The rule would effectively end the tenure of veteran directors including former chief justice Artemio V. Panganiban, who was 88-years-old as of GMA's 2025 annual report, and former central bank governor Jaime C. Laya, who was 85, both of whom have served since 2007.
The directors affected are often described as baby boomers— boomers for short—referring to those born in the post-World War II baby boom who still dominate many corporate boards today.
Both bring deep cross-sector influence beyond their former roles, with Panganiban holding board and advisory positions in major listed firms such as PLDT, Manila Electric Co., Petron, and JG Summit.
Laya, meanwhile, has longstanding ties to finance and culture, serving as vice chairman of Philtrust Bank and holding leadership roles in institutions like the Cultural Center of the Philippines and the National Commission for Culture and the Arts.
Reform-minded SEC vs the status quo
The broadcast giant has filed a petition against the Securities and Exchange Commission, led by reform-focused chair Francis Ed. Lim—himself a boomer at 71 years old—to block a circular limiting independent directors to nine years, applied retroactively from 2012.
Led by media tycoon and company chair Felipe Gozon, GMA argued the policy was imposed too quickly, forcing the company into a rushed search for replacements without proper vetting.
Gozon is also a veteran lawyer who placed 13th in the Philippine bar examinations.
TRO sought
The company is seeking a temporary restraining order and other relief to stop the rule from taking effect, citing constitutional concerns and regulatory overreach.
“By the petition, petitioner GMA assails the constitutionality of SEC MC Circular 7, s. 2026 and asserts to sustain direct injury by virtue of the issuance of the assailed circular for the very limited time afforded to it before the holding of its 2026 Annual Stockholders Meeting, as it will be forced into a position of scrambling to replace its two incumbent IDs, former Chief Justice Panganiban and Dr. Jame C. Laya, without the opportunity of conducting an exhaustive vetting process,” GMA said.
The case, now before a Makati court, could test how far authorities can go in tightening board independence rules across listed firms.
—Edited by Miguel R. Camus
