Changes at Warsaw Stock Exchange

Warsaw Stock Exchange has recently got a new management board and supervisory board. During corridor talks people discussed who will be the president of the state company. Jarosław Grzywiński, a lawyer delegated by the supervisory board to temporarily manage the company, expressed hopes to keep the position. A moment later Marek Dietl, a doctor of economics from Krakow announced his candidacy, and it is him who on 16 June was appointed by the general shareholders’ meeting of WSE to serve a full term as the president.


Marek Dietl in years 2008-2012 was an investment manager at National Capital Fund, currently he teaches at Warsaw School of Economics. He was a member of 23 various investment committees and supervisory boards. From 23 February 2016, he has been appointed at the position of an economic advisor of the President of Poland. It should be also noted that Dietl worked with the Chancellery of the President during Bronisław Komorowski’s term as well, preparing the act on forms of innovativeness support. It was him who among other things created framework for converting CHF mortgage loans at the so called “fair rate”. Unfortunately, the project got hold off due to immense costs that the banking sector would have to cover.


Jarosław Grzywiński during his short term had an opportunity to organise commemorations of 200 years of the stock exchange, he also launched a start-up accelerator at WSE. He declared intention to bring nobility back to the stock exchange and criticised the dissolution of Open Pension Funds from 2014. Grzywiński’s Achilles heel is the obligation of three-year experience working at financial institutions required by Polish law. The candidate himself claims he meets this obligation, referring to expert opinions of a renowned law firm of professor Sołtysiński. Added to that, Grzywiński criticizes Financial Supervisory Authority for too rigorous requirements with regard to financial market people.


However, the problem may be that neither Dietl nor Grzywiński are managers. The analyst and lawyer-consultant were appointed WSE Board members and seem to understand its needs. Dietl, with his knowledge of private business and thick network of contacts, and Grzywiński with ability to listen to those more experienced than him and learn quickly, seem to be the right people to manage the state company.


Challenges abound. Increasing overregulation of the market, deficit of new issuers and outflow of the existing ones, the predicted end of Open Pension Funds – these are all issues that WSE and its new president have to face.




Contact info

Poland Zalewski Consulting addressesAddresses:

Warsaw office:

Filip Roger Zalewski
Poland Zalewski Consulting
Cafelco Consulting Poland Sp. z o.o.
ul. Modlińska 129 / U10
03-186 Warsaw

Accounting department:

Dorota Ostafińska
Poland Zalewski Consulting
Cafelco Consulting Poland Sp. z o.o.
ul. Torfowa 2
30-384 Cracow
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