The Philippine Stock Exchange Inc. has two new independent directors following the election of Peter B. Favila and Andrew Jerome T. Gan at the company’s annual stockholders’ meeting.
Favila was PSE director from 2002 to 2005 and for a short while was chairman of the bourse.
He served as Secretary of the Department of Trade and Industry from 2005 to 2010 and later joined the Bangko Sentral ng Pilipinas as a member of the Monetary Board. He recently completed his second stint as MB private sector representative. He was previously president of the Philippine National Bank, Security Bank Corp. and Allied Banking Corp.
Gan was a director of the Capital Markets Integrity Corp. from 2014 to 2023. He is co-founder and managing director of Beacon Holdings Inc., Beacon Advisors Inc., Beacon Management Group Inc. and Fifi L’Amour Inc.
Gan served as director and treasurer of Nuovo Moda, Inc. and managing director of Globo Land Development Corp.
“The new directors are excellent additions to our board given their notable backgrounds and range of expertise and experience. I, together with the rest of the Board, look forward to working with them as we continue to push reforms and initiatives to further develop and deepen our capital market,” PSE chairman Jose T. Pardo said.
Also elected at the bourse’s annual shareholders’ meeting was Marilyn Victorio-Aquino. She joined the exchange in June 2023 as director representing issuers.
Aquino is a director, chief legal counsel, head of legal and regulatory and strategic affairs group and corporate secretary at PLDT Inc.
She has been associate director of First Pacific Co. Ltd. since 2018 and currently holds various positions in the Philippine subsidiaries and affiliates of First Pacific and Metro Pacific Investments Corp.
The 15-member PSE Board is comprised of one president-director, five broker directors and nine non-broker directors. Of the nine non-broker directors, at least five are independent directors and at least four are directors representing the interests of issuers, investors and other market participants.
Jose T. Pardo and Ramon S. Monzon were re-elected as chairman and president and CEO, respectively.
Former Chief Justice Teresita L. De Castro and Vicente L. Panlilio were given a fresh mandate to serve as independent directors. Also re-elected as broker directors were Diosdado M. Arroyo, Eddie T. Gobing, Wilson L. Sy, Anthony M. Te and Ma. Vivian Yuchengco.
Re-elected as directors representing investors were Ferdinand K. Constantino and Jose Arnulfo A. Veloso; and Tomas I. Alcantara as director representing other market participants.
