Quintos sent his letter of withdrawal to the PSE last Thursday. "This is to formally serve notice that I am withdrawing my candidacy for independent director for the year 2006-2007," he said.
"I hope that this little act will contribute to a smooth and peaceful election in the exchange, which I believe is necessary to help regain the confidence of the investors in our stock market," he added.
With his withdrawal, only three candidates will contest the slots reserved for independent directors out of the 21 total candidates vying for the exchange’s 15-man board of directors.
The Securities Regulation Code requires the exchange to keep at least three independent directors in its 15-man board.
A total of 13 brokers are nominated to run this year. They are Vivian Yuchengco, Robert Coyiuto Jr., Eddie Gobing, Marita Limlingan, Francisco Villaroman, William Ang, Alejandro Yu, Conrado Bate, Myron Timothy Papa, Paul Wee, Rodolfo Cruz, Edwin Luy, and Joseph Roxas.
Under the src, eight of the 15 board seats are reserved for non-broker directors while the remaining seven slots are to be occupied by brokers.
Meanwhile, nominated to run as non-broker directors are PSE president Francis Lim, PSE chairman and retired Supreme Court Justice Jose Vitug, Jose Luis Javier, Cornelio Peralta, Roberto Atendido, Anabelle Chua of Philippine Long Distance Telephone Co., Amor Iliscupidez and Roy Joseph Rafols.
Vitug is expected to retain the PSE chairmanship after he was cleared by the Securities and Exchange Commission to run as an independent director of the bourse.