He said this as the deadline for nominations and applications for the Maharlika Investment Corporation board of directors was set on September 27, 2023.
It was recently announced by the Bureau of the Treasury that the guidelines of Republic Act 11954 or the Maharlika Investment Fund Act of 2023 has already been issued last August 28, and became effective Sept. 12, 2023, or 15 days after its publication in the Official Gazette or in a newspaper of general circulation.
The president and CEO shall provide strategic leadership, vision, and management for the fund’s overall operations, aiming to maximize return on investment and contribute to the long-term economic prosperity of the nation; design and execute strategic initiatives that resonate with the fund’s objectives and align with the country’s broader financial and economic strategies; prepare the agenda for the meetings of the Board of Directors and to submit for the consideration of the Board of...
Other requirements are a minimum of 10 years experience in finance or investment, with at least 10 years in a senior leadership role in a reputable financial institution, public/private sector organization; prior experience with ESG criteria and sustainable investment is preferred; in-depth understanding of the industry, including risk management, compliance, and regulatory requirements; and strategic knowledge of cash flow and capital planning management.
Other measures include an external audit conducted by an internationally recognized auditing firm; examination and audit by the Commission on Audit; joint Congressional Oversight Committee, composed of seven members each from the House of Representatives and the Senate; and adherence and compliance with the Santiago Principles.
Of the MIC’s authorized capital stock of P500 billion, P375 billion will constitute common shares available for the subscription of the national government, its agencies or instrumentalities, GOCCs or government financial institutions. The remaining P125 billion in capital shall correspond to the preferred shares available for the subscription of the national government, its agencies or instrumentalities, GOCCs or GFIs, and reputable private financial institutions and corporations.
Source: News Formal (newsformal.com)
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