Lim won’t assume PSE presidency just yet

Philippine Stock Exchange (PSE) president-elect Francis Lim has deferred his assumption to the post for 10 more days to enable him to wrap up his professional obligations as a lawyer.

Lim, the co-managing partner and senior partner of the Angara Abello Concepcion Regala & Cruz (ACCRA) Law Office, wants more time to clear his obligations as a lawyer and make the necessary turnover of his legal accountability before he assumes office at the PSE.

" While I originally planned on assuming my post on Sept. 6, 2004, I need additional time to completely unload myself of my present workload as a lawyer. As some of the board members know, I have been devoting substantial time for the Exchange since I accepted the position. I was thereby prevented during the period from effecting a smooth transition from my professional responsibilities as a lawyer and my new job as president of the Exchange," Lim said in a letter to the PSE board.

The PSE said that in the absence of Lim, PSE director Peter Favila will be kept as oversight director of the stock exchange.

A stickler for rules, Lim, also a law professor at the Ateneo Law School and the San Beda Graduate School of Law, said he wants to ensure that he would not have any potential conflict of interest before he finally assumes office.

Lim was elected by the PSE board last July 6 but he accepted the post only a month later. He replaced Cayetano Paderanga Jr., who resigned from office last June.

As the new PSE president, Lim vowed to implement critical reforms required to attract more investors and beef up the local stock exchange’s competitiveness in the region.

His proposed reform measures include establishing the new Market Integrity Board, which replaces the Governance Committee that will oversee the operations of the PSE’s watchdog, the Compliance and Surveillance Group (CSG). The CSG was also restructured and renamed as Market Regulatory Office.

" I believe that this term will be one of enthusiasm and hope; and I will leave no stone unturned in working for meaningful reforms toward building an even and fair playing field in the stock market where all our stakeholders – stockholders, brokers, listed companies, investing public, economy and our country – will come out the winner, " he said.

Lim is also expected to pursue and revive investor confidence, and to further professionalize the exchange which has been struggling to eradicate its "old-boys club" image.

Prior to being PSE president, Lim was an independent director of the PSE for the past two years, making him familiar with the workings of the organization. He was also chairman of the PSE’s Governance Committee. He was also instrumental in lobbying for the retention of the Philippines in the California Public Employees Retirement System (CALPERS) investment list in April.