October 20, 2006
SEC NOTICE
TO : All Independent Directors
RE : Certificate of Qualification
To promote meaningful compliance with Section 38 of the Securities Regulation Code (SRC), the Securities and Exchange Commission, in its meeting on September 20, 2006, resolved to require all independent directors to submit a certification, under oath, that they possess all the qualifications and none of the disqualifications provided for in the SRC and its Implementing Rules and Regulations. AHCaED
The certification shall, among others, contain an enumeration of the independent director's affiliations or positions in all organizations, corporate or otherwise, that may directly or indirectly give rise to a conflict of interest or violate SRC Rule 38. The pro forma certification attached to this Notice shall be used for this purpose.
Incumbent independent directors shall submit the certification to the Commission not later than December 31, 2006. Thereafter, the certification shall be submitted within 30 days from the date of election or appointment to the said position or, where applicable, together with SEC Form 20-IS and SEC Form 17-C relative to the election or appointment...
