BIZ BUZZ: GMA waves white flag vs SEC

The battle between GMA Network Inc. and the Securities and Exchange Commission (SEC) may finally be heading toward a commercial break.

After weeks of tension over the SEC’s controversial 10-year term limit rule for independent directors, GMA disclosed that its board had approved the filing of a motion to withdraw its petition for certiorari against the regulator.

The case, pending before the Court of Appeals, questioned SEC Memorandum Circular No. 7, which imposed a hard cap on the tenure of independent directors in publicly listed firms.

The Kapuso network had been among the loudest critics of the rule, arguing that the policy unfairly disrupted corporate governance structures and long-serving boards. The issue became especially sensitive because it affected veteran directors tied to the Gozon and Yuchengco camps.

But with the latest disclosure, it appears GMA may now be opting for détente instead of drama.