A total of 18 candidates are vying for the 15 seats in the Philippine Stock Exchange (PSE) board of directors in the elections to be held during the bourse’s annual stockholders meeting on May 1, 2010.

Nominated to represent issuers as non-broker candidates are Annabelle Chua representing Philippine Long Distance and Telephone Company and Anastacio Martirez of Liberty Telecom Holdings.

Representing investors as non-broker candidates are Estrella Elamparo of the Government Service Insurance System and Amor Iliscupidez of the SMC Retirement Fund.

This marks the first time four non-brokers representing investors and issuers have been nominated since, normally, only three are elected.

Sources said that Liberty Telecom, first time to be nominated, may be nominated to represent the PSE shares acquired by SMC president Ramon Ang. SMC now has a significant stake in Liberty.

Liberty and PLDT’s both being in the telecommunications industry may also violate the Securities Regulation Code if their total stake breaches the 20 percent cap per industry, sources said but noted that PLDT, GSIS and SMC Retirement Fund have all violated the five percent cap set by the SRC for individual shareholders.

Omelita Tiangco of Philippine Institute of Certified Public Accountants was also nominated as non-broker candidate representing other market participants.

Questions have also been raised against the nomination of Tiangco since nominees for other market participants have to be officers of the organization they represent and Tiangco is reportedly not an officer of PICPA, sources said.

Nominated for independent directors are incumbent chairman Hans Sicat and PSE director Vicente Panlilio as well as former PSE directors Jose Luis Javier and Cornelio Peralta.

The PSE president supposed to be an independent director although the bourse has remained mum on who will replace Francis Lim who resigned from the post earlier this year.