The Supervisory Board of the Proprietatea Fund operating with just four members

Over the last few months, the structure of the Supervisory Board of the Proprietatea Fund has seen significant changes, after three of its members, which were representing the Ministry of Finance, resigned or were forced to leave, almost six months after being appointed in the General Shareholder Meeting of the Fund in the beginning of this year. The changes that occurred in the structure of the Supervisory Board were done rather quietly, as they were not even mentioned on the website of the Fund, which still displays the old members of the Supervisory Board.

Eduard Goean, Romania"s former general consul in Hong Kong, resigned from the Supervisory Board of the Fund on May 7th, being followed on May 14th by Gheorghe Pogea, the former minister of Finance.

When contacted by BURSA, both said that there resignations were motivated by personal reasons.

The last member to leave the Supervisory Board was Graţiela Iordache, which until July 14th had served as chairman of the board.

The leave of Graţiela Iordache as chairman of the Board was somewhat expected, given her dismissal from the position of secretary of state and her leaving the Supervisory Board of the Authority for State Assets Recovery (AVAS), where she was replaced by Bogdan Drăgoi.

Prior to her departure, on June 11, the Supervisory Council of the Fund voted to appoint Mădălina Gheorghe, representing the Ministry of Finance, as a temporary member of the Supervisory Council.

The only members that remained on the Board after the elections which took place in the beginning of this year are Ene Dinga, Corin Trandafir and Crinuţa Nicoleta Dumitrean. Lucian Croitoru, appointed by the Ministry of Finance, to uphold its interests on the board, said that he did not want to represent the interests of the State on the board and left the race, even though he had initially accepted the position. His withdrawal came just before the General Shareholder Meeting which took place in the beginning of the year, which held the vote for designating the members of the Supervisory Board, meaning the Romanian state did not have time to appoint anyone to replace him.

According to representatives of the Proprietatea Fund, the Supervisory Board will operate with its current structure until the coming into effect of the new Articles of Incorporation of the Fund, which will be submitted to the shareholders for approval on the next General Shareholder Meeting.

"The Supervisory Board currently has the necessary quorum. The Council needs to disappear anyway once the future manager of the Fund, Franklin Templeton takes over. There will be however a Council of Representatives", said for BURSA, Corin Trandafir, the representative of the shareholders of Malaxa and Auschnit in the Council of the Fund.

According to its Articles of Incorporation, the Proprietatea Fund is managed in a dual system, by a Directorate, supervised by a Board of Directors, consisting of seven members.

Among other things, the Supervisory Board has the role of determining the structure and number of vacant positions on the Directorate, as well as appointing the members and the chairman of the Directorate.