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September 18, 2019

EcoMin Borc wants best corporate governance in state-owned companies

State-owned companies need well-trained professionals in their management, not stars, Vice Prime Minister and Minister of Economy, Commerce and Relations with the Business Environment Costin Borc asserted in a public debate on Friday.

Representatives of the Ministry of Economy and of the associations working on corporate governance projects debated a document titled ‘Corporate governance principles in state-owned companies.’

‘I do not have a list of political nominations in my pocket. I don’t want stars, and I don’t believe in mirages. I don’t think a great personality will come and save Romanian enterprises. I will be glad if the ideal candidate shows up, one who does not speak Romanian, but already saved 100 companies,’ Borc answered a question of the Proprietatea Fund, who challenged a restriction on board membership to Romanian or EU citizens residing in Romania and having a proper command of Romanian language.

The document on debate is open to public consultation until February 25; the ministry announced its openness to points of view. It is intended to facilitate the open implementation of a relevant government order to transfer the economic responsibility to company management and eventually improve the performances of state-owned companies.

‘I want this document to be a model for the application of the corporate governance principles. I want us to avoid overregulation that might result in contradictions. Our goal is to make all the companies in the ministry’s portfolio operate properly. I want their management professionalised. So far, it seems we have been more interested who we appoint, no what the appointed person does,’ the minister added.

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