Lucian Anghel, the president of the BSE, today summoned the Board of the BSE to discuss the terms of the contract of Ludwik Sobolewski, whose mandate expires on August 21st. According to sources close to the situation, Lucian Anghel is going to propose the renewal of the term of Ludwik Sobolewski for four more years, keeping his current salary and the renegotiation of the bonus.
On the agenda, Lucian Anghel has also proposed the co-opting of a new member of the Board of the Exchange, in the place of Cristian Micu, as well as the new tariffs concerning MIFID 2.
Ludwik Sobolewski came to the BSE for a salary of 17,000 Euros a month, plus performance bonuses of 450,000 Euros in the first two years of a mandate, according to the contract presented by "BURSA".
A few weeks ago, our sources told us that Sobolewski received an offer to stay with the BSE, but for a salary cut by half, but he verbally turned it down, in a discussion with the Board of the Exchange, which had been officially summoned at the headquarters of the BSE, discussion which was however not recorded in the minutes of the meeting by president Lucian Anghel.
The CEO of the BSE said at the time that he did not accept that offer, and that he would give an answer in writing, but he hasn't done that so far, the sources further told us.
The Financial Oversight Authority is conducting an analysis of the manner in which the Board meetings are summoned at the BSE, Mircea Ursache, vice-president of the ASF recently confirmed to "BURSA".
It would seem that the Authority has received notifications concerning a practice used by the president of the BSE Lucian Anghel of not summoning board meetings of the Board when asked to hold them remotely, without physical attendance. The sources told us that Lucian Anghel has not informed the official board concerning any investigation conducted by the ASF.
Stock market voices have frequently criticized the salary of the CEO of the BSE, given the rather weak performance. In turn, Sobolewski has most of the time blamed external factors for his failures, repeatedly saying that the state should help the Exchange by taking more companies public.
The CEO of the BSE is taking pride in the fact that during his term, the BSE has been placed on the FTSE shortlist for promotion to the emerging market status. But the FTSE has clearly told us that we do not meet the liquidity criterion.
In 2014, the average daily turnover of the 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 .
A.S. (translated by Cosmin Ghidoveanu)