GMA Network names independent directors (opens original article in a new tab)

GMA Network has nominated former Chief Justice Reynato S. Puno and Enrico S. Cruz as independent directors, replacing long-serving members Artemio V. Panganiban and Jaime C. Laya after withdrawing a lawsuit against an SEC rule limiting director tenure to nine years.

• GMA Network replaced two long-serving independent directors with Reynato S. Puno and Enrico S. Cruz.
• The company withdrew its lawsuit against the SEC's nine-year tenure limit for independent directors.
• The SEC's rule aims to enhance board independence by preventing prolonged director terms.