Mihai Fercală, the executive chairman of SIF Transilvania, a shareholder which owns approximately 8% of the BSE, thinks that the mandate of Ludwik Sobolewski as CEO of the BSE has expired yesterday, August 21st.
"If Sobolewski gets granted a new mandate in the future, that is a whole different issue", said Mr. Fercală.
He said that soon, SIF Transilvania and other shareholders will try, in the General Shareholder Meeting of the BSE, summoned for September 14th, to clarify the issues of the BSE, in order to avoid having the Stock Exchange, the most important institution of the capital market, "be placed in an embarrassing situation".
Mihai Fercală said: "What can we expect from the boards of directors of the listed companies, if the Bucharest Stock Exchange behaves in such a manner (ed. note: sending confusing press releases). The exchange should provide an example of corporate governance and respect its shareholders".
Mihai Fercală says that it is inappropriate for the BSE to buy back shares using 90% of the company's profit, in order to pay bonuses to the employees, without compensating shareholders as well: "Their quality of shareholders is pointless, if they are stuck looking at the bellicose decisions of the Board and at the conflict between the executive management and the Board of Directors".
Mr. Fercală said he hopes that shareholders will get involved and resolve this situation, in the General Shareholder Meeting of September.
Adina Ardeleanu (translated by Cosmin Ghidoveanu)