Under the threat of dismissal, the current management of the Bucharest Stock Exchange shows off its weapons in a move meant to intimidate. The Board of Directors of Bucharest has scheduled a meeting for today to discuss the introduction of a dual management structure for the BSE, consisting of a supervisory board and of a directorate, and the summoning of the shareholder in a meeting in order to decide on the amendment of the company's bylaws. In other words, the directors of the BSE want to hold another General Shareholder Meeting, after the one which will have decided their fate. On January 9th, 2012, the shareholders need to decide whether they accept the proposal to dismiss the current management and if they do, to elect a new one.
According to rumors in the market, the current president, Stere Farmache, resorted to this solution to gain the support of SIF2 "Moldova", which owns about 5% of the shares of the BSE, at the elections of January 9th.
Ciprian Zah, the vice-president of the Bucharest Stock Exchange, yesterday said that, if the majority of the members of the Council of the BSE approve the introduction of the dual management system, then a General Extraordinary Shareholder Meeting will be summoned, in which the shareholders will decide to amend the articles of incorporation, for the purpose of implementing the new management structure.
Ciprian Zah considers that, even though this system will bring many benefits to the Stock Exchange, the moment is not adequate. "I will propose that the discussions concerning the change in the management system be held in the General Shareholder Meeting for the end-of-year assessment or for the newly elected directors (ed. note: on January 9th) to take over by default the functions of the Supervisory Board", he said.
The discussions concerning this new management system have begun ever since spring,
