BIZ BUZZ: SEC keeps GMA on a tight schedule

GMA Network Inc. just hit another regulatory wall in its fight against the Securities and Exchange Commission’s (SEC) term-limit rule for independent directors.

The media giant disclosed that the SEC had denied its motion for reconsideration seeking to move its 2026 annual stockholders’ meeting (ASM) to Dec. 9 from the original May 20 schedule.

That means the Kapuso network is now under pressure to hold its ASM within 60 days from the date prescribed under its bylaws, following the regulator’s directive.

The issue traces back to SEC Memorandum Circular No. 7, which imposed a nine-year cap on independent directors of publicly listed firms—including years already served.

For GMA, that rule carries real boardroom consequences.

Among those potentially affected are long-serving independent directors, former Chief Justice Artemio Panganiban and former Bangko Sentral Governor Jaime Laya, both on the board since 2007.

The network had argued that implementing the policy immediately could force companies into rushed board transitions without enough time to properly vet replacements.

Earlier this year, GMA even went to court to stop the SEC circular, but the Makati Regional Trial Court denied its request for a temporary restraining order and preliminary injunction.

Regulators, indeed, appear unmoved.

In its latest disclosure, GMA said the SEC’s Markets and Securities Regulation Department had found “no justifiable and valid grounds” to allow the long postponement request.