Change looms in PSE Board in November: sources

ABS-CBN News

Posted at Sep 30 2020 11:29 PM | Updated as of Oct 01 2020 06:26 PM

Taguig City Mayor Lani Cayetano together with Philippine Stock Exchange (PSE) officials lead the opening bell ringing at the new PSE headquarters at the Bonifacio Global City in Taguig on Monday, February 19, 2018. George Calvelo, ABS CBN News file photo

MANILA - Two ABS-CBN sources said on Wednesday that there will be a change in the leadership of the Board of the Philippine Stock Exchange in November. 

They also brushed off rumors that the PSE Board will resign en masse. 

The change in leadership will be done to accommodate more indipendent directors, they said. 

“The current PSE board has been together for 10 years already. The PSE board is unified and congenial,” said one source. 

Three broker directors have reportedly agreed to not run again, to give way to new names coming in, and avoid "muddling the electoral process anymore." 

There are 15 board members, eight of which are non-brokers. Jose Pardo is Chairman of the board. The other broker-directors are Maria Vivian Yuchengo, Eusebio Tanco, Eddie Gobing, Alejandro Yu, Emmanuel Baustita and Francis Chua.