* The Board of Directors of the Bucharest Stock Exchange says that it will propose to the shareholders the switch to the dual management system
SIF Moldova, one of the largest shareholders of the Bucharest Stock Exchange, with a stake of 5%, yesterday sent an open letter to the shareholders of the BSE, the Board of the Stock Exchange and Lucian Anghel, the president of the BSE, in which it calls for a shared focus on the efforts to develop the BSE and harshly criticizes the management of the Bucharest Stock Exchange.
Among others, SIF2 is asking for the change of the management structure of the BSE, by switching to the dual management system.
The Board of the Directors of the Exchange says that it will propose to shareholders the switch to a dual management system, in response to the open letter of SIF2, sent at the request of the BURSA newspaper.
We hereinafter reprint the letter of SIF Moldova, as well as the position of the BSE on it.
* The open letter of SIF Moldova
As a shareholder of the Bucharest Stock Exchange S.A. we persist in reiterating the request addressed to all of its shareholders to focus their efforts on the development of the BSE and the development of the overall Romanian stock market.
In this context, we feel that the failure to meet the necessary quorum for the making of the decisions at the General Shareholder Meeting of 27th/28th of June 2013 is the consequence of timid and unconvincing actions of the Board of the Exchange, of the lack of vision and initiative in the structuring of some concrete proposals addressed to the shareholders. The deficiencies of the BSE in its communication with the Financial Oversight Authority (ASF) and the other institutions of the capital market, the hesitations in making a clear and determined commitment of the board of the BSE have led, at least at the present tim
