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QAU Memo 2015-05: Clarification on the Term Limits of Independent Directors

SEC clarifies that the provisions for reelection of Independent Directors under SEC Memorandum Circular No. 9, series of 2011, should be interpreted as follows: Independent Directors elected in 2012 may be reelected as such for five years, or until 2017, when the two (2) year off cooling period shall commence.

 

For your reference and guidance.

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