GMA Network, Inc. has nominated former Chief Justice Reynato S. Puno and former Deutsche Bank Philippines Chief Country Officer Enrico S. Cruz as independent directors, according to a report by BusinessWorld.
The nominations come after GMA Network dropped its lawsuit against a Securities and Exchange Commission (SEC) rule limiting director tenure, which had prevented the company from retaining two long-serving board members.
The new appointments are expected to comply with corporate governance standards and refresh the board's composition. The changes will be subject to shareholder approval at the next annual meeting.