MANILA, Philippines — Independent directors may soon be barred from seeking a longer term beyond nine years as the Securities and Exchange Commission (SEC) proposed a circular setting term limits.

SEC chair Francis Lim on Wednesday told reporters that setting the term limit in stone would allow opportunities for “true, meaningful independent directors.”

Under the proposed regulations, independent directors would be restricted to a maximum tenure of nine years, ensuring fresh perspectives and enhancing corporate governance standards.

https://business.inquirer.net/550197/sec-seeks-strict-9-year-limit-for-independent-directors