Four candidates withdraw from PSE race

Four candidates have withdrawn from the Philippine Stock Exchange’s annual elections of directors scheduled today.

In a notice issued yesterday, the PSE said Filomeno Francisco of AB Capital Securities, Paul Wee of Accord Securities, Lorenzo Tan of PNB Securities, and Wilfred Son Keng Po have backed out from running, although the bourse did not cite the reasons for their withdrawal.

Francisco, Tan and Wee were candidates for the broker-director seats in the exchange while Po had been nominated to represent other market participants.

At least 200 PSE stockholders are set to elect a new set of directors in the annual stockholders meeting today. The board will be composed of seven brokers and eight non-brokers representing institutional investors and other market participants.

Based on the final list of nominees issued by the PSE, 12 brokers are contesting the seven broker-director slots.

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

Sources said the battle for the PSE chairmanship has been narrowed to just between Arroyo and Yuchengco as businessman-stockbroker Robert Coyiuto is reportedly intent on just running as director.

Under Arroyo’s ticket are Conrado Bate and Alejandro Yu. Yuchengco’s slate, on the other hand, includes her daughter Margarita Locsin, Francisco Villaroman, William Ang, and Myron Papa.

Meanwhile, running along with Coyiuto are Eddie Gobing and Ramon T. Garcia.

Incumbent broker-director Ismael Cruz is running as an independent broker-candidate.

On the other hand, those 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), and Rufo Colayco (other market participants).

Of the non-broker director seats, four will represent interests of issuer companies; one to represent the interests of investors; and another one to represent the interests of market participants.