MANILA, Philippines – The revised implementing rules and regulations (IRR) of the Maharlika Investment Fund now lists fewer specific responsibilities for its audit and risk management committees while also greatly reducing the educational and professional experience requirements for the fund company’s top positions.
The release of the revised IRR comes less than a month after President Ferdinand Marcos Jr. suspended its implementation. Since then, Marcos has met with the officials from different agencies and reworked the IRR to “give the board of directors of the Maharlika Investment Company (MIC) the independence to manage the fund, free from any undue political interference,” according Malacañang press statement on Saturday, November 11.
However, the provisions of the IRR actually strip multiple sections of specific safeguards, leaving Maharlika’s board of directors to specify much of the audit and risk management committees’ responsibilities.
This means that the MIC’s board of directors has much more power over what the audit committee and risk management committee will do.
But who’s in charge of choosing the board of directors? Under the new…
