THE Securities and Exchange Commission (SEC) finalized and released SEC Memorandum Circular 4, Series of 2022, which pertains to the disqualification of directors, trustees and officers of corporations and guidelines on the procedure for their removal in accordance with Section 26 of Republic Act 11232, or the "Revised Corporation Code of the Philippines" (RCC).
The rules in the circular cover independent administrative actions for the removal of directors, trustees and officers, the removal of directors, trustees and officers as a sanction in SEC proceedings, and the imposition of sanctions on a board of directors or trustees who, with knowledge of the disqualification, fail to remove a disqualified director or trustee.
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