During the PSE elections last Saturday, Arroyo won a second term as board chairperson, beating her former backer Vivian Yuchengco in what many expected would be a three-cornered fight along with Coyiuto.
But in a sudden twist, Coyiuto – a former PSE chairman himself – withdrew his candidacy at the last minute, citing that "recent developments have made it clear to me that I can better serve the interests of the stockholders, brokers and, yes, the exchange, by carrying our fight for transparency, fairness and honor, outside of the boardroom."
Aside from Coyiuto, several other candidates for the seven seats reserved for brokers in the 15-man PSE board also pulled out of the race, among them former PSE chairmen Felipe Yap and Trinidad Kalaw, both identified with the Coyiuto bloc.
However, three brokers allied with Coyiuto’s group still ran and clinched the board seats, with Eddie Gobing even emerging as the top vote-getter among all candidates – besting Yuchengco and Arroyo who came in second and third, respectively.
Despite his withdrawal, Coyiuto told the PSE members in a letter that "it is important that we have a voice in the board, and I am rallying you to support our chosen candidates."
The three Coyiuto supporters – Gobing, Filomeno Francisco and Ismael Cruz – later provided the swing vote that installed Arroyo back to her old post during the board meeting that followed last Saturday’s annual stockholders meeting and elections.
Other brokers who made up the new board were Marita Limli-ngan Francisco Villaroman, and Yuchengco.
Meanwhile, the elected independent or non-broker directors who comprise the board’s majority – a requisite under the Securities Regulation Code – were PSE president Cayetano Paderanga Jr., banker Peter Favila, lawyer Francisco Lim, academician Raul Pangalangan, GSIS president Winston Garcia, PLDT’s Annabelle Chua, Enrique Aboitiz Jr. of the Aboitiz group and San Miguel Corp.’s Ramon Ang.