The Association of Brokers notes that the interpretation of the legal norms made by the Boards of Directors of the two Exchanges - The Bucharest Stock Exchange and Sibex - essentially makes it impossible for their managers to be replaced, meaning that the members of the Association of Brokers are encountering unexpected difficulties in imposing their will, in their position of shareholders of the Exchange.

The Association of Brokers notes that currently, both Boards of Directors are using flawed interpretations of the law, since the spirit of those laws does not in any way allow the extension of the mandate of the managers of an exchange, against the will of their shareholders.

For further clarification on the subject, we quote below the regulation of the CNVM no. 1/2006:

"Art. 125. (1) The shareholders of a company traded on a regulated market may issue a written request, to the members of the Board, concerning the application of the cumulative voting method, at least ten days prior to the date of the general shareholder meeting which includes the election or the revocation of the Board of Directors on the agenda. The vote on the use of this method will only be held if the request has been submitted by shareholders without significant stakes."

The Association of Brokers advises its members which serve on the Board of Directors of the two exchanges to respect the rights of shareholders and to behave according to corporate governance.

Dan Paul, President of the Association of Brokers (Translated by Cosmin Ghidoveanu) The Association of Brokers notes that the interpretation of the legal norms made by the Boards of Directors of the two Exchanges - The Bucharest Stock Exchange and Sibex - essentially makes it impossible for their managers to be replaced, meaning that the members of the Association of Brokers are encountering unexpected diffi