Makati RTC junks GMA bid to stop SEC term limit rule

MANILA, Philippines — The Makati Regional Trial Court (RTC) court has denied GMA Network’s bid to halt the Securities and Exchange Commission’s (SEC) rule that imposes a term limit on independent directors.  The RTC ruled the network failed to prove urgency. It noted that GMA’s annual stockholders’ meeting had already been moved to December.  READ: SEC bans independent directorship beyond 9 years GMA had sought to nullify the SEC circular, which caps independent directors’ term at a cumulative nine years.  The SEC argued that the firm failed to show that the rule’s implementation violated a clear.  The regulator also cited […]... Keep on reading: Makati RTC junks GMA bid to stop SEC term limit rule

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