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Hidroelectrica, responsibility policies worth 50 mln. euro

20 September 2016

Hidroelectrica wants to conclude a professional liability insurance policy for all members of the Supervisory Board and of the Directorate, totaling 50 million euros. Those insurances are required by law since 2006 for administrators and executive managers of joint stock companies and cover any damages that they might be required to pay for affecting the companies, their shareholders or third parties by errors, omissions or carrying out defective unintentionally regarding the job tasks, according

“The amount of 50 million euro is approved, for the professional liability insurance policy for the Supervisory Board members (together with members of the directorate). It empowers the Hidroelectrica directorate to negotiate and conclude the policy, including adjacent clauses”, it is said in a resolution of the shareholders of Hidroelectrica from last weekend. The amount of 50 million euro represents the total insured value or aggregate limit of liability for all persons which will be covered by the insurance policy. The annual premium for such an insurance policy is generally 0.1% – 0.2% of the insured sum.

In total, the Supervisory Board and the Directorate of Hidroelectrica includes 10 people. In June this year, after coming out of insolvency, the General Assembly of the Shareholders has appointed a provisional Supervisory Board for Hidroelectrica, which consists of seven members, and it includes Ana Craita Bucheru (Chairman of the Board), Elena Voicu, Romeo Susanu, Ionut Purica, Robert Pana, Mihai Daniel Aniţei and Oana Truţă.

Recently, Hidroelectrica has awarded a contract of 54.000 lei to the British capital head-hunting company Transearch International, which must select six members for the Supervisory Board of Hidroelectrica, according to the legislation regarding the corporate governance of state-owned companies.

The company Directorate consists of its chairman, Ovidu Agliceru plus members Iulian Tudor and Petronel Chiriac.

The insurance policies of professional liability are concluded by companies on behalf of the persons holding the mentioned positions and in their benefit, the companies being those who bear the costs of the insurance premiums.

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