Corporate News

By Krista Angela M. Montealegre, Senior reporter

Old hands stay at PSE board

Posted on May 03, 2015

Fourteen out of the 15 directors of the Philippine Stock Exchange, Inc. were elected for a fifth term on Saturday, as the local bourse wraps up its three-year plan, which will be marked by the merger with the operator of the country’s fixed-income market and the shift to a new trading system.

"All motions including the election of officers and the special approvals were just carried through unanimously," PSE President Hans B. Sicat said after the company's annual stockholders’ meeting at the Wack Wack Golf & Country Club in Mandaluyong City.

Independent director Cornelio Peralta "retired from board participation and his spot had been taken by Ramon Monzon," Mr. Sicat said.

Mr. Peralta served as director of the PSE from 2004 to 2008 and 2010 to 2014.

Aside from Mr. Sicat, the other returning board members are Emmanuel T. Bautista, Annabelle L. Chua, David O. Chua, Francis C. Chua, Dakila B. Fonacier, Eddie T. Gobing, Amor C. Iliscupidez, Edgardo G. Lacson, Jose T. Pardo, Eusebio H. Tanco, Robert G. Vergara, Alejandro T. Yu, and Ma. Vivian Yuchengco.

Mr. Sicat remains president and CEO while Mr. Pardo returns as chairman.

The 2015 Nomelec Rules require that the board must be composed of one president-director; up to seven seats for broker directors; and at least seven seats for non-broker directors -- composed of at least three independent directors, and other directors who will represent the interest of issuers, investors, and other market participants, with at least one representative from each sector.

Priorities of the new board for the year will be sealing the deal to secure at least 67% of the Philippine Dealing System Holdings Corp. (PDS) "by end of July" and migrating to the NASDAQ OMX's trading system, known as X-stream, "by mid-year or earlier if possible," Mr. Sicat said.

"The three-year plans ends this year and part of the highlights of that three-year plan are these two major things: technology being shifted to NASDAQ X-stream and the PDS system," Mr. Sicat said.

The three-year strategy aims to make the PSE a "world-class exchange," with the introduction of more investment products and services.