Scribd
Upload
633 views1 page

Director S Compensation Under Corp Code Philippines

Directors or trustees of corporations shall not receive compensation for their service unless provided for in the bylaws or approved by a majority of shareholders. Total yearly compensation for directors cannot exceed 10% of the corporation's net income before taxes from the previous year. Directors also cannot participate in deciding their own pay and compensation. Corporations with public interest must report the compensation of each director to shareholders and the Commission annually. Members of the board can receive additional compensation beyond reasonable per diems if they provide other services to the corporation beyond their director duties.

Uploaded by

NJPMsmash
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
633 views1 page

Director S Compensation Under Corp Code Philippines

Directors or trustees of corporations shall not receive compensation for their service unless provided for in the bylaws or approved by a majority of shareholders. Total yearly compensation for directors cannot exceed 10% of the corporation's net income before taxes from the previous year. Directors also cannot participate in deciding their own pay and compensation. Corporations with public interest must report the compensation of each director to shareholders and the Commission annually. Members of the board can receive additional compensation beyond reasonable per diems if they provide other services to the corporation beyond their director duties.

Uploaded by

NJPMsmash
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 1

Revised Corporation Code SEC. 29.

Compensation of Directors or Trustees:


In the absence of any provision in the bylaws fixing their compensation, the
directors or trustees shall not receive any compensation in their capacity as
such, except for reasonable per diems: Provided, however, That the
stockholders representing at least a majority of the outstanding capital
stock or majority of the members may grant directors or trustees with
compensation and approve the amount thereof at a regular or special
meeting.

In no case shall the total yearly compensation of directors exceed ten


percent (10%) of the net income before income tax of the corporation
during the preceding year.

Directors or trustees shall not participate in the determination of their own


per diems or compensation. Corporations vested with public interest shall
submit to their shareholders and the Commission, an annual report of the
total compensation of each of their directors or trustees.

Members of the board may receive compensation, in addition to reasonable


per diems, when they render services to the corporation in a capacity other
than as directors/trustees. (WIT vs. Salas, 21 August 1997)

You might also like