Reporter THE DECISION of the Philippine Stock Exchange (PSE) to tighten its rules on voluntary delisting has also given additional control to minority stakeholders, analysts said. âThe PSEâs additional rules (on voluntary delisting) are enough and give extra protection to minority shareholders,â said AAA Southeast Equities, Inc. Research Head Christopher John Mangun in an e-mail interview. On Dec. 21, the PSE released a memorandum confirming that the Securities and Exchange Commission (SEC) had approved changes to voluntary delisting rules. âThe delisting must be approved by: a. At least two-thirds of the entire membership of the board, including the majority, but not less than two, of all of its independent directors; and b. Stockholders owning at least two-thirds of the total outstanding and listed shares of the listed company,â the PSE said in the memorandum.