11 brokers vie for PSE board seats

Eleven brokers are running in this year’s annual elections of directors of the Philippine Stock Exchange (PSE), scheduled on May 17.

Based on the official list of nominees released by the PSE the other day, vying for the broker-director slots are former bourse chairman Vivian Yuchengco, BDO Capital president Eduardo Francisco (nominated by BDO Securities), Ismael Cruz, Ramon C. Garcia Jr., Eddie T. Gobing (Lucky Securities), Joseph Roxas (Eagle Securities), Alejandro Yu (R.S. Lim Securities), William Ang (Astra Securities), David Chua, Ramon T. Garcia and Eusebio Tanco (Venture Securities).

Conspicuously absent from the list is veteran stockbroker and businessman Robert Coyiuto, who has been getting the most number of votes among broker-candidates for the past two years.

Under the Securities Regulation Code, eight of the 15 board seats are reserved for non-broker directors while the balance is held by brokers.

Nominated to run as independent directors are PSE chairman and former Supreme Court Associate Justice Jose Vitug, lawyer Cornelio Peralta who has been a director of the exchange since 2004, and Jose Luis Javier.

Others vying for the non-broker positions are Roberto Atendido (to represent the Investment Houses Association of the Philippines, Philippine Long Distance Telephone Co.’s Anabelle Chua and Amor Iliscupidez (both to represent issuers), and Omelita Tiango to represent the Government Service Insurance System.

The remaining seat is reserved for PSE president Francis Lim.