22 candidates to vie for 15 board seats in PSE elections

The annual elections of the Philippine Stock Exchange (PSE) will pit 22 candidates vying for the 15 available seats in the board of directors.

The PSE will hold its general membership meeting and election of its board of directors on April 8.

A total of 13 brokers are joining the race. They are Vivian Yuchengco, Robert Coyiuto Jr., Eddie Gobing, Marita Limlingan, Francisco Villaroman, William Ang, Alejandro Yu, Conrado Bate, Myron Timothy Papa, Paul Wee, Rodolfo Cruz, Edwin Luy, and Joseph Roxas.

Under the Securities Regulation Code (SRC), eight of the 15 board seats are reserved for non-broker directors while the remaining seven slots are held by brokers.

On the other hand, nominated to run as non-broker directors are incumbent president Francis Lim, chairman Jose Vitug, Jose Luis Javier, Cornelio Peralta, Roberto Atendido, Anabelle Chua, Amor Iliscupidez, Roy Joseph Rafols and Javier Quintos.

The SRC requires the exchange to keep at least three independent directors in its 15-man board.

Vitug, a former Supreme Court Justice, is expected to retain the PSE chairmanship after he was cleared by the Securities and Exchange Commission to run as an independent director of the bourse.

PSE brokers have expressed full support for Vitug considering his competence and integrity.

Questions earlier surfaced on the qualifications of Vitug to run as independent director of the exchange after power utility giant Manila Electric Co. disclosed to the SEC that Vitug was its general counsel.

The SEC, however, said it gave weight to Vitug’s qualifications and independence as a jurist.

Shortly after he retired from the Supreme Court, Vitug was appointed chairman of the PSE in July 2005, when predecessor Peter Favila accepted the invitation to head the Department of Trade and Industry.