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Updates
In a recent memo, the Philippine Stock Exchange is urging the publicly listed companies to hold their Annual Stockholders’ Meetings (ASM) scheduled over the coming weeks through remote communication as a precautionary measure against COVID-19. According to the local bourse, stockholders may participate in the ASM and vote through remote communication, instead of a face-to-face meeting.

Remote participation in stockholders’ meetings is now allowed under the Revised Corporation Code. It is up to the companies to establish the procedures for this. In the case of publicly listed companies, the option of remote stockholders’ participation is available, regardless of whether or not it is provided in the by-laws. But the new law also provides that the SEC shall issue the rules and regulations governing participation and voting through remote communication or in absentia, taking into account the company’s scale, number of shareholders or members, structure, and other factors consistent with the protection and promotion of shareholders’ or members’ meetings.

In response to the PSE memo, the SEC stated that it will issue a memorandum circular to provide guidelines on the attendance and participation of directors, trustees, stockholders, members and other officers of corporations in regular and special meetings through remote communication.

Check these out:


SEC- RA 11232 Revised Corporation Code  




BusinessWorld- Remote Voting




BusinessWorld- Ease in Filing





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Updates
New fisheries management strategy shall be implemented for this month’s sardine fishing season. According to the Bureau of Fisheries and Aquatics Resources (BFAR) Zamboanga Peninsula Office, it starts with an information caravan on the Ecosystem Approach to Fisheries Management or (EAFM).

Under EAFM, 12 Fisheries Management Areas (FMAs) were established through BFAR Administrative Order 263 for a more coordinated policy development and implementation. The AO aims to conserve and manage the fisheries in Philippine waters. It seeks to provide a science-based, participatory and transparent governance framework and mechanism consistent with the principles of EAFM.

Check these out:


BusinessWorld- New Management Strategy for Sardine Season




https://pia.gov.ph/news/articles/1027564





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