August 24, 2016
BSP CIRCULAR LETTER NO. CL-2016-073
| TO | : | All BSP Supervised Financial Institutions |
| SUBJECT | : | Advisory on the Term Limits for Independent Directors |
Circular No. 749 dated 27 February 2012, as amended, on the "Guidelines in Strengthening Corporate Governance in BSP Supervised Financial Institutions" provides that the maximum term and any "cooling off" period prescribed by the Securities and Exchange Commission (SEC) for independent directors shall likewise apply to BSP Supervised Financial Institutions (BSFIs).
In this regard, please be informed that the SEC issued the attached advisory dated 31 March 2016, on the term limits for Independent Directors (IDs).
Please be guided accordingly.
(SGD.) NESTOR A. ESPENILLA, JR.
Deputy Governor
ATTACHMENT
Sec Advisory "Term"
March 31, 2016
