Coyiuto forms 11-man slate for PSE elections on Mar 13

The group of stockbroker-businessman Robert Coyiuto Jr. has formed an 11-man slate for the Philippine Stock Exchange (PSE) annual board elections on March 13.

Coyiuto, the first exchange president under the unified Makati and Manila Stock Exchange in 1994 and currently a director of the PSE, is seeking reelection. He is the president of local broker firm R. Coyiuto Securities Inc.

Running with Coyiuto for PSE director are mining executive Felipe Yap of F. Yap Securities, former PSE chair Trina Kalaw (First Orient Securities), Filomeno Francisco of AB Capital Securities, Eddie Gobing of Lucky Securities, Joey Roxas (Eagle Equities), Edwin Luy of Triton Securities, Francis Chua, and Ismael Cruz.

For the independent director positions, the group has nominated banker Omar Cruz and Napoleon Rama.

The nomination and election committee of the PSE is expected to approve the list of candidates for broker and non-broker directors on Feb 18.

Under the Securities Regulation Code, seven out of the 15 slots of the PSE board will be held by broker-directors. The remaining eight shall be non-broker directors, one will be president, three will be independent directors and four will represent the interest of issuers, investors and other market participants not associated with any broker-dealer or PSE stockholders over the last two years.

The broker directors of the PSE will be brokers proportionately representing the stockholders in terms of volume and value of trade as well as paid-up capital. Brokers whose individually computed values are equal to or above P500 million are categorized as big brokers while those below P500 million are categorized as small brokers.

Over the last two years, the PSE elections has been marred by controversies on the election of non-broker directors who hold majority of the board.

Based on the PSE nomination and election rules, the broker director must have at least one share of PSE stock as soon as nominated and shall have the registration in his own name and must be a senior officer and/or director of a broker firm in good standing with the PSE.

The non-broker director, on the other hand, shall not have been associated with any broker, dealer or member of the exchange for a period of two years prior to his or her election. – Zinnia Dela Peña