The incumbent board of the Bulgarian Stock Exchange (BSE) has been put down for a new five-year term in the commercial register of the Registry Agency, based on incorrectly reported information, bourse shareholders said. Only the general shareholders meeting (AGM) has the authority to replace or extend the term of board members.

Although no such item figured on the 2007 general meeting, on May 15 2008, the board was recorded in the register as having a term until June 14 2012. The entry was made on the basis of an application form submitted online by a representative of the company, the Registry Agency said.

The finance ministry, the biggest BSE shareholder, said no proposal for the re-election of the board was discussed or voted on at the 2007 AGM. That information was confirmed by other shareholders that attended the meeting.

Board chairman Viktor Papazov declined to comment, saying: 'How should I know, ask the legal department.' BSE executive director Bistra Ilkova could not be reached for comment.

At the June 30 2008 general meeting, the association of investment intermediaries submitted a proposal to sack the board for its non-transparent management, but it was rejected.