Ako Bicol Partylist Representative Rodel M. Batocabe, as a co-author of House Bill 4407- An Act Amending the Philippine Corporation Code, participated in the bill deliberation during the House Committee on Trade and Industry hearing.
The bill aims to incorporate international best standards and practices specifically tailored to address the needs and realities of the Philippine corporate setting.
Some of the notable amendments proposed are:
o Extends the life of a corporation from 99 years to perpetuity
o Removes the minimum required number of incorporators
o Allows the formation of one person corporations
o Introduces new provisions for increased disclosure and transparency
o Increases the criteria for director disqualifications
o Increases the number of independent directors
o Allows attendance at meetings by remote communication
o Allows voting in absentia
o Introduces the concept of an emergency to act in an emergency even when there is a failure of quorum
o Extends the right of inspection to a stockholder’s counsel or representative