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Situation at CE Oltenia becomes tense – battle between parties and return to interim management

20 June 2019

Bogdan Tudorache

Appointments to the Supervisory Board and CEO Oltenia (CEO) depend on the new negotiations between the parties, sources from the market for said. “It seems that the interim is preparing again and will return to short mandates, probably two months,” he told us a source close to the situation.

According to another source, Sorin Boza may be replaced by company management. “In this case, I think the election result will also be taken into account… Tough negotiations take place between ALDE and PSD (n.r.- the two parties in the governmental arc). I do not think Mr. Boza will leave the company, “says a third source.

“Those who come to the CEO need to know that there is a lot of work, it’s not easy at all. What is important – that no other company was selected on the basis of OUG 109/2011, corporate governance, in any other company except the CEO. There has not been a selection of HR based on the law … There will also be direct appointments to the CEO. It is serious that corporate governance is not respected in Romania,” the last cited source said.

Sorin Boza could not be contacted for comments.

“Proper corporate governance standards ensure that investors have sufficient transparence and predictability in the way that the companies, state of private, will be managed over the long term. Unfortunately, here we had an environment where the management and supervisory boards of the companies have been subjected to limited term mandates of up to four months, which does not put the managers in a position to elaborate long term projects for the future development of energy resources,” Johan Meyer, CEO Franklin Templeton Investments & Manager de fond, Fondul Proprietatea, previously told Energy Strategy Summit, an event organized by

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