Welcome to SharePHIL

What is SharePHIL? 

SharePHIL is a non-profit association which aims to become a major catalyst in promoting the development of the capital market by advocating education in order to enlighten investors and shareholders of their rights, duties and responsibilities and to promote shareholder activism in a positive way. With an enlightened investing public, more savings will be attracted to the capital markets and all shareholders, big and small, will be conscious about shareholder promotion and protection. SharePHIL completes the institutional governance infrastructure required to promote capital market development and ensures the creation of a level field.

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Articles & Speeches

New term limit for independent directors

By Francis Lim - Philippine Daily Inquirer - 12 May 2016

In an advisory dated March 31, 2016, the Securities and Exchange Commission (SEC) limited the term of independent directors to a maximum of nine years.

The original rule under SEC Memorandum Circular No. 9, series of 2011, prescribed a 10-year term limit. This old rule, more popularly known as the “5-2-5” rule, provided that an independent director shall have an initial term limit of five years, followed by a cooling off period of two years, and then he or she could be elected again for another five years.

After the second five-year term, the independent director will be perpetually barred from being elected as such in the same company. The original rule became effective in 2012.

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Speech of Finance Secretary Cesar Purisima during SharePHIL's 14 December 2015 GMM

Your association is a very important component of a healthy capital market, and a healthy capital market is very important to the growth of any economy because it is the capital market that allows for the efficient recycling of capital. In the case of the Philippines, even though we have a an old stock market, it is still relatively in its infancy. There are many other components of a healthy capital market, but the stock exchange in the context of the Philippines plays an outsized role right now because of its relative size. And our fixed income exchange, although bigger in volume, is trading mostly government securities. So from a standpoint of value handled from the private sector perspective, the stock exchange plays a bigger role.

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The Shareholders' Rights, Duties and Responsibilities Towards Good Government

Speech of SharePHIL Chair Evelyn Singson at the FINEX Forum on "Moving Ahead with Good Governance"
September 30, 2015

SharePHIL was inspired by the Securities Investors Association of Singapore (SIAS), an organization of retail investors whose success can be measured by its 71,000 strong membership.  SIAS now is a recognized investors’ body that has taken an active role in educating retail investors on how to invest their money and has been proactive in resolving issues between issuers and investors, and in settling inter-corporate disputes peacefully, not in an adversarial manner as it did when it first started.  Its mantra is “disputes are best settled in the boardroom rather than the courtroom”.  Today, SIAS prides itself   as the largest investors’ group in all of Asia.

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Minority shareholders seek bigger role in corporations

By Zinnia dela Peña - The Philippine Star, 11 September 2015

MANILA, Philippines - The Shareholders Association of the Philippines (SharePHIL), a group advocating for investor protection, wants minority shareholders to have a significantly stronger voice in appointing independent directors to ensure that a company is able to operate independently.

SharePHIL has written Sen. Paolo Benigno Aquino, proposing amendments to the Corporation Code, among which include requiring companies to elect independent directors using a dual voting structure.

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