New independent directors join PSE Board
The Philippine Stock Exchange, Inc. (PSE) welcomed two new Independent Directors following the election of Peter Favila and Andrew Jerome Gan at the company’s annual stockholders’ meeting (ASM) held on August 5.
Favila was director of the PSE from 2002 to 2005 and for a short while, was chairman of the Exchange. He served as Trade and Industry Secretary from 2005 to 2010 and after, joined the Bangko Sentral ng Pilipinas as a member of the Monetary Board (MB).
He recently finished his second stint as MB private sector representative. He was previously president of Philippine National Bank, Security Bank and Allied Banking Corporation.
Gan was a director of the Capital Markets Integrity Corporation 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 Corporation.
Also elected during the ASM was Marilyn Victorio-Aquino. She joined the Exchange in June as director representing issuers.
Victorio-Aquino is a director of PLDT Inc. and PLDT's Chief Legal Counsel, head of Legal and Regulatory and Strategic Affairs Group, and Corporate Secretary. She has been an Associate Director of First Pacific Company Limited (First Pacific) since 2018 and holds various positions in the Philippine subsidiaries and affiliates of First Pacific and Metro Pacific Investments Corporation.
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 Pardo and Ramon Monzon were re-elected as chairman and president and CEO, respectively.
Aside from Pardo, former Chief Justice Teresita De Castro and Vicente Panlilio have been given a fresh mandate to serve as independent directors. Re-elected as broker directors were Diosdado Arroyo, Eddie Gobing, Wilson Sy, Anthony Te and Ma. Vivian Yuchengco. Meantime, re-elected as directors representing investors were Ferdinand Constantino and Jose Arnulfo Veloso; and Tomas Alcantara as director representing other market participants.
“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,” said Pardo. PSE Corporate Communications Department
