Ooni Koda
  1. Home
  2. /
  3. Newsfeed
  4. /
  5. Fondul Proprietatea is deeply concerned about the irregularities...

Fondul Proprietatea is deeply concerned about the irregularities in the selection of the Board of Directors of CNAB

August 15, 2024

According to the statement sent to ACTMedia, Fondul Proprietatea ("the Fund") is concerned about the way in which the selection of the Board of Directors of the National Company Bucharest Airports (CNAB) for a four-year term was conducted by the controlling shareholder, the Ministry of Transport and Infrastructure. According to the Fund’s asessment, the selection process did not abide to the provisions of the corporate governance legislation, and failed to produce suitable candidates. Shareholders are expected to vote on the appointment of the selected candidates at the General Shareholders' Meeting scheduled for July 19, 2024.   The Fund identified several issues regarding the selection process up to this moment:   The selection processwas conducted in an untransparent and untimely manner, as the decision to restart the selection process was taken more than two years ago, and it should have been completed in 150 days, as per legal requirements. Also, the Fund has noted that most of the candidates on the list communicated by the Ministry of Transport and Infrastructure in discussions preceding this GSM calling are not independent, as 5 out of 7 nominations seem to be employees of public institutions, instead of maximum 2, as per provisions of Government Emergency Ordinance No. 109/2011. There are also no candidates with audit experience, thus contravening another legal provision. Even though shareholders are asked to appoint Board members tommorow, the final list of proposals from the Ministry of Transport and Infrastrcutre is still unknown in spite of clear transparency obligations required by the corporate governance legislation.   Johan Meyer, CEO of Franklin Templeton Bucharest and Portfolio Manager of Fondul Proprietatea, said: "We are deeply concerned about the implementation of corporate governance at Bucharest Airports (CNAB) given the failure to comply with the law in the selection process of the Board of Directors. Despite the critical importance of CNAB to Romania's transportation infrastructure, the process failed to comply with key legal provisions, such as limiting the number of civil servants and including a candidate with financial audit experience. We have already communicated these shortcomings to other stakeholders in the company and the selection process, highlighting that it is essential to have a competent and credible Board of Directors to ensure a sustainable and susccesful future for CNAB. Fondul Proprietatea calls on the relevant authorities to review this process to ensure compliance with the law and to protect the interests of all parties involved."   In conclusion, Fondul Proprietatea calls on the Ministry of Transport and Infrastructure not to approve the appointment of the members of the Board of Directors of CNAB for a four-year term and to urgently initiate a new fair and transparentselection process for the full Board . In our view, given the high profile of the company and its importance to the country,  the   selection  process needs to produce candidates that through  their professional background and  reputation  would provide a minimum level of assurance of a fair treatment of all stakeholkers, including Fondul Proprietatea.  

Read in full - click here
Les Films de Cannes à Bucarest: Festival announces 2025 dates, first program highlights

The 16th edition of Les Films de Cannes, the festival showcasing productions awarded or selected at the Cannes film festival, returns this fall to Bucharest and four other cities in the country. The winner of this year's Palme d'Or, Jafar Panahi's It Was Just an Accident, will be screened at the event, as will be […]

Eastern Romania: Natural sciences museum in Galaţi reopens after EUR 3 million modernization works

Răsvan Angheluţă Natural Sciences Museum in Galaţi is scheduled to reopen on September 20, after the completion of modernization works worth over 15.1 million lei (approximately EUR 3 million) carried out by the County Council through the recovery and resilience facility PNRR.  The building hosts an Aquarium, an Astronomical Observatory, a Planetarium, and temporary exhibitions. […]

Romanian paramedics team named best in the world

A team of Romanian paramedics won first place at the World Rescue Challenge 2025, a competition that sees first responders and trauma teams from around the world develop new skills and share knowledge. This year, the competition took place in Karlovac, Croatia, and was attended by two Romanian paramedics from Bucharest who have been working […]

Romanian auction house Artmark registers record EUR 15 mln sales in 2024-2025

Artmark, one of Romania’s leading auction houses, registered record sales of over EUR 15 million despite economic instability, showing the growth potential of the national art market, according to the company’s 2024-2025 market report.  Overall, auction sales totaled EUR 11 million, up 8.2% compared to the previous year, while sales through the “Dependent de Artă” […]

DefCamp 2025 turns Bucharest into the regional cybersecurity hub at its 15th edition, hosted at the Palace of the Parliament

Cybersecurity has become a major global priority, impacting individual users, companies, organizations, and public institutions. Social engineering, deepfakes, digital manipulation, and coordinated geopolitical attacks are fundamentally reshaping how we view the digital future. In this context, DefCamp, the largest cybersecurity and hacking conference in Central and Eastern Europe, reaffirms its role as a strategic hub […]

Romanian airline AnimaWings targets 18-aircraft fleet worth over USD 1 bln by end-2027

Romanian airline AnimaWings has received its fifth Airbus aircraft, an A220-300, as part of an ambitious expansion plan to build a fleet of 18 planes by the end of 2027, valued at over USD 1 billion.  The A220-300 is the airline’s third of this type and will serve both domestic and international routes. Configured with […]