February 21, 2020
SEC MEMORANDUM CIRCULAR NO. 03-20
| TO | : | All Corporations |
| SUBJECT | : | Notice of Regular Meetings of the Stockholders/Members |
To promote good corporate governance and the protection of minority investors, the Commission, pursuant to its regulatory power under Section 179 (d) of Republic Act No. 11232 otherwise known as the Revised Corporation Code of the Philippines (RCCP) and Administrative Order No. 38, Series of 2013 resolved to issue the following rules:
(1) Written notice of regular meetings shall be sent to all stockholders/members of record at least twenty-one (21) calendar days prior to the date of the meeting.
(2) In case of postponement of stockholders'/members' regular meetings, written notice thereof and the reason therefor shall be sent to all stockholders/members of record at least two (2) weeks prior to the date of the meeting as originally scheduled. The stockholders/members of record shall be notified of the new schedule of the regular meeting in accordance with the immediately preceding paragraph.
(3) The written notice must contain all information and deadlines relevant to the shareholders'/members' participation in the meeting and...
