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Thursday, March 28, 2024

SEC issues rules on video meetings

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The Securities and Exchange Commission issued the guidelines that will enable companies to conduct meetings through teleconferencing, video conferencing and other remote or electronic means of communications amid the outbreak of the new coronavirus disease 2019.

The guidelines, issued through SEC Memorandum Circular No. 6, Series of 2020 on March 12, immediately took effect upon approval of the SEC en banc.

Based on the guidelines, the SEC will already allow corporations to conduct meetings through remote communication or other alternative modes only for the purpose of approving the provisions in their bylaws or internal procedures, which will govern participation in board meetings and stockholders’ and members’ meetings through remote communication or other alternative modes.

“The guidelines support the president’s declaration of a state of public health emergency throughout the Philippines to contain the outbreak of the new coronavirus disease, COVID-19,” SEC Chairperson Emilio Aquino said.

“Aside from allowing directors, trustees, stockholders or members to participate in meetings through remote communication to minimize face-to-face interactions, the commission encourages corporations to explore and implement all necessary measures to prevent the further spread of COVID-19,” he said.

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