SEC okays new rules for PSE polls

MANILA, Philippines - The Securities and Exchange Commission (SEC) has approved new rules governing the election for the 15-man board of the Philippine Stock Exchange (PSE) on May 5.

Among the amendments to the new Nomination and Election Committee (Nomelec) rules include allowing brokers to run for the open seats.

In the Nomelec rules that were applied in the 2011 poll, broker directors were nominated and elected through the three broker seat categories and the four open seat categories, which allowed nominations for both broker and non-broker candidates.

Under the rules, the number of non-broker directors must not be less than 51 percent of the board which comprise of the president and at least seven other non-broker directors.

The non-directors must comprise at least three independent directors, one director each representing issuers, investors and market participants.

The remaining seven seats are allotted for broker-directors.

Under the approved rules, brokers may exercise their full voting rights in the 2012 PSE annual stockholders’ meeting and elections.

The Nomelec will accept nominations from stockholders from March 14 until March 28.