English
Considering how many tricks Lucian Anghel, the president of the Bucharest Stock Exchange has tried, in order to extend the term of CEO Ludwik Sobolewski, it would be actually crazy if they didn't pull it off.
Ludwik Sobolewski is at the end of his term as CEO of the Bucharest Stock Exchange, as four members of the Board of Directors of the BSE are hostile to him and want to replace him, meaning half of the current members of the Board. The ninth director, Radu Hanga, who has been appointed provisionally, has not yet been validated by the Financial Oversight Authority.
In other words, Sobolewski is in a situation where he can't ensure the management of the Exchange under good conditions.
Normally, he should have left on his own.
Moreover, there is talk in the market about a pay cut, if he were to get a new term.
Normally, he should have left on his own.
It is a matter of decency: why should he wait to be kicked out?
But Sobolewski is clinging to his seat, and the president of the BSE Lucian Anghel seems to pull out all the stops to grant him another term as CEO of the BSE.
The fourth meeting of the Council of the Exchange which will have on the agenda, among other things, the extension of Sobolewski's term, had been summoned for yesterday.
This time, the board members who no longer want Sobolewski at the helm of the BSE showed up, but they left the meeting prior to the vote, because Lucian Anghel presented to them the legal opinion of law firm PeliFilip, which stated that the previous Board meeting did have a quorum, as four members of the board only voted on one item of the agenda, and were absent for the others, including the one concerning the term of the CEO, market sources say.
However, Lucian Anghel did not present the minutes of the previous board meeting, held last Friday, nor the conclusion of the vote for Sobolewski. The protocol of the Board of the Exchange is for its members to sign the minutes of the previous meeting when a new one is held.
Thus, it isn't very clear how far Anghel (who is being investigated by the Financial Oversight Authority for the way the Board meetings were held), would go to force a new term for Sobolewski.
He repeatedly refused to summon the Board of the Exchange, at the request of two other members, when he had control of the Board, (Cristina Ionescu was not validated, and the death of Cristian Micu had left another seat vacant).
Anghel did not record in the minutes Sobolewski's refusal to accept a salary cut by half for a new term.
Now, waving a legal opinion around, he wants to consider those who did not attend the meetings as having been present, even though they didn't vote, and in fact they expressly stated that they would not be participating in the vote.
Along this road, all that is left is for Anghel to bring down the last barrier to Sobolewski staying in Bucharest and maybe to decide alone, to be the only one to sign, and then get an opinion from whichever law firm he wants that everything is fine.
In his approach, Anghel needs a meeting with a quorum, real or made up, because in the event of a tie, the president can tilt the balance the way he wants.
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