ChanRobles Virtual law Library
PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Home > Chan Robles Virtual Law Library > Philippine Laws, Statutes & Codes > :
Search for
www.chanrobles.com
:
MEMORANDUM CIRCULARS
PLEASE CLICK HERE FOR THE LATEST ➔ PHILIPPINE LAWS, STATUTES & CODES
MEMORANDUM CIRCULAR NO. 175 -
PRESCRIBING THE POLICY REGARDING THE ASSUMPTION OF DUTIES BY AND THE
GRANT OF COMPENSATION TO THE MEMBERS OF THE BOARDS OF DIRECTORS (WHO
ARE NOMINATED BY THE PRESIDENTIAL COMMISSION ON GOOD GOVERNMENT [PCGG])
OF SEQUESTERED AND SURRENDERED CORPORATIONS UNDER PCGG SUPERVISION
In addition to the policies laid down in
Memorandum Circular Nos. 40 and 66, the following policy is hereby
prescribed:
"All
nominee directors who were appointed to assume line functions or
responsibilities through committee membership or otherwise and whose
appointments were pre-approved by the Office of the President are not
covered by the limitations set forth in Memo Circular Nos. 40 and 66
and are instead governed by the affected corporations' by-laws and
corporate policies. In the case of nominee-directors whose appointments
were prior to the effectivity of Memorandum Circular Nos. 40 and 66,
the payment of such benefits and compensation shall be subject to prior
approval by the Office of the President depending on the facts and
circumstances of each case."
All concerned are enjoined to act accordingly.
DONE in the City of Manila, this 11th day of March, in the year of Our Lord, nineteen-hundred and ninety-eight.
chanrobles virtual law library
Back to Main
Since 19.07.98.