V.Papzov: BALII Is a Union of Intermediaries, Not a Shareholder

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V.Papzov: BALII Is a Union of Intermediaries, Not a Shareholder

„There were no problematic issues at BSE's general meeting of shareholders,”Viktor Papazov, chairman of the Board of Directors said exclusively for Profit.bg.

„As far as bonuses are concerned, we have proceeded according to the rules and regulations adopted two years ago. Shareholders approved the proposals and seemed to be content with the work done by the management,” he added.

BSE will allocate 78,000 leva as bonuses and not 2.4 mln leva as some are speculating, Papazov pointed out.

Mr. Papazov also specifically emphasized that BALII is a union of investment intermediaries and not a shareholder in BSE.

„The stock exchange's number one authority is the general meeting of shareholders. BALII is not in a position to make proposals to the meeting, as this can only be done by shareholders.”

“The members of BALII are not united on the issue. Two out of the seven members have filed resignations in the past ten days. Moreover, BALII has not issued any official statement. We have only seen a sheet of paper with no signatures and no clear message,” Papazov said.

According to legislation, the regulated market's main functions are: to ensure all intermediaries and their clients the equal technical opportunities for access to the market and to ensure the stability of the capital market. Papazov said BSE is following those objectives.

“There has always been a good dialog between the investment intermediaries and the stock exchange. We are working in cooperation with other organizations as well and we have their support. Some of those are the Association of Industrial Capital, The Association of Banks in Bulgaria, etc. “

BALII controls 13% of BSE's capital via its members and its opinion is not the opinion of all shareholders. The association also did not support its accusations to the management with any specific data, while BSE is reporting excellent financial results.

BSE has been working on attracting businesses to the capital market, while the investment intermediaries have not been very active in this direction.

„There is no tension between the Financial Supervision Commission and the stock exchange. All this is an insinuation.” said Bistra Ilkova.

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