Just 15% of Romanian non-exec board members value an independent point of view. 28% of respondents identified strategic oversight, setting ambitious goals, challenging outdated practices, and boosting agility, as the key skills for successful future boards. Romanian corporate non-executive boards are falling behind global standards, with only 14% of board members believing that significant international experience is important, a stark contrast to their Western counterparts, according to the global Executive Search organization TRANSEARCH’s Board survey conducted in Romania. The study also found that only 15% of the interviewed non-executive Board Members value independence, a key factor for fostering innovation and challenging established norms. This shortfall raises concerns that Romania may be stuck in the middle-income trap, struggling to keep pace in an increasingly agile and disruptive global economy. The findings indicate that boards need to focus on strategic oversight, which 28% of participants identified as the most crucial skill for future success. This involves setting ambitious long-term objectives, questioning outdated practices, and enhancing agility in response to emerging challenges. The survey, conducted between July and October 2024, gathered insights from Romanian non-executive board members through personal interviews, highlighting the major gaps between Romania and advanced Western European economies. Despite impressive GDP/capita growth, rising from $2,100 in 2002 to $19,500 in 2024, Romania still trails significantly behind Western Europe, achieving just 36% of Germany’s per capita income. This discrepancy underscores the need for a new development model that prioritizes innovation and transforms corporate governance so that Romania can overcome the middle-income trap and align itself with the region’s advanced economies.
David Popovici has won the gold medal in the 100-meter freestyle final at the World Championships in Singapore. It is his second win at the event, after the gold medal in the 200-meter freestyle race two days ago. The Romanian swimmer finished the race with a time of 46.51 seconds, ahead of Jack Alexy, who […]
PPF Real Estate, a global developer and investor with a real estate portfolio exceeding EUR 2 billion, announces the completion of infrastructure works for ARC, its new state-of-the-art office project in the Basarab area. The construction progresses on schedule. Reaching ground level marks, a key milestone in the development timeline. The project is moving forward […]
Global Vision is proud to announce the signing of a long-term lease agreement with Diehl Aviation, a leading global partner in the aviation industry. As the appointed development partner, the company has been entrusted with the construction of Diehl Aviation’s new production facility in Craiova. The groundbreaking ceremony was held today, July 30, and was […]
Climate Change Summit, the largest event in Central and Eastern Europe dedicated to climate solutions, returns in 2025 with its fourth edition in an expanded format. The event will take place from October 20 to 25, at the Palace of the Parliament and in venues across Bucharest and Romania, as well as various locations throughout […]
Electronics and IT discounter Flanco will open additional stores in Timișoara, Pitești, and Constanța, as part of its planned expansion in the country. The new commercial spaces are completely new stores, ranging in size from large to medium. In Pitești and Timișoara, the retailer will open new stores on July 31 - the fifth in […]
PORR, the Austrian construction and infrastructure company, has been selected as the civil and electrical (BOP) partner The 42 6.4 MW turbines, the largest power output of any in Romania, will once again be supplied by Vestas Phase 2 construction is scheduled to begin in the autumn Rezolv Energy, backed by growth market sustainable infrastructure investor […]
