GMA Network files petition vs SEC rule on independent directors - BusinessWorld Online

GMA Network files petition vs SEC rule on independent directors - BusinessWorld Online

GMA NETWORK, Inc. said it has filed a petition before a Makati court seeking to nullify a Securities and Exchange Commission (SEC) rule imposing a nine-year term limit on independent directors of publicly listed companies. In a disclosure, the company said it filed a petition for certiorari before the Makati Regional Trial Court on March 26, seeking to set aside the regulator’s memorandum. “The Petition seeks to nullify and set aside SEC MC Circ…