The Board of Directors of the Bucharest Stock Exchange forced to discuss its own revocation

The Board of Directors of the Bucharest Stock Exchange which met yesterday in a session, has discussed the company's nine month earnings, as well as the manner of operation of the executive.

The board has agreed on principle to summon a General Shareholder Meeting, on the subject of the revocation of the board of directors, according to the request submitted on November 10th, by a group of shareholders, even though formally, the request involves several aspects which are of dubious validity.

The Board has urged the Executive management of the Exchange to submit a formal request to summon the General Shareholder Meeting, which would be expected to be formally approved in the session scheduled for Thursday, November 24th. If the summoning of the Shareholder Meeting will be approved, then the General Shareholder Meeting itself would have to be held either before Christmas or by January 8th.

The council of the Exchange voted in favor of the prospective General Shareholder Meeting including the issue of cumulative voting.

The seven shareholders, who have requested the revocation of the council, and which together own 9.41% of the market operator, are the pension fund managed by ING, the ING International Romanian Equity investment fund, SSIF Intercapital Invest, Ifond Financial, Unicredit CAIB, BCR and Erste Bank.

The current Board of Directors of the Bucharest Stock Exchange was elected in February 2010 and consists of chairman Stere Farmache, Ciprian Zah, Mircea Botta, Siminel - Cristian Andrei, Octavian Molnar, Grzegorz Konieczny, Lucian Isac, Ionel Uleia and Cosmin Gheorghiu.

Grzegorz Konieczny, the director of the Proprietatea Fund, said he was incompatible with the position of director, by the Romanian National Securities Commission (CNVM), after being initially validated.