TO:
  2.       Controlled Corporations
In order to clearly define responsibilities in the policy formulation and implementation aspects of corporate management, I hereby direct that steps be taken to separate the positions of Chairman of the Board from that of the Chief Executive Officer of all government-owned or controlled corporations.

In the event that the two positions are presently held by one person, steps shall be taken within three days to separate them and the Office of the President will be notified of the resolution of the governing board to this effect in order that the President may order the election or appointment of either the Chief Executive Officer or the Chairman.

If the charter of a corporation provides for a concurrent Chairman of the Board and Chief Executive Officer, appropriate recommendations for the amendment of its charter should likewise be submitted within three days to the President.


Manila, February 24, 1982