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June 13, 2021

Inadequate implementation of corporate governance legislation

Franklin Templeton, in its capacity of Sole Director and Fund Manager of Fondul Proprietatea (FP), expresses its strong disappointment towards the manner in which Electrica Distributie Muntenia Nord (“EDMN”) concluded the selection process for new members of the Board of Directors, based on the requirements of OUG 109/2011  regarding the corporate governance of state-owned enterprises and the manner in which the Ministry of Transportation is blocking the selection process of an independent Board and also decided not to extend the mandate of the candidate recommended by FP in the case of Aeroporturi Bucuresti, a press release informs. EDMN appointed three Board members who did not rank among top candidates in the ranking resulting from the candidates’ assessment done by both the independent human resources consultant involved in the selection process and the Committee for Nomination and Remuneration of EDMN, while two of them are politically affiliated. The same situation is presented in the case of Aeroporturi Bucuresti.

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