On this day three years ago, 23 February 2019, Republic Act No. 11232, otherwise known as the Revised Corporation Code of the Philippines, came into effect.
The Revised Corporation Code introduces changes aimed at fostering inclusive entrepreneurship, improving the ease of doing business, promoting good corporate governance, and increasing protection afforded to corporations, investors and other stakeholders.
Among others, the Revised Corporation Code provides for the establishment of a one person corporation, perpetual existence of corporations, electronic filing and monitoring, alternative dispute resolution, stockholder participation through remote communication, election of independent directors for corporations vested with public interest, the concept of emergency board, and deterrence against corporate abuses, fraud and corruption.
To implement the progressive provisions of the Revised Corporation Code, the Securities and Exchange Commission (SEC) has issued the following memorandum circulars over the last three years.
To read the memorandum circulars in full and to know more about the Revised Corporation Code,
VISIT: https://www.sec.gov.ph/revised…/revised-corporation-code/ #ItsEasyAtSEC
Source: https://www.facebook.com/PhilippineSEC/posts/320962183408602
