Coyiuto camp finally attends PSE meeting

The breakaway group of brokers led by Robert Coyiuto Jr. has decided to finally attend the regular meeting of the Philippine Stock Exchange (PSE) board of directors yesterday, nearly three months after the contested elections took place.

This as the Pasig Regional Trial Court dismissed last week for lack of merit the case filed by former PSE president Ramon Garcia seeking the nullification of the elections of the eight non-brokers in the PSE board.

Coyiuto’s entire slate, which included fellow brokers Eddie Gobing, Federico Lim, Harry Liu and Edwin Luy, had boycotted all board meetings since the March 9 polls in protest over the election of Vivian Yuchengco as chairman. Yuchengco garnered the support of the majority non-brokers in the board, led by PSE president Ernest Leung, for the chairmanship in the 15-man board, a position which Coyiuto likewise sought.

Garcia, who was eased out from the list of non-broker candidates, immediately sought a court injunction to disqualify the non-brokers and hold a new election but the RTC ruled that such objections should have been raised beforehand with the PSE’s Nominations and Elections Committee (Nomelec).

But with the dismissal of the case, Coyiuto’s group said they have decided to actively participate in the deliberations of the Board "in view of recent developments and cognizant of the desire of the majority of our stockholders that we assume office to give them representation in the board and to protect their interests and that of the PSE."

However, the five brokers clarified this move does not mean that they have wavered from the principles they are fighting for, expressing their intentions to "institute meaningful reforms, achieve efficiency and correct some of the practices of the current administration."

In fact, the group stressed among their immediate objectives is to address the "deteriorating situation at the PSE due in part to the Board’s leadership."

"We are concerned with the exodus of competent PSE staff members who may have moved to other organizations operating under less stressful management conditions, or have resigned in disgust with the present administration," Coyiuto’s group pointed out.

But for Yuchengco and Leung, the meeting was a step in the right direction as it set the stage toward a possible reconciliation between the feuding groups.

Yuchengco said the meeting and the subsequent Executive Session went without any hitches and they were able to settle the agenda on hand. A new committee, taking over from the former Building Committee, was even formalized to specifically expedite the legalities involved in the relocation of the PSE in Fort Bonifacio Global City.

Leung, for his part, clarified that there was no revamp going on at the PSE management and that such personnel movements were part of the standard process in a streamlining organization.