McMorran is a private banker with Westpac in Wellington and Tate is a Hamilton-based adviser.
(All three of the candidates are profiled in the latest issue of ASSET. These profiles outline what they stand for and where they see the association going. If you haven't seen ASSET then email us here).
Clarricoats says he has pulled out for a number of reasons. One is personal and the other has to do with the outcome of the election.
He is openly backing McMorran.
"What we have in Lyn McMorran is a person with excellent skills who will bring a great deal to the table," he says.
"I am happy to endorse her," he told Good Returns. Clarricoats said he wishes to remain on the board and work toward helping the institute grow and service its membership base.
He says there "has to be a very clear focus of re-engaging with members and building the membership base."
"(We have to" make this an organisation that people want to be part of."
The council will hold the election on Thursday morning in Wellington. Council delegates who represent different areas of the institute will cast votes on behalf of their members.
It is expected that councilors will have consulted with their branches and branch committees and that they will vote as directed.
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