Mihai Fercală inclined to choose the executive management of SIF Transilvania

Yesterday, after the Romanian National Securities Commission (CNVM) approved the decision of the shareholders of the company to implement dual management, Mihai Fercală, the president of SIF Transilvania, said that he will "most likely gof for an executive position". This means that a position will become available on the Supervisory Board, which is presently made up of only six people. "On this occasion, two new members would enter the Supervisory Board, in order to reach the proposed number of seven members", Mihai Fercală explained.

"In the coming period I intend to prepare my successor at the helm of SIF Transilvania, especially since I think of the SIF like a child of mine", he said. Speaking about the president of the Supervisory Board, Fercală said that his name will be announced in a meeting which will be held in the first week after the Easter holidays.

The shareholders of SIF Transilvania have recently approved the switch to the dual management system, with Supervisory Board and Directorate, from its current form of management through a Board of Directors and a president which is also a CEO of the company.

15 candidates are running for the seven seats on the Supervisory Board, including the current president of the Board of Directors and CEO Mihai Fercală, as well as the former A division football referee Constantin Frăţilă, who has been involved in a conflict with the management of the SIF for a long time now.

Following the vote, only six candidates received over 50% + 1 of the votes, and one seat has remained vacant. The members of the Supervisory Board will co-opt a temporary member, after they are confirmed by the Romanian National Securities Commission (CNVM).

Thus, out of the old Board of Directors, Mihai Fercală, Răzvan Găvăneanu, Ştefan Szabo and Gheorghe Luţac were reelected. Fercală received the highest number of votes - 84% - for a seat on the Supervisory Board.

• The same leader since its creation

Since its inception, SIF Transilvania has been managed by a Board of Directors, made up of six members, with a four year term. The directors choose one of them as president for the Board of Directors, who also serves as CEO of SIF Transilvania, as well as a vice-president of the Supervisory Board.

Ever since the creation of the SIF, Mihai Fercală has been the chairman of the Board of Directors and the CEO of SIF Transilvania.

According to a draft of the articles of incorporation of SIF Transilvania, the Supervisory Board will appoint a directorate consisting of at least three members, with a term of four years each, which can be renewed. One of the three members of the Directorate will be appointed as executive chairman and will also serve as a managing director.

The Directorate is made up of the executive directors of the SIF and coordinates the day to day activity of the investment company, whereas the Board of Directors is made up of non-executive members, elected by the shareholders.