Hidroelectrica will have a new Supervisory Board by the end of March, following the decision of the Bucharest Court of Appeal, according to a company release.
“Hidroelectrica took note on March 6, 2023 of the decision of the Bucharest Court of Appeal rejecting the company’s appeal regarding the decision issued by the Bucharest Tribunal in April 2022 regarding the cancellation of the recruitment and selection procedure for filling five positions of members of the company’s Board of Directors,” the press release states.
Basically, the court “Forces the defendant company to issue a new decision regarding a new recruitment and selection procedure.”
“Under these conditions, it must be said that the court decision – appealable, refers exclusively to the recruitment procedure and does not abolish the current mandates of the directors of Hidroelectrica. Also, the decision of the Court of Appeal does not have retroactive effects.
“The management of the company continues to respect its commitments and tasks entrusted upon taking over the mandate, pursuing the successful fulfillment of both the company’s economic and investment objectives, as well as those related to the company’s listing process at the Bucharest Stock Exchange. The court’s decision does not affect the listing calendar, which will be followed according to the stages already established. The company will file an appeal within the legal term,” Hidroelectrica officials also say.
They claim that a selection process is currently underway for the new Supervisory Board of Hidroelectrica, with the appointment of the new members to take place in March 2023. Following their appointment, one of the key responsibilities of the new Supervisory Board will be to launch a new selection procedures for the Directorate.
“It is important to state that the mandate of the current directorate will expire in June 2023, therefore it is expected that the selection process will be initiated in the near future. We remind you that Hidroelectrica is one of the most performing companies in the portfolio of the Romanian state, the exceptional economic results of the last years, the diversification of the portfolio and the opening of new business lines confirming the fact that the company was and is managed with honesty and professionalism, in the spirit of all principles corporate governance.”