|  2013-01-23

Fondul Proprietatea suspects severe violations of corporate governance legislation at CE Oltenia

Franklin Templeton Investment Management Limited UK Bucharest Branch, as Sole Administrator and Fund Manager of SC Property Fund S.A. (The "Fund") believes that the appointment of a new CEO in Oltenia Energy Complex ("CE Oltenia") severely violate the provisions of the Government Emergency Ordinance no. 109/2011 ("GEO 109/2011") regarding corporate governance of public companies

The new CEO was appointed by a Board who was not authorized to appoint and, in addition, made a poor selection process in which other shortlisted candidates were not interviewed for this position.


Read the entire article in Romanian, here.


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