SEC-OGC Opinion No. 24-34, Re: Foreigner appointed as Chairman of a corporation engaged in a partially nationalized economic activity

In its recent issuance, the Securities and Exchange Commission-Office of the General Counsel (“SEC-OGC“) addressed a query concerning the eligibility of foreign national to act as Chairman of corporations engaged in partially nationalized economic activities. The opinion clarified that a foreigner may serve as the Chairman of such corporations, provided they perform no executive functions, and their role is limited to presiding over the board meetings.