(News Bulletin 247) – The shareholders of the stock market operator largely approved the renewal of the director general, Stéphane Boujnah, this Wednesday.

The shareholders of Euronext – a group that oversees the Paris Stock Exchange, among others – largely approved on Wednesday the renewal of Stéphane Boujnah for a third term at the head of the pan-European stock market operator, during their general meeting in Amsterdam.

The proposal to renew his four-year term as CEO and Chairman of the Management Board received 98.2% of votes in favor.

In the results of the last four years of Stéphane Boujnah, who arrived at the head of Euronext at the end of 2015, appears in particular the acquisition of the Milan Stock Exchange, which changed the scale of the group and enabled it to develop in activities strategic.

“We have transformed Euronext into a leader in pan-European market infrastructures”, he highlighted during the general meeting.

Twice the London Stock Exchange

“Today, around 25% of the shares that are traded in Europe are traded on the Euronext markets”, which represent “twice” the weight of the London Stock Exchange in terms of volumes traded and aggregate market capitalization, said noted Stéphane Boujnah in an interview with AFP.

In 2022, the market operator achieved a record financial year, after an already historic 2021, with net profit of 437.8 million euros, up 5.9% over one year.

During the term that Stéphane Boujnah has just completed, Euronext’s annual revenues have doubled and its market capitalization has multiplied by 1.5 between 2019 and 2022.

Since its IPO in 2014, the company’s valuation has increased from 1.4 billion to 7.1 billion euros in May 2023. Now Euronext manages the stock exchanges of Paris, Amsterdam, Brussels, Lisbon, Dublin, Oslo and Milano.

Heading towards further consolidation

Stéphane Boujnah has also worked to diversify sources of income to be less dependent on market volatility, to reduce the group’s costs and to establish a plan to reduce its greenhouse gas emissions.

Over the next four years, he wants to “pursue European consolidation” so that Euronext “maintains and establishes its role as the backbone of the Capital Markets Union”, a project for the circulation of investments and savings throughout the European Union.

He also wants to integrate technological innovations, in particular blockchain and artificial intelligence, into the company’s activities and “continue, or even accelerate, the diversification” of the group.

“Preparing for his succession” is also one of the “objectives of his mandate”, said Nathalie Rachou, member of the Euronext supervisory committee, in response to a question from a shareholder. However, nothing will prevent Stéphane Boujnah from running for a fourth term, the group told AFP.

(With AFP)