SPB Exchange preparing option to operate without board after losing directors due to sanctions

MOSCOW. Jan 12 (Interfax) - The SPB Exchange is considering dividing the duties of its board of directors between the general meeting of shareholders and its management board because a number of directors left the board after sanctions were imposed against the exchange, an SPB Exchange spokesman told Interfax.

"The SPB Exchange does not rule out that this collegial body might lose its ability to make the decisions necessary for the exchange to function. In that case, the SPB Exchange is providing for the possibility to not form a board of directors and distribute its functions between the general meeting of shareholders and the management board," the spokesman said.

The possible change in the powers of the board of directors will not affect the exchange's operations, he said.

SPB Exchange shareholders will consider the issue of transferring the functions of the board of directors to the management board at an extraordinary general meeting on January 19, the agenda for the meeting indicates.

The U.S. Office of Foreign Assets Control (OFAC) put SPB Exchange on its sanctions list on November 2, 2023. After this the exchange suspended trading of foreign securities. OFAC also issued a license to wind down transactions with the exchange by January 31, 2024.