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SEC eyes power to resolve independent director feuds.
(From Philippine Daily Inquirer)
Byline: Elena R. Torrijos
THE SECURITIES and Exchange Commission has drafted a rule giving itself the authority to resolve any disputes on the election of independent directors that would sit on the boards of publicly held companies or of the Philippine Stock Exchange.
According to the proposed amendment to the implementing rules and regulations of the Securities Regulation Code: "Any controversy or issue arising from the selection, nomination or election of independent directors shall be resolved by the commission by appointing independent directors from the list of nominees submitted by the stockholders."
The proposed amendment to the IRR would be presented to the public for comments shortly.
"When we decide (on independent directors) there must be a hearing. If it cannot be resolved ...
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