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Unfazed by the threat of a court suit by a stockbroker-director, the Securities and Exchange Commission (SEC) pushed through with its plan to limit the term of the directors of the Philippine Stock Exchange (PSE).
Through Memo Circular No. 17, Series of 2026, the SEC laid down the rule that a broker may be elected to the PSE board for a term of one year, subject to a maximum cumulative period of 10 years, whether consecutive or intermittent.
After serving as director for a cumulative term of five years, he or she has to observe a one-year cooling-off period before being eligible for reelection as director.
READ: It’s official: SEC imposes 10-year term cap on broker directors
