The Philippine Stock Exchange Inc. has reelected almost its entire board of directors for a sixth consecutive term, including controversial STI Chairman Eusebio “Yosi” Tanco.
Elected were Chairman Jose Pardo, President Hans Sicat, Ramon Monzon, Emmanuel Bautista, Anabelle Chua, Francis Chua, Dakila Fonacier, Eddie Gobing, Amor Iliscupidez, Edgardo Lacson, Eusebio Tanco, Robert Vergara, Vivian Yuchengco, Alejandro Yu and Wilson Sy.
Sy is the only new director, who was elected to replace David Chua. Last year, Ramon Monzon was elected to replace Cornelio Peralta who had retired.
At the local bourse’s annual stockholders’ meeting held on Saturday, the shareholders of the PSE has decided to retain most of their incumbent board of directors, including Tanco, notwithstanding the plunder complaint and other money laundering allegations made against him by Senator Antonio Trillanes 4th.
As early as last month, Senator Antonio Trillanes 4th questioned Tanco’s fitness as one of the incumbent directors of the local bourse, slapping him with money-laundering allegations and reminding the local bourse of a pending plunder complaint filed against the latter before the Office of the Ombudsman.
Based on the acceptance sheet of PSE’s nomination form, a nominee for PSE director must certify that he is not the subject of or convicted of a case involving any of 12 listed offenses that could impair his ability to carry out his duties as one of the gatekeepers of the capital markets.
Trillanes recently wrote to the PSE, the Securities and Exchange Commission, the Bureau of Internal Revenue and the Anti-Money Laundering Council (AMLC) asking them to investigate respondents in what he dubbed as the “University of Makati-College of Nursing Scam.”
Hans Sicat, president of the PSE said that they have already responded to the letter of Trillanes with regard to the circumstances of his status as one of its directors.
Last week, Tanco was cleared by the PSE’s nominations and elections committee and declared that he could validly run as one of its directors.