Lim has no regrets about leaving PSE top post

MANILA, Philippines - Philippine Stock Exchange (PSE) president and chief executive Francis Lim said yesterday he has no regrets leaving the bourse, pointing out it was a decision “everyone would get peace with” including himself who “needed to lie low and live a less stressful life.”

“It was a decision thought well in the past months. It was a decision I was considering since late last year. Life is tenuous and I was advised by my doctor to take it easy. I assure you I’m leaving the exchange without any regrets knowing fully that the reforms or rules needed have been put in place,” said Lim in a teleconference yesterday as he confirmed the report of his departure in The STAR.

The PSE chief also downplayed reports linking his decision to step down from his post to differences with some PSE directors and stockbrokers, saying disagreements are inevitable in any organization.

Lim reportedly had figured in a verbal tussle with some PSE directors who had been penalized for violating the exchange’s rules and the securities law.

He said resigning was a personal decision as he pointed out that his health was his priority. His term has yet to expire in May.

Lim, the longest-serving president under a unified exchange, will relinquish his post effective Feb. 16 and intends to immediately go back to private practice. He was formerly a senior partner at the ACCRA Law Office.

PSE chairman Hans Sicat said the exchange was proud of what Lim has contributed to the development of the exchange. “On behalf of the PSE board officers and staff, we thank Francis for many years of dedicated and devoted service to the exchange. A lot of the work he has spearheaded has now started to bear fruit and the various stakeholders and partners of the PSE are grateful for this. We wish Francis the best of luck in his new endeavors,” Sicat said.

Lim steered several market initiatives during his five-year stint as president and CEO of the PSE. Among these include permanent documentary stamp tax exemption for stock market transactions, Personal Equity Retirement Account Act, Credit Information System Act and the Real Estate Investment Trust Act.

In addition, Lim has championed market integrity, investor education, corporate governance reform and collaboration with other exchanges as part of his program for the PSE. In particular, he pushed for the inclusion of a three-unit capital market subject for college students, integration of stock market topics for high school students the creation of the, Market Intergriy Board, PSE’s Corporate Governance Improvement Program, securities borrowing and lending, new trading system and trading linkage among the ASEAN exchanges.

“I am trully blessed for having been given the opportunity to serve the exchange as president and CEO. The past five years have not been a walk in the park but the exchange definitely surged forward with some of the fresh initiatives badly needed by the market. Along the way, I have come across well-meaning people prepared to support the development of our stock market. We received tremendous support from our friends in Congress and President Gloria Macapagal-Arroyo in putting in place an enabling legal framework for the stock market,” Lim said.

To show his commitment to the continued development of the local bourse, Lim said he was willing to continue helping the exchange bring about initiatives for the capital market.

Lim said while he has helped establish a legal framework for a vibrant capital market, more work needs to be done to put the PSE at par with neighboring Asian countries. “The needs of our exchange are so rudimentary and they must be addressed decisively and quickly. They are essential to prevent the marginalization of our stock market and ensure PSE’s survival amidst the onslaught of ever-increasing competition. We badly need reform initiatives to catch up with our neighbors not to mention that we have to realize the full potential of our stock market for the sake of our economy and our people. I fervently hope that the exchange will remain genuinely and steadfastly committed to reforms for the best interest of our market,” Lim said.

Sicat will head the search and transition committee tasked to find a replacement for Lim. He assured that while the committee has already began discussing with some possible candidates, the PSE would take its time to select a new president.

“We have began talking to a few people. We’d like to appoint the soonest possible time but we won’t do this in a hasty fashion. We’re looking for someone who understands the exchange, its business,” Sicat said.

Meanwhile, the PSE has appointed Val Antonio Suarez as chief operating officer and senior vice-president effective Jan. 18.