The Philippine Stock Exchange said Thursday two new directors will join its 15-man board.
Government Service Insurance System executive vice president Diosdado Ebdane Jr. and Armstrong Securities Inc. executive Anthony Te were nominated as board of directors of the PSE.
Ebdane was nominated as a non-broker director of the PSE, replacing former GSIS president and general manager Rolando Jose Macasaet, while Te was nominated as a broker-director of the exchange.
PSE chairman Jose Pardo, president and chief executive Ramon Monzon and the rest of the board of directors were also nominated and would likely be re-elected.
Former Supreme Court Chief Justice Teresita De Castro, Consuelo Garcia, Vicente Panlilio and Gilberto Teodoro Jr. were also nominated as independent directors.
Anabelle Chua was nominated as a non-broker director representing issuers, while Ferdinand Constantino was nominated a non-broker director representing investors while Tomas Alcantara as non-broker director representing other market participants.
PSE broker-directors Diosdado Arroyo, Eddie Gobing, Wilson Sy and Ma. Vivian Yuchengco were also nominated to the board.
The PSE, one of the oldest bourses in Asia, will hold its annual stockholders meeting on Aug. 13 via remote communication.
The Securities and Exchange Commission’s Memorandum Circular No. 20, Series of 2020, states that independent directors should constitute at least one-third of the members of the board of directors of exchanges and other organized markets.
It also states that there should be at least four persons representing the interests of issuers, investors and other market participants, with each sector having at least one representative, in the board of directors of an exchange or other organized market.