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Ministry of Energy proposes seven administrators Electrica SA

8 October 2015
Electricity
energynomics

Energy Ministry proposes for Electrica a Board of Directors (CA) composed of seven members elected by the shareholders, instead of five, and at least four of them to be independent and non-executive, appointed by the minority shareholders.

For shareholders meeting of 10 November, the Ministry of Energy proposes to the other shareholders a completion of the agenda with proposals to amend the Constitutive Act of Electrica.

According to the document submitted by the Chairman of the Board at Electrica, Victor Cionga, Romanian state may nominate three candidates for membership in the CA, the other four directors will be nominated by other shareholders.

Energy Ministry proposes that the shareholders meeting agenda can be completed only by shareholders who, individually or together, represent at least 5% of the share capital of Electrica SA. Ministry of Energy has a stake of 48.78% stake in electricity distributor.

The Ministry of Energy and the current CA seem to need each other’s cooperation. Representatives of minority shareholders want the resumption of negotiations with Fondul Proprietatea (FP) for the acquisition of shares that this fund has in the regional regional branches of the group, but cannot do that without the vote of state representatives, and the Romanian State cannot dismiss or increase the CA without help from some minority shareholders.

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