Ma. Vivian Yuchengco, who has served about 28 years as a PSE director, said ownership rights must also be respected as SEC chair Francis Ed. Lim pushes reforms aimed at limiting tenure and opening up seats to new participants.
“You all know, you have to be voted in, right? You have to have the votes,” Yuchengco, who earned the reputation as the PSE’s “Dragon Lady” for her assertive leadership style, told reporters in a recent interview.
“They don’t have the votes,” she said. “We are the original shareholders of the PSE.”
The SEC is proposing capping broker-director tenure at 10 years, a move that could affect four of the five current broker directors, including Yuchengco.
PSE veterans vs SEC
This marks the corporate watchdog’s biggest move against PSE leadership since the BW Resources scandal led to sweeping reforms and the Securities Regulation Code of 2000, which cut broker control to below 20 percent.
It also highlights growing tension between regulators and the bourse at a time when the PSE struggles with low trading volumes and waning investor interest.
An insider familiar with the situation said Lim remains firm on the reforms and is unlikely to back down.
Meanwhile, Yuchengco’s remarks signal a looming legal showdown with the SEC.
“I’m not in the mood to fight right now. I’ll let my lawyers fight [with the SEC]. I will let PASBDI fight,” she said, referring to the umbrella group Philippine Association of Securities Brokers and Dealers Inc.
Yuchengco, the chair of PASBDI, owns The First Resources Management and Securities Corp.
Other reforms in the pipeline
During the interview, Yuchengco said her last reform push was to make share usage fully transparent by showing investors when and how shares are used by brokers in real time.
"It will come out in your telephone," she said, referring to a text notification.
The proposal is likely to face resistance, but Yuchengco said this would strengthen accountability in the market.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
