BUSINESS

Franklin Templeton is against delaying the nomination of new Hidroelectrica administrators

The Ministry of Economy wants to delay the appointing of a new Supervisory Board at Hidroelectrica, but Franklin Templeton opposes the idea, which it described – in an open letter sent to economy minister Daniel Chitoiu and the chief of the Office of State Ownership and Industrial Privatisation (OPSPI), Alexandru Alexe – as “an abuse of majority position” and “a serious infringement of corporate governance principles.” According to the document made public yesterday, delaying the appointing of new administrators at Hidroelectrica will send a “negative signal” to the company’s creditors and investors, showing that the Ministry of Economy does not keep the commitments which the Romanian state took towards the International Monetary Fund, the World Bank and the European Union. The Ministry of Economy, which is the majority shareholder in Hidroelectrica, asked on October 10 the introduction on the agenda of the company’s General Meeting of Shareholders (AGA) set for October 31 of the proposal to postpone the discussion over the wages of chairman and members of the Supervisory Board, the nomination of the members of the Board, the value of the sum provided as professional responsibility insurance and approval of the form of the administration contract.

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