What a year makes: PSE re-elects entire board

Rappler.com
After several years of contentious board elections -- with as many as 22 vying for 15 seats in the board of the Philippine Stock Exchange -- the 2012 polls is a different story

MANILA, Philippines – After several years of contentious board elections — with as many as 22 vying for 15 seats in the board of the Philippine Stock Exchange — the 2012 polls is a different story.

There were exactly 15 contenders who are all incumbents. New aspirants — from the Fund Managers Association of the Philippines (Paul Joseph Garcia and Marvin Fausto) and Investment Houses Association of the Philippines (Robert Atendido) —  backed out days before Saturday, May 5, the day of the stockholders meeting and board election.

In a press briefing, re-elected board chair Jose Pardo said, “We have a working team already in place. It would move faster if we had same group behind the exchange.”

In 2011 and previous years, restraining orders on rules limiting brokers’ voting rights of non-brokers and brokers haunted the bourse days before the elections. The Securities Regulation Code of 2001 prohibits brokers from occupying board seats beyond the 20% limit.

This sticking point was absent in the 2012 elections, as well as the frequently reporterd board-management tiffs over policies and operations, which had led to the resignations of at least 7 key officials, including former PSE president Francis Lim, one after the other.      

Much-needed reforms in the exchange, including the strict imposition of the public ownership rule, which delists firms owned by 10% of public investors by 2013, were laid out by the re-elected board. 

The following stays on at the PSE board for another year:

  1. Jose T. Pardo – chair, independent
  2. Hans B. Sicat – president
  3. Amor Iliscupidez, San Miguel Corp. Retirement Plan, non-broker
  4. Roberto Vergara, Government Service Insurance System, non-broker
  5. Anabelle L. Chua, PLDT, non-broker
  6. Edgardo Lacson, Philippine Chamber of Commerce and Industry, non-broker
  7. Dakila Fonacier, independent
  8. Cornelio T. Peralta, independent
  9. Emmanuel Bautista, Deutsche Regis Partners, broker
  10. Eddie Gobing, Lucky Securities, broker
  11. Francis Chua, BA Securities, broker
  12. Eusebio Tanco, Venture Securities, broker,
  13. Ma. Vivian Yuchengco, The First Resources Management and Securities, broker
  14. Alejandro T. Yu, R.S. Lim & Co, broker
  15. David Chua, Asia Pacific Capital Equities and Securities Corp, broker