Electrica shareholders will elect a new Board at the beginning of next year

The Board of Directors of Electrica (EL) convened the shareholders, on January 26, 2024, in order to elect board members, for a period of four years, according to a report of the electricity supplier and distributor published yesterday on the website of the Bucharest Stock Exchange (BVB).

The call follows the request of the Ministry of Energy, which owns 48.8% of Electrica. Currently, the company's Board of Directors consists of the president Iulian Cristian Boşoancă, who was re-elected in April 2021 and the members: Gicu Iorga (re-elected in April 2021), Ion Cosmin Petrescu (appointed in April 2021), Adrian-Florin Lotrean (appointed in April 2021), Dragoş Valentin Neacşu (appointed in April 2021), Radu Mircea Florescu (re-elected in April 2021) and Valentina Elena Sicolovan (provisionally appointed in April 2023), according to the information published on the Electrica website.

The election of the new board members will be done by the cumulative voting method.

Candidate proposals, which will be chosen by the cumulative voting method, must be sent to the company so that they are received by December 20, 2023, inclusive, according to the documents published by Electrica.

Also, on January 26, 2024, Electrica shareholders will be put to a vote on the determination of the directors' remuneration and the form of the mandate contract, which will be signed by the elected members of the Council.

For the third quarter of the year, Electrica reported a net profit of 312 million lei, 56% below that of the third quarter of last year, mainly due to the manifestation of a base effect, according to an analysis report of the brokerage company Prime Transaction. For the first nine months, the electricity supplier and distributor reported a net profit of 533.7 million lei, 21.6% below that of the first three quarters of last year.

The stock market valuation of Electrica amounts to approximately 3.4 billion lei.