According to PSE officials, Vitug was elected unanimously by the exchange’s board of directors in a meeting held yesterday at the PSE headquarters in Pasig City.
Vitug chairs the PSE’s market integrity board, which oversees the operations of the PSE’s police unit, the Compliance and Surveillance Group.
He completes the 15-member board of directors of the PSE. He will serve as an independent director of the exchange.
PSE officials said Vitug is highly qualified for the position vacated by Favila as he is known to be fair. "He is known to be a firm person but listens to all sides," a PSE director said.
Vitug served as acting chief justice of the Supreme Court in May 2004 and had been associate justice for past 11 years.
While serving as Supreme Court justice, Vitug chaired several committees in the high tribunal such as the committees on legal education and bar matters, the House Electoral Tribunal and the 1997 and 2003 bar examinations.
Under the Securities Regulation Code, the PSE board should have 15 members dominated by non-brokers with eight seats, leaving only seven slots for brokers.
Vitug is the second non-broker to head the exchange next to Favila. Previously, brokers had been appointed to chair the exchange in order to maintain a balance of power since the PSE presidency is exclusive to non-brokers.
Completing the 15-man PSE board are PSE president Francis Lim, former PSE chair Alicia Arroyo, veteran stockbroker Vivian Yuchengco, businessman-stockbroker Robert Coyiuto, Francisco Villaroman of Securities Specialists Inc., Conrado Bate of CitisecOnline.Com Phils. Inc., Alejandro Yu of RS 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 director Luis Javier of the Philippine Bank of Communications.