In a medium saucepan over low heat, add the vegetable broth and 1 bay leaf.
In a large saute or paella pan, add the oil and onion over medium high heat. Saute for 2-3 minutes, or until onion is softened.
Add the dry Arborio rice and saute for 3 minutes, or until rice is opaque. Stir constantly.
Add the white wine and cook until absorbed. About 1-2 minutes.
Add 1 cup of broth and cook until nearly absorbed. Stir frequently.
Add another cup of broth and cook, stirring, until nearly absorbed.
Add the corn and peas along with the remaining broth. Discard the bay leaf.
The rice is done when it is tender and creamy, about 25 minutes total.
Stir in the cheese (or nutritional yeast) until combined and 1 Tbl of vegan margarine.
Season with salt and pepper.
Garnish with fresh parsley and serve warm.