors.

- Richmond Mercurio

Panganiban has served as a long-time independent director in several listed companies including GMA Network Inc., PLDT Inc., Petron Corp. and Manila Electric Co.

He said that among the several listed companies which tapped him as independent director, almost all — except for JG Summit Holdings Inc., RL Commercial REIT Inc. and Jollibee Foods Corp. — were affected by the SEC’s memorandum circular that imposes a strict term limit on independent directors of publicly listed companies.

‘‘The SEC circular is addressed not to me, not to any independent director. It’s addressed to the corporations. So how can we comment, we’re not involved directly,’’ Panganiban, who served as Supreme Court chief justice from Dec. 21, 2005 to Dec. 6, 2006, said.