MANILA, Philippines — The Philippine Stock Exchange Inc. (PSE) has appointed its new board of directors, 14 of whom were reelected during its annual stockholders’ meeting Saturday.
Former PSE director Edgardo Lacson was the only new addition to the PSE’s new 15-member board after he was elected as non-broker director representing other market participants.
Lacson, chairman of the Employers Confederation of the Philippines and honorary chairman and past president of the Philippine Chamber of Commerce and Industry, has served in the PSE board in the past, with his last stint ending in 2021.
Philippine Seven Corp. chair and founder Jose Pardo remains as chairman while Ramon Monzon will continue with his duties as president and CEO.
Monzon, who was appointed to lead the PSE in May 2017, is currently the longest-serving president of the company.
The board of the PSE is composed of one president-director, five broker directors and nine non-broker directors.
Of the nine non-broker directors, five are independent directors and four are directors representing the interests of issuers, investors and other market participants.
Non-broker directors who were reelected by PSE shareholders were Ferdinand Constantino and Jose Arnulfo Veloso as directors representing investors and Marilyn Victorio-Aquino as director representing issuers.
Meanwhile, the independent directors who will continue to serve on the board are Pardo, former chief justice Teresita Leonardo-De Castro, Peter Favila, Andrew Jerome Gan and Vicente Panlilio.
Broker directors elected were Diosdado Arroyo, Eddie Gobing, Wilson Sy, Anthony Te and Ma. Vivian Yuchengco.
The directors will serve for a term of one year from July 2024 to June 2025.
“I am pleased to be working once again with esteemed colleagues in the board. They have been instrumental in pursuing regulatory reforms and programs for the stock market and its stakeholders to bring PSE closer to its vision,” Pardo said.
The PSE is the operator of the country’s sole stock market.
For this year, the PSE is targeting six initial public offerings and about P175 billion worth of capital to be raised.