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This SEC opinion addresses a request for clarification on the shareholding limit for independent directors. It summarizes that SEC Memorandum Circular No. 16 previously established a 10% limit on shareholdings to qualify as an independent director. However, the Securities Regulation Code and subsequent amendments in the Implementing Rules and Regulations now provide that an independent director cannot own more than 2% of outstanding shares of the corporation or its related companies. Therefore, the 2% limit

Author

kobechow

Language

EN