By Danessa O. Rivera
11/22/2010 [ tribune.net.ph ]
Philippine Stock Exchange (PSE) officials will meet with the public-private sector group Capital Market Development Council today to discuss the pending Real Estate Investment Trust (REIT) and Personal Equity and Retirement Account Law (PERA) guidelines.
The Collective Investments Scheme Law (CISA) and Credit Information Bureau which are both not yet operational are also in the agenda.
“I hope we can discuss the positions in a venue which all capital market development players are there to discuss with the Secretary of Finance,” PSE president Val Antonio Suarez said.
The Department of Finance will act as chair and Financial Executives Institute of the Philippines (Finex) as co-chairman of the discussion.
Meanwhile, Suarez said they are hoping to file the incorporation papers in the next few weeks of the PSE’s spin off bourse called Capital Market Integrity Corp.
The PSE is also considering Securities Integrity Corp. and Market Regulation Co. as alternative names for the spin-off market that would comprise of companies that are governed by tougher transparency rules. Other matters included in the incorporation papers are the election independent board of directors, new set of officers and staff.
He added the PSE will make a decision at the end of the year for the location of the PSE headquarters and will hopefully start groundbreaking in third quarter of 2011. One building will have 24 to 25 floors while the other building will have less floors for office space.
Last Friday, the PSE announced the launch its Corporate Governance (CG) Guidelines for listed firms with the British government providing funding support for the PSE’s CG initiatives.
The PSE defines corporate governance as the framework of rules, systems and processes that governs the performance by the board of directors and management of their respective duties and responsibilities to the stockholders, with due regard to the stakeholders.
As a key initiative in its CG Improvement Program or CGIP, the PSE’s CG Guidelines for publicly-listed firms complements the Code of Corporate Governance of the Securities and Exchange Commission which defines the concepts and best practices that characterize a well-governed listed corporation.