by James Loyola, for Manilla Bulletin Publishing Corporation, April 30, 2010
The Philippine Stock Exchange (PSE) has released for public comments its draft listing rules for the proposed “Maharlika Board” which aims to distinguish listed companies which voluntarily subscribe to higher corporate governance standards.
“The draft rules on the Maharlika Board were approved on Wednesday by the Board for public comments. We encourage and welcome all stakeholders to comment on these proposed rules,” said PSE chairman Hans B. Sicat.
In a statement, the PSE said the public is given until May 28, 2010 to submit their comments to the PSE.
Sicat emphasized that this listing segment is purely voluntary and these proposed rules will not apply to existing listed companies unless they apply and are accepted for listing on the Maharlika Board.
“The proposed criteria for listing in this segment include a minimum float of 30 percent and an increased number of independent directors to three, as compared with the minimum of two independent directors as provided in the existing law,” Sicat said.
He added that “the proposed rules also provide for the active role of the independent directors in the Audit Committee and in approving related party transactions and anti-takeover measures.”…(continue reading)