Frontrunners emerge as Maharlika Corp. begins top manager search
At A Glance
- The Bureau of the Treasury is seeking top-notch managers for the country's sovereign wealth fund. Nominations and applications for the Board of Directors are now open.<br>Positions available include President and Chief Executive Officer (PCEO) and Independent and Regular Directors. The deadline for nominations and applications is Wednesday, Sept. 27, 2023.<br>Potential candidates for the PCEO position include: Rafael Consing Jr., the Presidential Adviser on Investment and Economic Affairs. Victor Valdepenas, a retired banker and former President and Chief Operating Officer of Union Bank of the Philippines. Robert Vergara, former President and General Manager of the Government Service and Insurance System.
Ready to join Maharlika Investment Corp. (MIC)? The Bureau of the Treasury is on the hunt for top-notch managers to lead the country’s sovereign wealth fund.
According to the advisory on the Treasury website, nominations and applications for the MIC's Board of Directors are now officially open. Positions up for grabs include President and Chief Executive Officer (PCEO) as well as Independent and Regular Directors.
“Nominations and applications will close on Wednesday, 27 September 2023,” the Treasury bureau indicated.
Prior to this announcement, a number of potential candidates had already emerged as frontrunners for the position of PCEO.
One notable name is Rafael "Joel" Consing Jr., who currently serves as the Presidential Adviser on Investment and Economic Affairs.
Another candidate being mentioned is Victor Valdepenas, a retired banker who previously served as the President and Chief Operating Officer of Union Bank of the Philippines, which is part of the Aboitiz Group.
Furthermore, the name of Robert Vergara, former President and General Manager of the Government Service and Insurance System (GSIS), has also been circulating as a potential candidate.
Nevertheless, the Treasury has specified a set of qualifications that applicants must meet prior to being considered for the post.
To qualify for PCEO, applicants should have an advanced degree (MBA, MA, MSc, PhD) in Finance, Economics, Business Administration, or a related field. Additional certifications like CFA or CPA are preferred.
They must also possess extensive experience in corporate management, financial planning, strategic planning, market and business development, and budget development.
A minimum of 10 years in finance or investment, with at least 10 years in a senior leadership role, is also required. Prior experience with Environmental, Social, and Governance (ESG) and sustainable investment is preferred.
Furthermore, candidates should have an in-depth understanding of the industry, including risk management, compliance, regulatory requirements, and strategic knowledge of cash flow and capital planning in institutions, investment firms, or sovereign wealth funds.
Meanwhile, qualifications for regular directors include being a Filipino citizen, at least 35 years old, and having a good moral standing and reputation.
They should also have expertise in corporate governance, investment in financial assets, or management of investments in global and local markets.
A master's degree in finance, economics, business administration, or a related field is also highly desirable.
In addition, applicants must have at least 10 years of experience in finance, investments, economics, business, or a related field. This includes senior management or board positions in reputable financial institutions, investment firms, or sovereign wealth funds.
They should also have a strong track record in strategic decision-making, driving investment performance, understanding global financial markets, and managing risks. Additionally, candidates must adhere to the highest ethical standards, integrity, and compliance with applicable laws and regulations.
Finally, independent directors for MIC should have proven probity, competence, expertise, and experience in finance, economics, investments, business management, or law.
An advanced degree in finance, economics, business administration, or a related field is also highly desirable.
A minimum of 10 years of experience in finance, investments, economics, business, or a related field, ideally at a senior management level or within a reputable financial institution, investment firm, or sovereign wealth fund, is required.
Also, candidates should ideally have senior management or board-level experience in reputable financial institutions, investment firms, or sovereign wealth funds.
A strong track record in strategic decision-making, driving investment performance, understanding global financial markets, mitigating risks, and adhering to ethical standards and regulations is also essential.