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an independent point of view. 28% of respondents identified strategic oversight, setting ambitious goals, challenging outdated practices, and boosting agility, as the key skills for successful future boards.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 This involves setting ambitious long-term objectives, questioning outdated practices, and enhancing agility in response to emerging challenges.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.
Step into 2025 with music, excitement, and unforgettable performances! New Year’s Eve at JW Marriott Bucharest Grand Hotel is not just a celebration – it’s a grand spectacle where world-class entertainment, live music, and vibrant energy come together for a night to remember. This year, we’ve curated a sensational lineup of artists and performers to […]
The Bucharest Police recently announced that the city will host several commemorative ceremonies marking 35 years since the Romanian Revolution of December 1989, causing traffic restrictions around the city. The restrictions will be in place from Friday to Sunday, December 20-22, 2024. On Friday, December 20, at around 10:00 AM, a religious/military ceremony with wreath-laying […]
Alex Florența, the General Prosecutor of Romania, said on Friday, December 20, that harsher punishments are needed to combat incitement to violence and Legionnaire propaganda (related to Mișcarea Legionară, a Romanian interwar fascist movement) in public spaces effectively. To that end, the office of the General Prosecutor will propose new measures to combat such phenomena. However, […]
Dennis Lloyd, Inna, Damian & Brothers, and Killa Fonic are among the artists who will perform at Flight Festival 2025. The festival is scheduled to take place between June 20 and June 22 at Timișoara’s Banat Village Museum. For three days, the venue “will open its doors for an experience that combines music, nature, and […]
Around 67% of Romanians believe that the economic situation will worsen, 7% higher than the previous year, according to the EY Consumer Index Romania 2024. Findings suggest a challenging start of 2025 both economically and politically in Romania. Additionally, in 2024, more than half of respondents (59%) were extremely concerned about conflicts and external wars. […]
Polish LuxVet Group has acquired the Bucharest veterinary clinic RegalVet. The acquisition brings LuxVet’s local portfolio to five clinics and hospitals, one year after entering the local market. RegalVet Veterinary Clinic, which offers non-stop veterinary care, specializes in emergency veterinary medicine and surgery. The clinic employs ten qualified specialists, including veterinarians, technicians, and administrative staff. […]
