The Philippine Securities and Exchange Commission has imposed a maximum cumulative term of 10 years for broker directors serving on the same exchange, whether their service is consecutive or intermittent. A broker director who completes five cumulative years must observe a one-year cooling-off period before becoming eligible for re-election. Incumbent broker directors receive a two-year transition period, during which they may complete their current terms and remain eligible for election in the next two annual elections. The equities exchange is expected to phase in the reconstitution of its board during this period to broaden representation and expertise and strengthen minority shareholder protection.
2026-05-21Philippine Securities and Exchange Commission
Philippine Securities and Exchange Commission imposes 10-year cumulative term limit for exchange broker directors
The Philippine Securities and Exchange Commission has capped broker directors’ cumulative service on the same exchange at 10 years and requires a one-year cooling-off period after five years. Incumbents may complete their terms and stand in the next two annual elections under a two-year transition period.