SEC oks voting guidelines for PSE elections

MANILA, Philippines - The Securities and Exchange Commission (SEC) has approved the voting guidelines for this year’s Philippine Stock Exchange (PSE) elections.

The annual stockholders meeting and elections of the PSE’s board of directors are scheduled on May 18, 2013, the local bourse said in a public notice.

“These rules have been adopted in order to carry out the provisions of the PSE Manual on Corporate Governance and the requirements of the Securities Regulation Code, which prescribe the composition and qualifications of the members of the board of directors of an exchange,” the PSE said.

Specifically, there will still be 15 seats for the board of directors.

The president-director will occupy one seat while broker-directors are allowed a maximum of seven seats.

The Nomination and Election Committee (Nomelec) allotted at least seven seats to non-broker directors consisting of at least three independent directors, and at least one director that will each represent the issuers, investors and other market participants.

Broker and non-broker directors should hold at least a college degree, understand the financial markets and are Filipino residents.

Independent directors are also required to have engaged or exposed to the business of the PSE for at least five years, Nomelec said.

The Nomelec is mandated to formulate the election guidelines, screen and review the qualification of candidates, and finalize the list of candidates for directors.

Nominations from stockholders will be entertained starting March 26 until April 5.

“Candidates who intend to withdraw their candidacies must indicate so in writing and must deliver the same to the chairman of Nomelec on or before 8:30 a.m. of May 18,” Nomelec said.

Last year, all 15 incumbent members of the board of directors were re-elected.

The re-elected PSE officials were chairman Jose T. Pardo, president and CEO Hans B. Sicat, and directors Cornelio T. Peralta, Eddie T. Gobing, Francis C. Chua, Alejandro T. Yu, Amor C. Iliscupidez, Roberto G. Vergara, Vivian Yuchengco, Eusebio H. Tanco, David O. Chua, Emmanuel O. Bautista, Anabelle Lim-Chua, Dakila B. Fonacier and Edgardo G. Lacson.