Ex-Kimberly Clark chief eyed to replace Favila as PSE chairman

Former chairman and president of Kimberly Clark Philippines Inc. Cornelio T. Peralta is among the names being considered to assume the chairmanship of the Philippine Stock Exchange (PSE) in place of newly-appointed Trade and Industry Secretary Peter Favila, informed sources disclosed over the weekend.

The 68-year old Peralta currently serves as an independent director of the PSE. He is also a director of JG Summit Phils. Inc., Kimberly Clark, University of the East, UERM Medical Center, Inc., Makati Commercial Estate Association, Inc. and of CEOs Inc. where he is also one of the incorporators.

Peralta is also appointed Consultant of Madrigal Pacific Carriers, Inc., Interim Receiver of the Uniwide Group of Companies and Chairman of the Management Committee of Pacific East Asia Cargo Airlines, Inc. and of Pacific General Steel Manufacturing Corp. He was formerly president of PT Kimsari Paper Indonesia.

PSE president Francis Lim said there is an urgency to appoint a replacement for Favila, giving assurance that the new chairman will be equally qualified as Favila.

Favila had been an independent director of the PSE since March 2002 and has chaired the committees on Listing and Disclosure and Audit and has been a member of the Market Integrity Board.

If appointed, Peralta would be the second non-broker to head the exchange next to Favila. Previously, brokers had been appointed as chair of the exchange to maintain a balance of power since the PSE presidency is exclusive to non-brokers.

Apart from Lim and Peralta, others comprising the PSE board include veteran broker Vivian Yuchengco, Francisco Villaroman of Securities Specialists Inc., Conrado Bate of CitisecOnline.Com Phils. Inc., Alejandro Yu of R.S.Lim & Co., William Ang (president of Astra Securities and chair of the Securities Clearing Corp.), Asian Alliance Investment Corp. president and Investment Houses Association of the Philippine director Roberto Atendido (representing other market participants), GSIS chairman Bernardino Abes (representing investors), PLDT treasurer Annabelle Chua and San Miguel Corp. financial analyst Frederick de Vera (representing issuer companies), and independent directors Jose Luis Javier of the Philippine Bank of Communications.

Under the Securities Regulation Code, the PSE board should have 15 members dominated by non-brokers with eight seats, leaving only seven slots for the brokers.