MANILA, Philippines — New and old names have been nominated to the board of the Philippine Stock Exchange (PSE), operator of the local bourse, which will hold a virtual annual stockholders meeting on Nov. 2.
PSE president Ramon Monzon, who has been nominated to the same position, leads the roster of candidates for the 2020 board, to be voted by shareholders during the stockholders meeting.
The nominees for directors are Anabelle Chua (non-broker investor), nominated by PSE chairman Jose Pardo; Ferdinand Constantino (non-broker-investor), San Miguel Corp. CFO, also nominated by Pardo; Government Service Insurance System (GSIS) president and general manager Rolando Macasaet (non-broker-investor), also nominated by Pardo and endorsed by state-owned pension fund and businessman Edgardo Lacson (non-broker-other market participant).
Also nominated are businessman Eusebio Tangco (broker), nominated by PSE director Vivian Yuchengco, herself also nominated by Alejandro Yu.
Diosdado Arroyo (broker), Edde Gobing (broker) and Wilson Sy (broker) were also nominated to the board.
Vicente Panlilio, Pardo, retired chief justice Teresita Leonardo-de Castro, retired banker Consuelo Garcia and Roberto Lim, a former undersecretary of the Department of Transportation, were nominated as independent directors to the board.
The PSE’s board of directors is comprised of president-director; broker directors of at least one but not exceeding seven seats; and non broker-directors of at least seven seats consisting of at least three independent directors.
Other directors should represent interests of issuers, investors and other market participants with at least one, representation from each sector.
The board of directors has a term of one year and until their successors are elected and qualified.
Under the leadership of Monzon, the PSE tried to push for a unified stock market and fixed income exchange, but like in the previous years, it encountered regulatory challenges.
Aside from a unified exchange, the PSE has also been pushing for new products to help boost market activities and deepen the capital markets.