Romania: Fondul Proprietatea reports abusive action of Energy Ministry on Hidroelectrica’s Board

Fondul Proprietatea (FP) expresses its utter indignation towards the removal of Oana Truta from the Supervisory Board of Hidroelectrica, a decision taken on the GSM held on end-August 2017, and considers the actions taken by the Ministry of Energy as ”unfounded and abusive”.

”The Ministry of Energy’s proposal does not include any grounds for initiating court proceedings against Ms. Truta. The Ministry and Hidroelectrica also ignored the legal right to information, by not giving access to the GSM documentation to the Fund. Fondul Proprietatea considers that these actions represent retaliation from the Ministry of Energy to remove a Board Member who, in exercising her fiduciary duties, has opposed actions from certain members of corporate bodies that threatened the implementation of corporate governance principles in Hidroelectrica,” FP press statement reads.

Although, the Energy Ministry in fact voted in favour of the appointment of Truta as Board member of Hidroelectrica on July 3 and August 3.

FP points out that Truta is the most experienced board member at Hidroelectrica having served several board mandates with the company since March 2011 and being aware of the entire reorganisation process of the company.

”Fondul Proprietatea has already initiated legal actions against the shareholders’ resolution approving the initiation of court action against Ms. Truta. The Fund will continue to take all necessary measures to ensure that corporate governance principles at Hidroelectrica are upheld and that directors performing their fiduciary duties of administration should not be dismissed without reason,” the statement also shows.

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