Practice question
Under Section 22’s definition, does shareholding alone necessarily disqualify an otherwise independent director?
- No; shareholdings are expressly excepted in the definition’s wording
- Yes, every shareholder is automatically nonindependent
- Only foreign shares count
- Only treasury shares count
- No director may ever own shares
Legal references
- RA 11232: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/86463; Section 22(b)-(c) and definition of independent director.
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