MANILA, Philippines - The Philippine Stock Exchange (PSE) elected yesterday its new board of directors with a third comprised of fresh faces led by its new chairman, Hans Sicat, a former investment banker.
Sicat, who was unanimously voted by the PSE board, concurrently sits as president and chief executive officer of LegisPro Corp., a knowledge process outsourcing firm he co-founded in September last year. He spent over two decades as an international investment banker for Citigroup.
Meanwhile, PSE president Francis Lim was elected for another term.
Nine out of the 15-member PSE board now comprise non-brokers, with the rest consisting of stock brokers.
Under the Securities Regulation Code, seven out of the 15-man PSE board should be composed of brokers while eight are reserved for non-brokers.
Of the eight non-broker seats, three are for independent directors, one for president-director and four for other non-broker directors.
Aside from Sicat, other new entrants to the 15-man PSE board are John Aloysius Bernas (director and treasurer of various Philippine-based commercial as well as non-profit organizations and husband of Presidential daughter, Luli Arroyo), Eduardo David (chairman and managing partner of Hupomone Capital Partners (Singapore) Pte. Ltd.), Vicente Panlilio (financial consultant and director of Manila Electric Co. and San Fernando Light & Power Co.); and Wilfred Son Keng (managing director of AIG Global Investment Corp. (Asia) Inc.
This year’s elections were far more quiet than past polls which were characteristically marred by rivalry and disagreement between the long-feuding Makati and Manila based brokers.
Occupying the broker-director slots are former PSE chairman Vivian Yuchengco, Eddie Gobing, David Chua, Alejandro Yu, STI owner Eusebio Tanco and Ismael Cruz.
Completing the list are Omelita Tiangco (representing investors), and Amor Iliscupidez and Anabelle Chua (both representing issuers).
Commenting on his appointment as new PSE chairman, Sicat said: “It’s nice to be associated with this prestigious board of directors. We will just continue what the previous management had done. We’re committed to build a world-class exchange.”
Lim, for his part, said he is happy with the appointment of Sicat, whom he said is very qualified for the position. “HIs credentials speak for itself. He was exposed to best international practices. There’s no reason why he should not be the chairman of the exchange,” he said.
Sicat, 48, was chief representative of Citigroup Global Markets Asia Pacific Ltd. and director and Philippine investment banking head of Salomon Smith Barney Asia Pacific Ltd.- Hong Kong from 1996 to 2000.
He started his career as an analyst and staff member of the Asset Products Department from 1985 to 1987 of Citibank N.A. - New York.