They elected the site’s supervisory board and lost its head

The Russian MICEX, which gained control over the Ukrainian PFTS, achieved the formation of a supervisory board composition acceptable to it. On Friday, PFTS shareholders without any problems included 8 representatives of the MICEX and Russian banks on the board, giving the remaining 7 positions to other market participants. The main news of the meeting was the voluntary resignation of Irina Zarya from the post of chairman of the board of directors of PFTS for membership in the supervisory board. Kommersant correspondent NIKOLAY MAKSIMCHUK observed the closed voting procedure as a representative of one of the shareholders.

Friday's closed meeting of shareholders of the PFTS Stock Exchange turned out to be surprisingly calmer than the association's meetings on December 24 last year. Then the PFTS members decided to sell a controlling stake in the site to the Moscow Interbank Currency Exchange (MICEX), and also allow 237 traders and 4 exchange managers to buy 6 shares out of a package of 1,600 shares. It was decided to sell the remaining minimum 154 shares at par value to the most active securities traders in 2010.

By the beginning of the extraordinary meeting, convened on the initiative of the MICEX, the exchange had only 147 shareholders. Of these, 86 came to vote with a total stake of 90.35% (MICEX controls 50% + 1 share, PFTS Association - about 18%). Thus, traders bought 32% of the exchange's share capital.

The key issue was the election of a new supervisory board consisting of 15 people. 29 candidates were proposed for voting, 9 of which were from the MICEX, 3 from subsidiaries of Russian banks, 1 from the PFTS association, 16 from Ukrainian banks and investment companies.

When considering the personnel issue, a small conflict arose. Chairman of the Board of Troika Dialog Ukraine Investment Company Artemy Ershov said that his company did not have time to submit the application, explaining this by a short deadline. The head of the PFTS legal department, Pavel Omelchuk, clarified that the final date for submitting proposals for electing the council was July 10. And the head of the board of directors of the PFTS exchange, Irina Zarya, said that the notification was sent out three times, starting on July 5: “There were no adequate details of companies that are not members of the PFTS association or clients of the exchange, so the letters did not reach everyone.” Alexander Potemkin, who chaired the meeting, promised that in the future the exchange would send out notifications in advance.

Cumulative voting (1 share gave 15 votes) made it possible to elect the supervisory board on the first attempt. After counting the votes, which lasted an hour and a half, it became known that the MICEX council included former head of the MICEX Alexander Potemkin, vice-president of the MICEX Evgeny Ellinsky, as well as Igor Marych, Vadim Subbotin and Alexander Shlyappo. The majority shareholder also supported representatives of the subsidiaries of Russian banks: the Subsidiary Bank of Sberbank of Russia - Dmitry Zolotko, Prominvestbank - Alexander Chainikov, VTB Bank - Sergei Kamenyar. The interests of other shareholders will be protected by Elena Amitan (Altana Capital), Yuriy Yakovenko (Eavex Capital), Sergey Oksanich (Kinto), Sergey Brodovich (TASK-broker), Andrey Potapov (ING Bank Ukraine), Sergey Manokha ( Ukrsotsbank) and Irina Zarya (PFTS Association).

Ms. Zarya, who has headed the exchange since its creation, was forced to lose her position as head of the PFTS board of directors in order to join the supervisory board. The charter of the exchange states that the powers of a person included in the executive body of the exchange are revoked if they are appointed to the PFTS supervisory board. Bogdan Lupii, a member of the board of directors and executive director of PFTS, will act as head until the appointment of a new head, Mr. Ellinsky said. The next personnel decision may be made as early as August 10, when the first meeting of the supervisory board with the new composition will take place. Mr. Ellinsky did not say who will head the PFTS exchange, but promised that the supervisory board would elect its head. As before, the MICEX proposes the candidacy of Alexander Potemkin.

PFTS shareholders made a deal