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Fondul Proprietatea accuses corporate governance weakening in Nuclearelectrica

Fondul Proprietatea warns of weakening of corporate governance in Nuclearelectrica, regarding the two new points proposed by the Ministry of Energy in the convening notice of Nuclearelectrica's General Shareholders Meeting scheduled for August 24.

2017-08-23 13:44:35

According to a press release, Fondul Proprietatea says that Nuclearelectrica's interim supervisory board is to be changed with another four-month board, even though the expiration of the current board members mandate was known to all shareholders for months now. Furthermore, under the new mandate contracts, Board members are no longer held accountable for non-competition obligations, permitting flagrant conflicts of interest.

Johan Meyer, co-CEO and co–portfolio manager of Fondul Proprietatea, said: "Given the similar situation at Hidroelectrica, making detrimental changes to the board mandate contracts seems to be a common practice of the Ministry of Energy. This situation raises serious concerns about the energy sector board members' accountability to act in the best interest of the company and not use their board positions in companies like Nuclearelectrica and Hidroelectrica to serve other interests than those of the companies."



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