By Junex Doronio
AMID APPREHENSIONS of some sectors, Finance Secretary Benjamin E. Diokno on Monday stood firm that the amendments to the implementing rules and regulations (IRR) of the Maharlika Investment Fund (MIF) Act are all within the bounds of the law.
Diokno underscored that the enhancements introduced to the IRR “are meant to give full meaning to the establishment of a strong corporate governance structure.”
“In particular, the IRR’s emphasis on ensuring the independence of the Board of Directors of the MIC (Maharlika Investment Corporation) allows it more headroom to form credible oversight and risk management bodies while upholding the highest standards of effective fund management,” Diokno said in a statement.
On Saturday, November 11, Malacañang released the revised Maharlika IRR with assurance from President Ferdinand R. Marcos Jr. that the members of the Maharlika Investment Corp. (MIC) will exercise independence in managing the fund, resulting in the promotion of good corporate governance.
It was learned that the final IRR now authorizes Marcos Jr. to accept or reject the nominees submitted by the MIC Advisory Body for the positions of president and chief executive officer, regular, and independent directors of the MIC Board.
(ai/mnm)