| Brokers will try to appoint their representative to the board of directors of the MICEX Stock Exchange At the next meeting of shareholders of the MICEX Stock Exchange, which is scheduled for April 21, its board of directors will be updated taking into account the changes that took place last year in the composition of the shareholders of the trading platform. The main intrigue is whether brokerage companies that accepted the offer of the “old” MICEX to enter the authorized capital of a subsidiary will be able to appoint their representative to the management body of the exchange. According to Vremya Novostey, candidates for the board of directors of the MICEX Stock Exchange from brokerage companies were the general director of the Alor group of companies Alexander Kalin, the deputy general director of the Aton company Alexander Svintsov, the deputy general director of the Otkritie investment group Mikhail Sukhobok and the first vice president of the company Renaissance Capital Igor Yurgens.
The MICEX stock exchange was established as a 100% subsidiary of the MICEX in December 2003. In August last year, the MICEX Stock Exchange formed a new composition of shareholders, which included all the founders of the parent company, with the exception of the Central Bank, which owns 28.8% of the stock exchange. Its share was distributed between the “old” MICEX, which received 12.8% of the authorized capital of the MICEX Stock Exchange, and the eight leading brokers in terms of trading volume, which received 2% each. The owners of such packages were Alfa Bank, as well as the companies Alor-Invest, Aton, Brokercreditservice, Otkritie Brokerage House, Web-invest.ru, Renaissance Broker, Troika Dialog. The remaining shareholders of the MICEX Stock Exchange are credit institutions that collectively control 71.2% of the exchange's capital.
The current composition of the board of directors of the MICEX Stock Exchange reflects the moment in its history when it was still a 100 percent “daughter” of the MICEX: it includes representatives of the founding exchange and the National Depository Center. Nominations for the new council, which will be elected on April 21, have already been completed. The “broker list” was obviously compiled taking into account the fact that the charter of the MICEX Stock Exchange prohibits the election of persons who are members of the management bodies of competing trading platforms to the board of directors of the exchange. Therefore, those representatives of companies who already work on the boards of directors of the non-profit partnership and OJSC RTS could not enter it.
The general director of the Web-invest.ru company, Mikhail Belyaev, told Vremya Novostey that his organization also nominated several candidates to the board of directors, although he refused to name them. He only clarified that among them are not only representatives of Web-invest.ru, but also third parties. According to Mr. Belyaev, the current composition of the founders of the MICEX Stock Exchange leaves brokers little chance of independently appointing their delegate to the management body of the exchange. The majority at the shareholders' meeting will belong to the MICEX and its founding banks. Even after consolidating their stakes, brokers will receive only 16% of the votes, and board members are elected by a simple majority. However, Mikhail Belyaev believes that brokerage companies are interested in having someone represent them on the stock exchange. Therefore, they must not only agree on a joint vote, but also agree on a common candidate for the board of directors from among those persons who have been working with MICEX for a long time and will be accepted by the founding banks. For its part, Mr. Belyaev said, Web-invest.ru is ready to both initiate negotiations between brokers and enter into dialogue with the MICEX.
True, not all minority shareholders of the MICEX Stock Exchange share this position: the companies BrokerCreditService and Troika Dialog did not nominate their candidates to the board of directors of the exchange. BCS CEO Oleg Mikhasenko told Vremya Novostei that he intends to simply exercise his voting rights at the shareholders’ meeting and has not yet entered into any negotiations on coordinating positions with other companies. And the managing director of Troika Dialog, Jacques Der Megredichyan, noted that the brokerage community discussed the idea of consolidated voting when the MICEX Stock Exchange was just starting to distribute shares, but has recently cooled down to this idea. Igor POLISCHUK |
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