ABBL

The board of directors of the Luxembourg Stock exchange met on 5 July 2011 for a luncheon in honour of its outgoing chairman, Raymond Kirsch.

Luc Frieden, Minister of Finance, who wanted to participate at this lunch, expressed, on behalf of the government and on his own behalf, his warmest thanks to Raymond Kirsch, who was chairman of the board from 1 February 2004 to 20 April 2011, for the action that he took during his various mandates.

Following a distinguished career in government service, notably as government commissioner to the Luxembourg Stock exchange from 1979 to 1985, and within the state Savings bank, Banque et Caisse d’Epargne de l’Etat, Raymond Kirsch joined the board of directors of the Exchange in 1989. He was vice-chairman of the board between 1993 and 31 January 2004, during which time the Exchange computerized its activities, including its market, which was fully automated on 1 January 1996. It was also during this period that European stock exchanges began their far-reaching mergers, to which the Luxembourg Stock exchange decided not to commit in order to maintain its independence.

Under his chairmanship, the Luxembourg Stock exchange continued its development, particularly in the field of securities trading. This development was linked, on the one hand, to the strengthening the financial base of the Exchange and, on the other hand, to a will to diversify the company.

Therefore, in this respect, the Exchange revitalised activities related to its subsidiary Finesti for it to become the Luxembourg financial centre’s reference database for investment funds and the vehicle for Investment fund reporting to the authorities. Finally, in 2007, the Luxembourg Stock exchange received a new legal status under the law on markets in financial instruments of 13 July of that year.

Frank Wagener, the chairman of the board of directors since 20 April 2011, took the opportunity of this meeting to acknowledge and thank three outgoing directors, namely Walter H. Draisbach (representative of Dresdner Bank and then Commerzbank International S.A.), Charles Hamer (representative of Crédit Agricole Luxembourg S.A.) and Henri Servais (representative of Dewaay Luxembourg, then Puilaetco and after that an independent director).

Frank Wagener thanked these former directors for the strong commitment that they had shown, highlighting their experience and expertise in various capacities. He recalled, in this context, that before being appointed director in 1999, Henri Servais had served on the Stock exchange commission, a now-defunct body, from 1973 to 1993 and that in this context he had greatly contributed to the development of market activities.
 

(Source:  Luxembourg Stock exchange)