Board of Directors
Ludwik Sobolewski – Non – Executive Chairman
Ludwik Sobolewski currently serves as the CEO of the Bucharest Stock Exchange (BVB), where he has been charged with a mission to implement a deep reform of the infrastructure of the Romanian capital market, in cooperation with the Government, the National Bank of Romania, the Romanian Financial Services Authority and market participants. The objective of the reform is to transform Romania from a Frontier market (in accordance with the international classifications of capital markets) into an Emerging Market, and to lay down fundamentals for Bucharest as the capital market hub of South Eastern Europe.
Since his appointment in 2013 following changes were implemented:
- local capital market absorbed major IPOs of state owned companies, of the value amounting 1 bln EUR, resulting in listings of new companies on the BVB and – through Global Depository Receipts on the London Stock Exchange, and several transactions on the secondary market of hundreds of millions of EUR, with Bucharest Stock Exchange ending up with the market capitalisation at the level of the Budapest and Prague stock exchanges,
- AeRO, a market for small and medium size companies was launched and currently list almost 300 companies with the aggregate market value of around 1 bln EUR,
- Deep reform of the laws and regulations and market standards, liberalizing the market and improving the quality of corporate governance, is pursued,
- European Bank for Reconstruction and Development (EBRD) became in 2014 a significant shareholder of the BVB, as a sign of the Bank support for the project of the modernization of the local capital market as of the international market venue.
Since 2014, Ludwik held a position of non-executive Director and Chairman in Posta Romana (National Postal Operator) for over one year, at the period when the company underwent a successful reorganisation and financial turnaround.
Prior to joining the Bucharest Stock Exchange, Ludwik has served as the CEO and President of the Management Board of the Warsaw Stock Exchange (WSE).
During his time between 2006-2013, the WSE became the leading capital market operator in CEE, with many international investment firms cooperating, a network of international relations and new market segments, developed investors’ relations and enhanced capital group combining markets for financial instruments and commodities markets.
- Launched and developed NewConnect (2007), innovative market for start-ups, early stage, small and medium-size companies, since, one of the most dynamically growing markets of this type in Europe, by measure of the number of listed companies. The first and the only one such alternative market in Poland, successfully attracting foreign businesses;
- Managed WSE’s IPO in 2010, carried out as an offering for institutional, domestic and international and for individual investors, through globally led offering, resulting in massive interest of investors globally, as well as, record subscription from individual investors (over 320 000 retail investors);
- Launched Catalyst market in 2009, for corporate and municipal bonds, the first organized, exchange-type market for non-treasury debt securities in Poland; today more than 50% of all corporate debt securities’ value are traded on Catalyst;
- Led the acquisition of BondSpot SA (2009), a platform for treasury securities, subsequently integrated into WSE Capital Group;
- Led the acquisition of Polish Power Exchange SA, a main electricity exchange in Poland, since 2012 integrated it into the structure of the WSE Capital Group;
- Launched a gas exchange, as a part of the Polish Power Exchange, in 2012;
- Attracted numerous foreign companies for raising capital and listing at the WSE, from 2 in 2006 up to over 50 in 2012;
- Increased the number of international members of the WSE and enabled the growth in their activity from below 2 % of the total trading in 2006 to 20-30 % in 2012;
- Made of the WSE a leader in CEE region, with regard to turnover, number of companies and variety of market segments; in 2006 WSE significantly smaller in terms of turnover than Wiener Boerse, turned into being twice or three times bigger in 2009-2012 than Wiener Boerse and, in 2012, bigger than all other CEE exchanges put together, as regards turnover;
Between 1994 – 2006, Ludwik has served as an Executive Vice-President of the National Depository for Securities SA – the only institution in Poland dealing with clearing and settlement of transactions in financial instruments; critical part of capital market infrastructure.
- Head of a group setting up a central securities depository and clearing house as an independent company;
- Involved in setting up a new structure for social security in Poland, resulting in creation of private pension funds. Expert of the governmental Office of the Plenipotentiary for the Social Security Reform;
- Participated In elaborating of new concepts, institutions and functional regulations on investment funds, as an expert of Polish Parliament commissions preparing the changes in the law aimed at increasing the efficiency of investment funds and its development;
- Member of Legal Certainty Group, appointed by DG Internal Market of the European Commission, for the review of regulations and practices in European unified financial market;
- Launched clearing and settlement of derivatives instruments, in 1998.
Ludwik has also served as Director of Organizational Department, Advisor to the Minister between 1992 -1993, where he was charged with a project of the reform of the central governmental administration.
At present he is a member of following Supervisory Boards
- ZE PAK, a company listed on the Warsaw Stock Ezxchange, one of the largest in the energy sector in Poland, controlled by Polish billionaire and entrepreneur Zygmunt Solorz – since 2013. Member of the Supervisory Board and Member of the Audit Committee.
- Member of the Financial Revision Commission of the Sztuka Media Film Foundation, realizing projects in the field of culture,
- Member of the Council of the Teraz Polska [Poland Now] Foundation, promoting small and medium entrepreneurship.
Between 1995 – 2014, Ludwik was a member of below Supervisory Boards
- Chairman and member of the Supervisory Board of National Depositories for Securities (at the time when he was CEO of the Warsaw Stock Exchange);
- Chairman and member of the Supervisory Board of Polish Powers Exchange SA (electricity and gas exchange);
- Chairman and member of the Supervisory Board of BondSpot SA (trading platform for government bonds)
- Vice-Chairman of Supervisory Board of Exchange Centre SA (real estate management),
- Member of Supervisory Board of WSE InfoEngine SA;
- Member of National Board for Research and Development (public institution), involved in financing of most innovative entrepreneurial projects,
- Chairman of the Supervisory Board of the Investment Fund Management Company IDEA TFI.
Ludwik is recognized as an author of numerous books and articles on regulatory and other issues concerning domestic and international capital markets.
Served as a President of the Association of Polish Lawyers (2006-2010).
Ludwik has broad academic experience gained at Jagiellonian University and at Faculty of Management of the Warsaw University, where he delivered lectures on financial markets issues. In 2005-2006 he was also lecturer at Executive MBA of University of Warsaw and University of Illinois, delivering a lecture on Legal Aspects of Managerial decisions.
Decorated twice with medals The Cross of Polonia Restituta, by President of Poland Aleksander Kwaśniewski in 2001, and of a higher degree by President of Poland Bronisław Komorowski in 2011, for his merits in developing capital markets.
Maciej Szytko – Non-Executive Director
Maciej Szytko, 32, was appointed as a non-executive director on 19 September 2011. He is a Commercial Studies graduate from the University of Westminster. He is an adviser and active investor in public and private companies with a focus on the Commonwealth of Independent States (CIS) and the Warsaw Stock Exchange (WSE), where his first financial successes occurred.
Biswanath Patnaik – Non-Executive Director
Biswanath Patnaik holds and MBA and Law degree from Utkal University. Biswanath is a banker with operations in London, Singapore and Dubai.
Mr Patnaik is also a co-owner of a Multispeciality Hospital in Bhubaneswar, India.
Biswanath is the Chairman of an international committee of a Social Action Foundation based out of Delhi, which provides vocational training and education to under privileged children.
Biswanath’s family owns three mines in the state of Odisha in India, which extract iron ore, bauxite and paraphyte.
NICOLAY MAYSTER, CFA– NON-EXECUTIVE DIRECTOR
Intercapital Markets AD, Sofia
CEO, Partner November 2002 – to date
Stock market trading and investment: Intercapital Markets is a licensed investment brokerage firm, member of the Bulgarian Stock Exchange and Warsaw Stock Exchange. It offers securities trading in Bulgaria and overseas to both private and institutional clients, focusing on technology, global market access and best-execution. ICM has also developed a portfolio management business serving mainly high-net-worth individuals and specialised institutions.
Intercapital EOOD, Sofia
CEO, Partner November 2001 – to date
Property development advisory services: Intercapital is the investment and financing advisor of Intercapital Property Development ADSIC, BGI Group AD and various other firms involved in property development. ICPD and BGI have been taken public by Intercapital. We have arranged financing for various projects of these and other clients totalling over EUR 40 M in bank loans and corporate bonds. We have also advised on the planning, execution and operation or exit of various property development projects
Beta Corp, Sofia April 2000 – November 2001
- Wrote fundamental research reports on Bulgarian companies and business sectors. Provided regular continuous stock market coverage. Created a proprietary stock market index.
- Played an active role in the origination and completion of securities issues. Provided support in corporate finance activities.
- Analysed developments in the investment field, the capital markets and the economy overall to set up the strategic areas of development for Beta Corp, a Bulgarian stock broker.
SMART Finance, Tunis August 1997 – June 1999
- Developed and provided institutional clients with equity research on Tunisian companies.
- Established and updated a stock market and economic indicators database. Wrote and presented fundamental research reports and follow-up updates on companies in banking, leasing, industrials and services, as well as reports on the Tunisian banking sector and economy. Participated in the design and calculation of the Smart Finance Index of Tunisian listed stocks.