The Securities and Exchange Commission (SEC) urged corporations to continue virtual stockholders’ meetings despite the impending return of the Philippines to Alert Level 1 and the loosening of public health and safety restrictions.
The SEC said in a statement the holding of meetings through remote or other alternative means is provided under the Revised Corporation Code, and will promote greater transparency and accountability for the benefit of the corporation.
“The provisions of the Revised Corporation Code for the virtual participation of shareholders or members, directors or trustees, and officers in meetings allow for greater stakeholder involvement in corporate governance,” SEC chairperson Emilio B. Aquino said.
“Stronger stakeholder engagement brings in more insights that could translate (in)to well-grounded decisions and innovations, as well as it promotes transparency and accountability in the decision-making. All these will ultimately redound to the benefit of the corporation,” he said. Jenniffer B. Austria