March 7, 2017
SEC MEMORANDUM CIRCULAR NO. 05-17
| TO | : | All Independent Directors |
| SUBJECT | : | Certificate of Qualification |
To promote full disclosure of the qualifications of independent directors to hold said position, the Commission in its en banc meeting on 02 March 2017 resolved to update the pro forma Certification required from all independent directors.
The Certification shall include, among others, disclosure of any pending criminal or administrative investigation or proceedings, positions held in Government-Owned and Controlled Corporations and the required written permission or consent from the head of Department/Agency [for those in government service].
The Certification shall be submitted together with the companies' Information Statements (SEC Form 20-IS) and before the election of the independent director.
This Memorandum Circular shall take effect immediately.
Pasay City, Philippines, March 10, 2017. CAIHTE
For the Commission:
(SGD.) TERESITA J. HERBOSA
Chairperson
ATTACHMENT
CERTIFICATION OF INDEPENDENT DIRECTOR
I, ____________________________, Filipino, of legal age and a resident of_________________, after having been duly sworn to in accordance with law do hereby declare that:
1. I am a nominee for independent director of _________________ and have been its independent director since ________________...
