Proponents of the bill seeking to create the Maharlika Wealth Fund will remove the president as chairman of the board of directors that will manage the sovereign wealth fund, House banks and financial intermediaries committee chairperson Irwin Tieng said.
Tieng disclosed this after Senior Deputy Minority Leader Paul Daza raised at a House hearing that the investment fund will be politicized if the president will chair the board of directors.Daza asked the resource persons to provide studies and accepted international practices on the chairmanship of the board managing sovereign wealth funds.
Responding to Daza's query, Tieng said the authors of the MWF will remove the president as chairman of the board. "With regards to the chairman, we basically amended the [one] proposed by our author, Congresswoman Stella Quimbo, to remove the president as chairman and to replace it with the Secretary of Finance," Tieng said.
"With regards to the composition of the 15-man board, instead of the two independent directors, it will be made into four independent directors," he added.Daza reiterated his point that the members of the board should not be appointed by the president. "I think it would be better governance in particular considering the political culture in the country, I would be even be as bold to propose that the majority of the board should be independent directors and not be appointed by the president," Daza said. —
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