Transelectrica shareholders sanction dual management formula

State-controlled Transelectrica (TEL) shareholders have sanctioned the introduction of a dual management scheme by setting up the Overseeing Council to deal among other things, with the approval of contracts, credit and various company operations, Mediafax reports. Transelectrica will be managed by a Board overseen by an Overseeing Council, according to a decision made by the company shareholders on Wednesday and remitted to the Bucharest Stock Exchange. The Overseeing Council will be made up of seven members who may or may not be shareholders in the company. The members of the council may not be members of the Board of Directors, nor can they be employees of the company at the same time. The Council members are appointed by the ordinary General Assembly of Shareholders. The president of the Council is elected by the members of the Council. One of the Board members will be appointed as Chief Executive Officer. The members of the Board of Directors will be appointed for a four-year term. The term of the members of the Overseeing Council is also four years, except for the first members of the Council whose term in office may not be longer than two years.

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