PSE polls to push through on April 5

The elections for the board of directors of the Philippine Stock Exchange (PSE) will push through on April 5 as scheduled as the proposal by a group of brokers to postpone it was rejected by the present PSE board and the Securities and Exchange Commission (SEC).

In separate letters addressed to brokers identified with the group of Robert Coyiuto Jr., SEC director Jose Aquino and PSE chairperson Vivian Yuchengco reiterated that the scheduling of the PSE polls had been thoroughly discussed and deliberated by the PSE board, which includes those seeking reelection from the Coyiuto-backed ticket.

"I regret to inform you that the issue of revising the election timetable is not within the power of the Nomelec but that of the PSE board," said Aquino, who was designated chairman of the Nominations and Elections Committee (Nomelec) of the PSE after its composition was questioned by the Coyiuto team.

He said that while there were attempts to change the timetable, the idea was rejected when he brought it up with Yuchengco "because she claimed that the schedule was already approved by the board."

Aquino cited that unless the PSE board complies with the requirements of its by-laws, which states that special meetings may be called by the chairman or the president or by at least eight directors with notice given at least one working day prior to the scheduled meeting, then the election date cannot be reset.

Yuchengco, for her part, stressed that the date of the election is "not an arbitrary one that is set at the whim of the board – many factors were considered."

Among these, she said, is the availability of people able to attend since there is a long holiday (Holy Week) ahead and April and May are vacation months.

"To postpone elections again will not only disrupt personal schedules but also will unnecessarily affect the reputation of the Exchange and prolong the unhealthy atmosphere in the Exchange now," Yuchengco said.

The group of broker candidates led by AB Capital Securities’ Filomeno Francisco had asked for the resetting of the elections "as it does not provide enough time for all interested parties to properly prepare for the election."

Some of the reasons noted that many stockholders will find it very hard to meet the March 31 deadline (extended until tomorrow, April 2) to submit the secretary’s certificate by corporate stockholders; the short (six working days) period to solicit proxies; and the failure to distribute the PSE annual report on time, as required under the PSE by-laws.