PHILIPPINE CORPORATE GOVERNANCE (CG) REGIMES: THE CG SYSTEM FOR THE GOCC SECTOR COMPARED WITH THE CG CODE FOR PLCS

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DEAN CESAR L. VILLANUEVA
STRUCTURE OF THE GOCC GOVERNING BOARDS

The GOCC Governance Act formally defines “Board of Directors/Trustees” as “the governing body that exercise the corporate powers of a GOCC.” The GOCC Code of CG formally distinguishes between the Board of Directors/Trustees and Management, thus:
“Board of Directors/Trustees” or “Board” or “Governing Board” (“Board”) refers to the collegial body that exercises the corporate powers, conducts all business and controls or holds all properties, of a GOCC, whether it be formally referred to as the “Board of Directors” or “Board of Trustees” or some other term in its Charter, Articles of Incorporation or By-laws.

Mar 6 - 4 Comparing Corporate Governance Regimes Between PLCs and GOCCs (2)

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