Envisia Boards of Elite, the first business school in Central and Eastern Europe dedicated to the professionalization of board members and governance leaders, supported Electroalfa in building and professionalizing its Board of Directors through a complex Board Design mandate and the calibration of its corporate governance architecture.
The Envisia mandate, carried out throughout 2023, focused on structuring a non-executive Board of Directors capable of ensuring the group’s strategic oversight, mentoring the executive management and establishing a clear separation between executive roles and governance responsibilities. The process included a strategic analysis of the businesses within the group’s portfolio, defining the Board profile and the competency framework for non-executive members, structuring the audit, remuneration and governance committees, and implementing formal board-level evaluation and performance mechanisms.
“We were honoured to be part of the process of shaping the future strategy of one of the most respected companies in Romania’s energy market. We thank the Electroalfa team and Chairman Gheorghe Ciubotaru for their openness and trust. Romania is at a defining moment in the development of Romanian capital, a moment when the leadership structures of future businesses are being built. Envisia supports Romanian entrepreneurship by using a valuable instrument, the construction of a professional board through the Board Design process. We recommend outstanding professionals from our community and contribute to the professionalization of the business environment at the highest level, the Boards of Directors,” said Carmen Micu, CEO of Envisia Boards of Elite.
The three non-executive members of the Board, Simona Constantinescu, Adrian Florea and Marius Perșinaru, are part of the Envisia community, the only and largest community in Romania composed exclusively of accredited and certified board professionals, with more than 300 members. Their selection was based on board competencies and governance experience validated through the completion of Envisia’s top educational programs, as well as their alignment with Electroalfa’s values and mission.
“March 3rd marks not only our debut on the stock exchange but also the confirmation of the maturity of a team that, over the past 35 years, has built a Romanian industrial champion. The success of this IPO, concluded ahead of schedule, both honors and obliges us. The capital raised will serve as the engine for our international expansion and investments in green technologies, turning energy into performance for our new shareholders.
The transition from a purely entrepreneurial business to a publicly listed company requires a mindset shift at the board level, and the partnership with Envisia was essential for professionalizing Electroalfa’s board of directors. Working with Envisia helped us implement corporate governance standards that inspire investor confidence. We prepared for this step not only through our financials but also by building a modern and transparent leadership structure. The success achieved can largely be attributed to the professionalization of corporate governance, a process supported by Envisia, which remains a key point of interest for institutional investors,” said Gheorghe Ciubotaru, Founder of Electroalfa and Chairman of the Board.
Electroalfa was recently listed for trading on the Bucharest Stock Exchange, marking an important milestone for the local capital market and strengthening the company’s position.
Starting in 2024, the Board of Directors became fully operational, with clear reporting, oversight and evaluation mechanisms that contribute to organizational maturity and increased confidence among institutional investors.
“Electroalfa’s listing represents an important moment for Romanian entrepreneurship and for the local capital market. For us, this project validates the role of professional Boards of Directors in the strategic transformation of companies. The fact that the non-executive members of the Board come entirely from the Envisia community shows that investment in formal education, certification and governance best practices generates the performance and concrete results expected by entrepreneurs,” added Carmen Micu.
The Board Design process supported by Envisia transforms the Board of Directors into a strategic instrument of control and succession for entrepreneurs. Through this process, a concrete framework is developed to support the company’s strategy for the next three to five years. It includes a strategic analysis of portfolio businesses to identify priorities, growth areas and the need for efficiency improvements or transformation, including digital and AI initiatives. The process also evaluates risk exposure and potential transactions that may influence the company’s development, including succession planning and mergers and acquisitions.
Board Design also involves defining the Board profile and competency framework for non-executive members and structuring and formalizing committees such as audit, risk and nomination. Envisia promotes these competencies through dedicated continuing education programs for board members and specialized advisory services, offering entrepreneurs practical and structural tools to professionalize and strengthen corporate governance.
“March 3 was a historic moment for us, marked by several firsts. It was the first trading day on the stock exchange for our client Electroalfa, a 100 percent Romanian company led with professionalism and dedication. It was also an important milestone for our partner, the Bucharest Stock Exchange (BVB), which celebrated the first IPO in its history to close ahead of schedule, valued at EUR 115 million and ranking as the third largest entrepreneurial IPO carried out by BVB. At the same time, it was an important moment for Envisia Boards of Elite and its Board Advisory Services division, which supported Electroalfa in building its governance framework and Board of Directors, whose non-executive members are entirely drawn from the Envisia Community, the only and largest community in Romania composed exclusively of accredited professional board members,” Carmen Micu concluded.
About Envisia
ENVISIA is the first business school in Romania dedicated to members of boards of directors, C-suite executives and highly experienced professionals who aspire to such positions. Envisia’s mission is to create and develop, through education and specialized services, a strong community of professional board members certified to serve on boards of directors, as well as generations of leaders who embody professionalism, ethical conduct and responsibility while adding value to companies and the broader community.
ENVISIA’s educational portfolio includes two firsts in Romania. The first is the Master of Arts in Board Practice and Directorship, the first international post-graduate academic program with triple global accreditation that professionalizes the role of a board member, delivered in partnership with Henley Business School. The second is the first post-graduate corporate governance program accredited and recognized by the Romanian Ministry of Education, “Corporate Governance that Creates Value,” launched in partnership with the Romanian-American University and the Bucharest Stock Exchange. The portfolio also includes the first professional program in Romania specifically designed for listed companies and capital market participants.
In addition, Envisia offers a wide range of highly specialized short courses, delivered either in open format or customized for organizations, as well as international professional certifications on topics relevant to its target audience from public and private sector organizations across all economic sectors, including sustainable economy and ESG, banking and finance.