* The Brokers' Association proposes for the cumulative vote to be mandatory in the elections at the BSE
The stock market is rumbling, an increasing number of malcontents are appearing concerning the proposals of the current management of the Bucharest Stock Exchange.
It would seem that a new "revolution" is brewing: the sides are sharpening their axes.
The Bucharest Stock Exchange has summoned its shareholders for March 13th, prior to the balance sheet meeting, in order to change the articles of incorporation and pass a new ratings policy.
The Association of Brokers expressed its disagreement with the increase in the fixed fee for brokerage firms, as proposed by the BSE.
Right now, the Association of Brokers, together with six other brokerage firms, has asked for the agenda of the General Shareholder Meeting of the BSE to be amended to include some new additions, according to a report sent yesterday to the Bucharest Stock Exchange.
The Association of Brokers proposes the mandatory introduction of the cumulative vote in the election of the directors of the BSE.
The cumulative vote is intended as a protection measure for the minority shareholders. However, on the Bucharest Stock Exchange, the holdings are limited to 5%, so that there is no majority shareholder which the minority shareholders would need to be protected against. "Strategic" alliances are always being forged at the BSE, so that often times voices have been heard claiming that one voice which the CNVM should work on "is the acting in concert of shareholders".
The proposals of the Association of Brokers to amend the Articles of Incorporation "would introduce the obligation of the company to apply the cumulative method vote when the General Shareholder Meeting is summoned to elect all of the nine members of the Council of the Stock Exchange, either as a result
