Quisumbing Torres Corporate & Commercial Practice Group Head Christina Macasaet-Acaban led a presentation on the Revised Corporation Code during QT’s inaugural Women in Law Series, entitled Doing Business Made Easier : Understanding the Revised Corporation Code which was held 25 March at the UP BGC Campus, Taguig City. The event was attended by over 100 representatives from key industry players in the Philippine business arena.
Christina provided a comprehensive presentation on Understanding the Business Impact of the Revised Corporation Code, identifying key changes in areas relating to the incorporation and organization of corporations, corporate governance structure, requirements and processes, the creation and features of a one person corporation, and the expanded powers of the SEC and extensive penalties for violation.
“Our session provides a technical discussion on the amendments to the Revised Code, how they simplify corporate registration, strengthen corporate governance and accountability of the governing body to its stockholders and stakeholders, and provide a more robust protection of minority stockholders,” Christina explained. “We advise our clients to familiarize themselves with the changes in the Revised Code, and to consider how to incorporate the new arrangements initiated by the Revised Code in their business model and operations.”
At the end of her presentation, Christina advised that businesses should:
- Consider actions to take to conform to requirements of the Revised Code.
- Incorporate new arrangements that have basis under the Revised Code to ease doing business and improve corporate governance.
- Corporations that are vested with public interest should comply with additional requirements.
- Set up systems and processes in place to operate under the Revised Code.
Securities and Exchange Commission (SEC) General Counsel Camilo Correa also provided an overview and salient points of the revised corporation code. GC Correa shepherded the passage of the revised Corporation Code starting in 2013, through two Congresses (the 16th and 17th) and through two SEC chairpersons.
The event was hosted by Corporate & Commercial Senior Associate Ina Dominguez.
QT’s Corporate & Commercial Practice Group
Our Corporate & Commercial/M&A Practice Group assists clients in various projects and transactions, including all phases of public or private mergers and acquisitions, joint ventures and shareholder arrangements, foreign investment and structuring, establishment of operations, divestments, corporate restructuring and reorganization, corporate governance, and regulatory compliance requirements.
The group is led by Christina Macasaet-Acaban who also heads the firm’s Healthcare Industry Group, and the Competition Focus Group. She is a member of Baker & McKenzie International's Asia Pacific Healthcare Steering Committee, and the Asia Pacific Competition Steering Committee. She has 19 years of experience advising and representing multinational corporations on domestic and cross-border transactions.
QT’s Women in Law Series
In recognition of the great female legal practitioners in the firm, QT launched the Women in Law Series. Each session will come in 2 parts as it serves its dual purpose of building awareness in the movement to support women in the legal practice, and, providing valuable updates and key trends in a relevant legal development.
The next session for 2019 will feature Divina Ilas-Panganiban, a partner in the firm’s Intellectual Property Practice Group.
Read more about QT’s Women in Law Series here