Not so SRO

Starting this month, former Transportation Secretary Jaime “JJB” Bautista is wearing an altogether different hat—that of overseeing financial statements, compliance with reporting standards, and making sure the Philippine Stock Exchange (PSE) operates in accordance with best practices.

- FILC. SIONIL

Seasoned banker Vicente “Vicot” Panlilio has turned over the baton to JJB as the PSE’s audit committee chair, which is right down the alley of the former president of the flag carrier, Philippine Airlines (PAL), whose financial sharpness was incubated when he was an auditor at SGV, the country’s largest auditing and multidisciplinary professional services firm.

JJB, along with Cecile Ang, based on a cursory survey I’ve conducted, are welcome additions, as both will bring diverse perspectives and pump new blood into the 15-man board of the PSE, whose composition as an SRO is practically dominated by non-brokers.

Yes, Virginia, JJB and Ms. Ang could be the adrenalin that would spark investors’ interest in the otherwise sluggish equities market.