Poland Seeks Changes to Warsaw Stock Exchange Management

Poland is seeking to shuffle the management of the Warsaw Stock Exchange (GPW), central Europe’s biggest equity market.

The Treasury Ministry, which has 51.7 percent of voting rights in the exchange’s operator, called for a shareholders’ meeting to vote on the changes, Katarzyna Kozlowska, a spokeswoman for the ministry, said by phone today. She declined to say why the government wants the change.

The four-member management has been led by Chief Executive Officer Ludwik Sobolewski since June 2006. Shareholders have the right to hire and dismiss the company’s chief executive officer, while other members of the management are appointed by the exchange’s supervisory board, according to its statute.

Poland’s sole stock exchange is the biggest equity market in central and eastern Europe, trading shares of 437 companies with a total market capitalization at 733 billion zloty ($239 billion), according to data on its website. Its NewConnect platform for smaller companies lists further 427 companies.

Anna Wisniewska, a bourse spokeswoman, had no immediate comment on the ministry’s proposals when contacted by phone today. According to the statute, the management has two weeks to call a shareholders’ meeting after receiving such a request.

Poland sold to the public a minority stake in the bourse’s operator in 2010. Its shares declined 0.5 percent to 37.83 zloty as of 9:44 a.m. in Warsaw, falling for the first time this week and valuing the company at 1.59 billion zloty.

To contact the reporter on this story: Marta Waldoch in Warsaw at mwaldoch@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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