On 24.02.2005 the new Board of directors of the Macedonian Stock Exchange had its constitutive meeting. The new Board of directors is consisted of 13 members, of which 8 are non-executive members-representatives of the shareholders and trading participants of MSE (Komercijalna banka AD Skopje, UNI banka AD Skopje, Stopanska banka AD Skopje, Investbroker AD Skopje, Fersped broker AD Skopje, Mak broker AD Skopje, Postel broker AD Skopje and Tutunskabroker AD Skopje), 3 independent members (Jane Miljovski PhD, Ljupco Pecev and Kristijan Polenak) and 2 Executive members. Of the two executive members, the Board named Ivan Steriev, previously director of the Trading department of MSE as the Chief executive director, while as the Executive director the Board named Evgeni Zografski PhD, previously Execitive director of MSE. Dzvonko Stankovski, Director of Trasury, dealing and securities department of UNI banka AD Skopje was elected President of the Board of directors.