* Costel Ceocea: "We are considering calling the General Shareholder Meeting of the Bucharest Stock Exchange in order to make a clear-cut decision towards adopting the dual management system"
The seats of the directors of the BSE are on shaky ground, after Friday's General Shareholder Meeting, which had on the agenda the creation of the Central Counterparty, (ed. note: CCP, an institution which will become mandatory for the derivatives market, starting in September), did not meet the necessary quorum of 50%.
SIF Moldova is considering summoning the General Shareholder Meeting of the BSE, in order to get the shareholders to decide on the idea to adopt the dual management system, and idea which it has actually been backing for quite some time now, after the Bucharest Stock Exchange said goodbye to derivatives.
Costel Ceocea, the chairman of SIF2 Moldova, said: "We are considering summoning the General Shareholder Meeting for the shareholders of the BSE to make a clear decision on the switch to the dual management system".
According to him, the shareholders of the BSE must be allowed to designate diligent officials which would be able to assign a clear mandate to the members of the Board of Directors.
Costel Ceocea said he was unhappy with the fact that the Board has not presented the shareholders with any alternatives to the Central Counterparty project: "The Board of Directors shows a lack of responsibility, based on the way they organized the General Shareholder Meeting. On the website of the BSE, only the notice to attend the General Shareholder Meeting is presented, without any additional materials. As a Director, you can't afford to not be diligent in performing your duties, regardless of the position of shareholders. All the administrators should take under consideration that this is not the kind of behavior that shareholders expect"
