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May 23, 2022

Another 10 public companies to have private management

The Government will publish a list of at least ten state-owned companies in which corporate management will be introduced and the selection process will be improved, Government Spokesperson Dan Suciu (photo) stated. He pointed out that the authorities will introduce “a letter of expectation” that will include the results desired from their management after a four-year period.
The amendments were adopted by the Government, through a Memorandum, during its meeting on Wednesday and, according to the Government Spokesperson, they will contribute to boosting the transparency of state-owned companies’ activity and to the co-opting of professional managers within their leadership structures.

At present, of the 180 state-owned companies that fall under the incidence of corporate governance regulations, only 35 meet the requirements. The changes backed by the Government seek mainly to introduce the letter of expectation as an informal instrument in the process of selecting managers and directors, an instrument through which the tutelary public authority establishes the results expected from the public companies’ management and leadership bodies over a period of at least four years.

At the same, the statement of intent is being introduced as an informal working instrument based on the elements included in the letter of expectations and the public information concerning the public company’s activity, an instrument through which candidates for the office of director, selected and included on the short list, present their vision/programme on the development of the public company. The statement of intent is a constituent part of the final assessment of candidates from the short list.

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