The Department of Energy (DoE) of the Ministry of Economy nominated on Sunday managing director and vice president for Eastern Europe of Rothschild & Co. Baroness Arielle Malard de Rothschild as an independent member of the board of Electrica, to be voted by the annual general meeting on September 22.
A DoE release informs that the Romanian state has two nominees for the board, while minority stockholders should nominate two more members of the board. The fifth member will be chosen from a list submitted by an independent recruiter hired by Electrica. This procedure is in accordance with the corporate governance agreement between Electrica and the European Bank for Reconstruction and Development (EBRD) presented to the investors on the listing of Electrica at the Bucharest Stock Exchange (BVB).
‘The fact that individuals of such international fame as Arielle Malard de Rothschild are willing to get involved in the transformation of state-owned energy companies proves the confidence in Romania’s will of improving the performances in this industry in a new way, with the Romanian state still the majority stockholder. I have talked a lot with Lady Rothschild about the perspectives of Electrica, a company engaging on a new path after the listing on the Bucharest and London stock exchanges. I am deeply convinced that bringing personalities in the management of the energy companies is beneficial, therefore I am going to keep encouraging this approach,’ said minister delegate for energy Razvan Nicolescu.
Electrica shares are traded at BVB since July 4; they reached a peak of 11.28 lei per share, and a low of 11 lei per share.
Electrica is the biggest initial public offering on the Romanian stock exchange; it drew 1.95 billion lei (444.3 million euro) from corporate and retail investors. As many as 11,613 investors bought 177,188 shares of Electrica in the IPO closed on June 25.