Shareholders of The Philippine Stock Exchange, Inc. (PSE) elected four (4) new members of the Board of Directors at the company’s annual stockholders’ meeting held Monday (November 2).
Elected to the PSE Board as Independent Directors were former Chief Justice Teresita L. De Castro and prominent investment banker and former ING Bank Manila Country Head Consuelo D. Garcia. Also elected were San Miguel Corporation CFO and Treasurer Ferdinand K. Constantino as sectoral representative for Non-Broker Director-Investors and Securities Specialists, Inc. Nominee Diosdado M. Arroyo as Broker-Director.
Re-elected to the PSE Board as Independent Directors were Jose T. Pardo, Roberto Cecilio O. Lim and Vicente L. Panlilio. Meantime, Anabelle L. Chua, Rolando Jose L. Macasaet, and Edgardo G. Lacson were re-elected as Non-Broker Directors and sectoral representatives for issuers, investors, and other market participants respectively. The Broker-Directors given fresh mandate were Eddie T. Gobing, Eusebio H. Tanco, Wilson L. Sy, and Ma. Vivian Yuchengco. Ramon S. Monzon was also re-elected as President and CEO.
Starting this year, a third of PSE’s 15-person Board of Directors will be comprised of independent directors. The amendment in Board composition is in compliance with the Securities and Exchange Commission Memorandum Circular No. 20, Series of 2020 which mandates that independent directors shall constitute at least one-third (1/3) of the members of the board of directors of exchanges and other organized markets. The Circular also requires that there shall be at least four (4) persons representing the interests of issuers, investors, and other market participants, with each sector having at least one representative in the board of directors of an exchange or other organized market. Previously, PSE’s Nomination and Election Committee prescribed that three of the seven non-broker seats should be for independent directors, with the rest allotted for sectoral representatives.
“The PSE Board will continue to adopt reforms and promote initiatives that will help make our market more competitive in the region. I am confident that the new members of the Board will contribute significantly to the growth and success of the organization”, said PSE Chairman Jose T. Pardo.