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MANILA, Philippines – The Philippine Stock Exchange (PSE) will accept nominations for its 2013 board election until 12 nn of April 10, instead of the original deadline of 12 nn, April 5.
A new set of PSE directors will be elected during the bourse’s annual stockholders’ meeting at the Wack Wack Gold and Country Club in Mandaluyong City on May 18.
The extension of the deadline for nominating candidates was contained in an order from the Securities and Exchange Commission (SEC) dated April 4.
According to PSE Nomination and Election Committee rules, the 15-man PSE board should have at least 7 non-broker directors and at most 7 broker directors.
The roster of non-broker directors must include 1 president-director, 3 independent directors and directors representing issuers and investors.
Broker directors, on the other hand, must include a Category B broker with value turnover and paid-up capital of P4.4 billion or below. – Christian Bautista/Rappler.com
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