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

12357224_1001030256586309_208804719966902202_o.jpg

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s