Amendments to the Regulations on Corporate Governance for Trust Corporations

BANGKO SeNTnaL NG PILIPINAS OFFICE OF THE GOVERNOR crRcutAR No. 1094 Series of 2O2O Subject: Amendments to the Regulations on Corporate Governance for Trust Corporations The Monetary Board, in its Resolution No. 1080 dated 27 August ZO2O, approved the amendments to the relevant provisions of the "T" Regulations of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI); as follows: ' Section 1. The following provisions of Section 118 - T of the MORNBFI are hereby amended to read, as follows: 118 - T BOARD OF DIRECTORS Definition; Quolifications; Powers; Duties ond Responsibilities of the Board of Directors. Unless otherwise provided specifically, the provisions of Sec. 131-q Sec. L32-Q and Sec. 133-Q, in so far as applicable, shall be adopted. Qualifications of o director. xxx. XXX. Duties and responsibilities of the board of directors. In addition to the provisions prescribed under Sec. 132-Q (Specific duties and responsibilities of the board of directors), and Sec. 133-Q (Board-Level Committees), the board of directors shall xxx. Section 2. Effectivity This Circular shall take effect fifteen (15) calendar days following its publication either in the Official Gazette or in a newspaper of general circulation. FOR THE MONETARY BOARD: (- (. BENJAMIN E. DIOKNO Governor 0t t"o,"rber 2o2o A. l'"4abini St., Malaie 1004 Manila, Philippines . {632)8108-7101 . www.bsp.gov.ph o [email protected]