Arroyo, Yuchengco lead candidates for PSE board

The upcoming elections of the Philippine Stock Exchange (PSE) board of directors is expected to be as controversial as the previous years as old rivals vie for limited slates in the 15-man board.

Based on the list of nominees qualified to run in this year’s board elections scheduled on March 19, 16 brokers are fighting for the seven seats reserved for broker-directors. The remaining eight seats are held by non-broker directors.

Observers expect the rivalry between incumbent PSE chairman Alicia Arroyo and veteran broker Vivian Yuchengco to heat up in this year’s annual board elections as they are reportedly gunning for the PSE chairmanship.

The fight for the top post of the PSE is said to be just between Arroyo and Yuchengco as businessman-stockbroker Robert Coyiuto is intent on just running as director.

Under Arroyo’s ticket are Conrado Bate, Paul Wee and Alejandro Yu.

Yuchengco’ s slate, on the other hand, includes her daughter Margarita Locsin, Francisco Villaroman, William Ang, Myron Papa, and Lorenzo Tan.

Running with Coyiuto for PSE director are Eddie Gobing, Ramon T. Garcia and Joseph Roxas.

Others running as PSE broker-director are Ismael Cruz who was nominated by veteran stockbroker Irving Ackerman, and Filomeno Francisco who was nominated by Francisco Liboro.

Expected to fill in the eight non-broker director slots of the PSE board are Francis Lim as president, former banker Peter Favila (independent), Asahi Glass Phils. president Renato Ermita (independent), and JG Summit Holdings Inc. director Cornelio Peralta (independent).

Those that have been nominated for the non-broker positions in the board are Government Service Insurance System chairman Bernardino Abes (to represent the interests of investors), PLDT treasurer Annabelle Chua (issuer), Frederick de Vera (issuer), Roberto Atendido (other market participants), Rufo Colayco (other market participants), and Wilfred Son Keng Po (other market participants).

Over the last three years, the PSE elections has been marred by controversies on the election of non-broker directors who hold majority of the board.

Under the circular issued by the SEC in 2002, no independent director should be allowed to solicit votes for himself or be subject to an election by stockholders.