PSE Director Urges SEC to Revoke Term Limits for Broker-Directors

MANILA, Philippines — Philippine Stock Exchange director Ma. Vivian Yuchengco urged the Securities and Exchange Commisison (SEC) to revoke term-limit rules for broker-directors, asserting that shareholders should determine the tenure of their elected representatives on the board. In a statement, Yuchengco reiterated her opposition to SEC Memorandum Circular No. 17, Series of 2026, which caps broker-directors’ tenure. She asserted that shareholders should determine the tenure of their elected representatives on the board. Yuchengco believes that term limits unfairly restrict the decision-making power of shareholders. Broker-directors play a crucial role in the Philippine capital market, often contributing to market liquidity and trading efficiency. Concerns have been raised that limiting their tenure could hinder the continued contributions of experienced professionals. This request reignites discussions on corporate governance in the Philippine capital market, shareholder rights, and the healthy development of the market.