RCCG Amendment: Close Ficing Cos. Exempt Indep. Dir.

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SEC MEMORANDUM CIRCULAR NO. 14, S. 2014: RCCG Amendment: Close Ficing Cos. Exempt Indep. Dir.

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Title Supreme Court: RCCG Amendment: Close Ficing Cos. Exempt Indep. Dir.

Law: Sec Memorandum Circular No. 14, S. 2014

Decision Date: Jun 27, 2014

Close financing companies are exempted from the requirement to elect independent directors, provided they amend their Articles of Incorporation and adhere to specific conditions regarding share transfers and issuance of commercial papers.

corporate governance

independent director

close corporation

END