CONFERINȚA "Viitorul pieței de capital românești" - Ediția a VI-a
THE WEAKNESS OF THE MANAGEMENT OF THE BSE IN ACTION
BURSA 14.07.2017

Adina Ardeleanu (translated by Cosmin Ghidoveanu)
 
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       BURSA has been excluded by the Bucharest Stock Exchange from the latest events it has organized:
       May 16th, 2017: we did not get an invitation to the event concerning the DIGI IPO;
       June 19th, 2017: we did not get an invitation to the event concerning the listing of AAGES;
       July 13th, 2017: we did not get an invitation to "The official opening of the trading session together with Patria Bank".

 
     The officials of the Bucharest Stock Exchange avoid explaining why they are excluding BURSA from events.
     When asked directly, live, why he has excluded "BURSA" from the list of official events of the BSE, the CEO of the Exchange, Ludwik Sobolewski, avoided the answer by saying "No comment" (see the reaction in the video posted on www.bursa.ro).
     That way, Ludwik Sobolewski confirms that he knows the institution he leads is discriminating against media entities and takes no responsibility in providing a public explanation.
     That "no comment" doesn't mean anything else that the Bucharest Stock Exchange has cut off our access to information of public interest.
     The Bucharest Stock Exchange is a public company, from the moment it self-listed, and is bragging about its transparency and compliance with corporate governance.
     In reality, the employees of the BSE, with their CEO as well, don't honor any of those values. Moreover, they shamelessly trample them.
     What's worse is that this behavior has support from the Board of the Exchange.
     Last week BURSA notified the board of the BSE that it was no longer receiving invitations to BSE events.
     We did not get an official response.
     Truth be told, the only one who could answer officially was BSE president Lucian Anghel.
     Since the arrival of Anghel at the helm of the BSE there is a rule that only the president and the CEO of the BSE are allowed to publicly express opinions on behalf of the company.
     And Lucian Anghel fully supports Ludwik Sobolewski.
     Lucian Anghel compared him to football trainer Jose Mourinho and did not miss even one opportunity to say how proud he was of him.
     For Anghel, Sobolewski is God's gift.
     Therefore, Sobolewski has full power at the BSE ... He does everything he pleases, he discriminates against the media.
     Sobolewski turned his back on us, without telling us clearly what the reason was.
     Therefore, we can only suspect some personal reasons.
     BURSA was the only voice to criticize the activity of the BSE CEO, who was brought in from Poland.
     He was taken in after being kicked out by the Warsaw Stock Exchange, following a row about the involvement of issuers in the funding of a movie that his girlfriend starred in.
     The BSE laid out the red carpet for him and offered him an outstanding salary: 17,000 Euros a month plus 450,000 Euros in performance bonuses in the first two years of his term, according to the contract presented by "BURSA".
     The articles in "BURSA" have been backed by the weak results of the exchange compared to the compensation of the CEO, as well as by the fact that Sobolewski would constantly blame somebody else for his failures. He repeatedly claimed that the government should take more companies public, for the development of the exchange, a private company.
     During Sobolewski's term, the BSE posted an operating profit of 11.13 million lei in 2014, after a drop to 3.25 million lei, in 2015, and a rise back to 5.7 million lei in 2016.
     The somewhat better results of 2014 brought the BSE CEO a 300,000 Euros bonus, as they were made mostly on the back of the government and the Proprietatea Fund. Furthermore, the contract further stipulated that the 2014 performance indicators would be compared to 2012 and not to the previous year.
     The CEO of the BSE has as his notable achievement the inclusion of our capital market on the FTSE list for promotion to the emerging market status. But FTSE has made it clear that the BSE does not meet the turnover requirement.
     In 2014, the average daily turnover of BSE transactions was 11.72 million Euros, followed by a drop to 7.89 million Euros in 2015, and to 8.11 million Euros in 2016. This year, liquidity returned to 11.12 million Euros, still below the 2014 level, so far. 
 

 
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