THE search for the first President of the Maharlika Investment Corp. (MIC) is now on.
Do you have at least a Master’s degree in finance or a related field? Do you have exceptional experience and expertise in corporate management? Do you have a minimum of 10 years of experience in a senior leadership role?
Then if so, you may want to apply as the first President of the MIC, the state-run corp. that will oversee the country’s recently established Maharlika Investment Fund (MIF).
The BusinessMirror on Tuesday got hold of a copy of the approved implementing rules and regulations (IRR) of the Republic Act 11954 or the MIF Act.
Finance Secretary Benjamin E. Diokno on Tuesday told reporters that the IRR was published in the Official Gazette last August 28.
Qualifications of the President and CEO
The approved IRR, which takes effect on September 12, has outlined the qualifications for the members of the MIC board from Regular Directors, Independent Directors, and President and CEO.
“The search for the President and CEO [PCEO] of the Maharlika investment Corporation, two regular directors, and three independent directors is on,” Diokno said.
Under Section 39 of the IRR, the MIC PCEO must hold an “advanced degree” either an MBA, MA, MSc or even a PhD in finance, economics, business administration or a related field from a “reputable university.”
The PCEO shall also possess “exceptional” experience and expertise in various aspects: corporate management, financial planning strategy, strategic planning and vision, market and business development and budget development.
The IRR stipulated that the PCEO must have a “minimum” of 10 years experience in finance or investment that includes 10 years’ experience in a senior leadership role in a “reputable” financial institution or public/private sector organization.
The IRR added that it is “preferred” that the financial institution
or organization has Environmental, social, and governance (ESG) criteria and sustainable investment.
Section 39 adds: “Must have in-depth understanding of the industry, including risk management, compliance, cand regulatory requirements and [must have] strategic knowledge of cash flow and capital planning management.”
The PCEO shall be appointed by the President as recommended by the Advisory Body of the MIC, according to the rules and regulations. The PCEO will have a term of three years “without prejudice to reappointment.”
“The PCEO shall direct and supervise the operations and internal administration of the MIC, and shall be charged with the risk management, financial performance, human resources, accounting and legal affairs of the MIC,” the IRR stipulated.
Fidelity bond
The IRR also requires the PCEO, regular and independent directors to “secure a fidelity bond of P10 million.”
Meanwhile, the two regular directors of the MIC’s 9-man Board of Directors (BOD) must possess these qualifications: citizen of the Philippines and at least 35 years of age and must be of good moral standing and reputation, of recognized probity and independence.
The regular directors should have “substantial” experience and expertise in corporate governance and administration, investment in financial assets and management of investments in the global and local markets, according to the IRR.
The regular directors must also observe the prohibition on conflict of interests and are thereby mandated by the IRR to resign and divest from any forms of interests in any private institutions that would “put them in conflict” with the interests of the MIC prior to assumption of their office.
“The regular directors shall serve in the board full-time, and shall not hold any other public office or post during their tenure,” section 25 of the IRR read.
“Neither will the regular directors have or possess any private financial and business interest while in office,” it added.
Independent directors
Meanwhile, the independent directors of the MIC BOD from the private sector, which makes up three seats, must also have competency, expertise and experience in finance, economics, investments, business management or law.
The independent directors must be “highly capable” to contribute to the “attainment of the objectives and purposes of the MIF.”
“The independent directors shall not hold any business or financial interests and other relationships which could or could reasonably be perceived to materially interfere with his exercise of independent judgment in carrying out their responsibilities as directors,” Section 28 of the IRR read.
Both the regular directors and independent directors will be appointed by the President of the Philippines upon the recommendation of the MIC Advisory body. The difference, however, is in their terms of office.
The regular directors shall serve for a fixed term of three years “unless sooner removed for cause,” while the independent directors hold office for a 1-year term which can be renewed up to a maximum cumulative term of 9 years, according to the IRR.
Furthermore, both the regular directors and independent directors must hold at least a master’s degree. They should also have a minimum of 10 years of industry experience that involves roles at a senior management level or within a BOD of a “reputable” financial institution, investment firms or sovereign wealth funds.
Under the IRR, the seats of the regular and independent directors shall be filled within 90 days from the vacancy ,with the MIC Advisory Board submitting its list of nominees to the Office of the President not later than 30 days from such vacancy.
The MIC Advisory Body would create an Ad Hoc Technical Unit that would filter the applications for the MIC BOD positions and would be in charge of transmitting the qualified nominees and applicants within 15 days from the closing date of solicitation.
The MIC Advisory Body is composed of the Department of Budget and Management Secretary, Socioeconomic Planning Secretary and the National Treasurer of the Philippines.
Search is on for 1st Maharlika Investment Fund chief
Source: News Paper Radio
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