Corporate News


PSE sets board election, period of nomination




Posted on March 07, 2014


THE PHILIPPINE Stock Exchange (PSE) will accept nominations for its new board of directors from March 10 until 12 noon of March 19, the bourse said in a March 5 memorandum that was uploaded on its Web site yesterday.

Interested parties may check the nomination rules, qualifications of nominees as well as download nomination forms from the PSE Web site at www.pse.com.ph, it added.

COMPLEMENT
PSE’s board of directors consists of 15 directors with a term of one year: one president-director, not more than seven broker-directors, and at least seven non-broker directors.

For broker-directors, at least one but not more than two must be a category “B” broker while the rest should be category “A” brokers.

Category “A” brokers are those with combined value of trade and paid-up capital totaling at least P5.6 billion, while category “B” Brokers are those with combined volume of trade and paid-up capital below P5.6 billion.

Meanwhile, the non-broker director complement should consist of three independent directors and four directors who will represent the interest of issuers, investors and other market participants, with at least one representation from each sector.

The election of PSE’s board will be held on May 24 during the bourse’s annual stockholders’ meeting.