New Rules on Corporate Governance and Board Membership for Banks and Financial Institutions

The Bangko Sentral ng Pilipinas (BSP, Philippine central bank) has released new rules on corporate governance for financial institutions. The new guidelines require that a person cannot hold the positions of chairperson of the board and chief executive officer of banks at the same time. The BSP could issue exemptions provided that there must be another lead independent director to be appointed by the bank. The new rules likewise mandated that non-executive directors, including independent directors, must compose…

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