PSE starts nomination process for 15-man board

After almost a month’s delay, the Philippine Stock Exchange (PSE) will start today the nomination process for its 15-man board of directors, with the lineup of candidates for both the brokers and non-brokers list expected to spring a few interesting twists.

The PSE’s nominations and elections committee (Nomelec) has come up with the set of rules and guidelines which the current PSE board approved last week, paving the way for the scheduling of the annual elections on April 5. The bourse usually holds its yearly membership meeting and poll on the first Saturday of March.

PSE president Ernest Leung, who is expected to enter into his second term leading the list of non-broker directors, said a number of non-broker directors have expressed their intent not to run anew, citing the pressing commitments in their respective fields. Among those reportedly not inclined to seek another term include former Securities and Exchange Commission associate commissioner, Petron president and presently a corporate rehabilitation expert Monico Jacob; former Socioeconomic Planning Secretary, now executive director of the Asian Development Bank Cayetano Paderanga; and Eugenio Lopez III of the Lopez Group of Companies.

Leung added that among those being considered to fill up the vacuum in the non-brokers list are Social Security System administrator Corazon dela Paz and former Finance Undersecretary Romeo Bernardo.

In the present board, the remaining non-brokers are made up of Leung, Aboitiz Equity’s Enrique Aboitiz Jr., banker Peter Favila, former Customs Commisioner Tomas Apacible, and Ateneo University’s Fr. Joaquin Bernas.

Earlier, PSE chairperson Vivian Yuchengco floated the idea of tapping some of the the country’s richest and most powerful businessmen as possible nominees, noting that such a selection would not only bring more prestige to the Exchange but hopefully, instill a clearer business direction for the PSE as a demutualized entity priming itself for public offering.

She said these people could also help lift up investor sentiment toward equities as the new directors would be representing the blue-chip companies, bringing their knowledge and business expertise to the PSE board.

Among the names floated as possible candidates include John Gokongwei of the JG Summit group, Jaime Augusto Zobel de Ayala of Ayala Corp., Eduardo Cojuangco Jr. of San Miguel Corp., Alfonso Yuchengco of the House of Investments, Teresita Sy-Coson of the SM Group, George Ty of Metrobank, and beer and tobacco tycoon Lucio Tan.