BSP CIRCULAR NO. 371

: The circular authorizes the lowering of the requirement on physical attendance of directors of banks, quasi-banks, and trust entities in board meetings.
: Banks, quasi-banks, and trust entities are covered by the circular.
: Directors must physically attend at least twenty-five percent (25%) of all board meetings every year.
: Yes, meetings may be conducted through modern technologies such as teleconferencing and video-conferencing as long as the director actively participates in the deliberations.
: Every member of the board must participate in at least fifty percent (50%) of all board meetings annually.
: Directors who fail to participate in more than 50% of meetings or fail to physically attend at least 25% of meetings in any year are disqualified from the succeeding election.
: Yes, both regular and special board meetings are included in the attendance calculation.
: The circular took effect immediately upon its adoption on February 18, 2003.
: Monetary Board Resolution No. 23 dated January 3, 2003 authorized the lowering of the attendance requirement.
: Rafael B. Buenaventura promulgated the circular as the Governor.