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Manila Bulletin devider Business devider The Stock Market devider SEC: Prior approval no longer needed for early stockholders' meetings

SEC: Prior approval no longer needed for early stockholders' meetings

Published Mar 10, 2026 02:34 pm

The Securities and Exchange Commission (SEC) has relaxed its rules for firms holding annual stockholders’ meetings (ASMs) earlier than prescribed by requiring only a notification instead of prior approval from the commission.

The SEC said this applies to publicly listed companies (PLCs) and other issuers of registered securities planning to hold their ASMs earlier than the date specified in their bylaws.

In a March 9 notice, the SEC’s markets and securities regulation department (MSRD) announced that PLCs and other companies with registered securities under its supervision no longer need to obtain prior approval from the commission for the early conduct of their ASM.

Instead of obtaining prior approval from the SEC, all PLCs and other companies with registered securities must submit a written notice to the commission regarding the early conduct of their ASM at least 32 business days before the scheduled meeting.

The notice, to be submitted through MSRD at [email protected], should contain the justifiable reason for the early conduct of the ASM and must be approved by the board of directors, supported by the secretary’s certificate.

The submission of a written notice will ensure covered companies’ compliance with the prescribed periods for the filing of the preliminary information statement (PIS) and definitive information statement (DIS), and their distribution, as provided under Republic Act (RA) No. 8799, or the Securities Regulation Code (SRC), and its implementing rules and regulations (IRR).

The early conduct of the ASM and the reason shall be disclosed through the filing of SEC Form 17-C, which should be made publicly available on the company website, and on the Philippine Stock Exchange’s (PSE) Edge website in the case of PLCs.

Additionally, covered companies must ensure that rights of stockholders are not impaired, encourage attendance of minority stockholders at the ASM, and comply with deadlines for filing of PIS, DIS, and distribution of information statements.

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