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Logo of the Securities and Exchange Commission (SEC)  in this photo taken on June 22, 2023. Jonathan Cellona, ABS-CBN News

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SEC ANNIVERSARY

Jekki Pascual

ABS-CBN News

MANILA -- Securities and Exchange Commission (SEC) Chairperson Francis Lim wants security of tenure for independent directors of publicly listed companies.At the sideline of a forum by the Financial Executives Institute of the Philippines, Lim said they are studying to issue a memorandum circular on corporate governance— which includes security of tenure for independent directors.Currently independent directors have a 9-year maximum term. Lim wants independent directors to have security of tenure within those 9 years so these officers can freely speak up on company policies without fear of being replaced or removed.“If you speak up, chances of you not being re-elected the following [term] is there,” Lim said.He added, “If you’re an independent director pagkatapos you fight for something which you believe is right, pero it’s not consistent with what the controlling circle see, you’re putting your tenure at risk.”Lim added he also wants to cap the term limit to 9 years because currently a company can seek exemption with the permission of the SEC and extend its independent director. Lim said 9 years is enough, adding that the independent director may opt to join another company instead.“There’s no monopoly of talent naman,” he added referring to the number of experienced directors and business-minded individuals.Lim clarified these are all part of a proposal and they are still studying this at the moment.

Securities and Exchange Commission Chairperson Atty. Francis Lim wants security of tenure for independent directors of publicly listed companies.

Securities and Exchange Commission Chairperson Atty. Francis Lim wants security of tenure for independent directors of publicly listed companies.

SEC wants security of tenure for independent directors

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SEC wants security of tenure for independent directors

Jekki Pascual,

ABS-CBN News

Published Aug 15, 2025 06:22 PM PHT

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