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an independent point of view. 28% of respondents identified strategic oversight, setting ambitious goals, challenging outdated practices, and boosting agility, as the key skills for successful future boards.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 This involves setting ambitious long-term objectives, questioning outdated practices, and enhancing agility in response to emerging challenges.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.
The third breast milk bank in Romania has opened at the Sibiu County Hospital, following a RON 13.5 million (about EUR 2.7 million) investment aimed at modernizing the hospital’s neonatology department. The modernization project, financed through the National Recovery and Resilience Plan, included the replacement of old equipment, a 20% increase in the number of […]
President Nicuşor Dan stated on Wednesday, July 30, in a press conference that the current system, which allows magistrates to retire under the age of 50 with a pension higher than their salary, is absurd. He also criticized the Superior Council of Magistracy, or CSM, for the current “disorderly” state of the Romanian justice system. […]
Forty Romanian firefighters and eight fire trucks left for Greece on Wednesday, July 30, to participate in firefighting missions, the General Inspectorate for Emergency Situations said. Between August 1 and September 15, Romania will take part in the Directorate-General for European Civil Protection and Humanitarian Aid Operations (DG ECHO) program aiming to support the Greek […]
Integrated facility and property management services provider Nazca has opened its first office outside Italy, its domestic market, in Bucharest. Nazca expects revenues of over EUR 1 million next year in Romania, and in the next 3 years, the growth plan aims to reach EUR 10 million, with target sectors being office buildings, retail, industrial […]
The 19th edition of TIFF Sibiu, one of the local editions of the Transilvania International Film Festival (TIFF), the largest film event in the county, will present a program of international films and the latest productions by Romanian fillmakers, who will attend the event. The festival takes place between August 7 and August 10, with […]
Moldovan carrier Flyone will add a route between Bucharest and Munich starting in October. The flights to Munich will be operated on Mondays, Wednesdays, and Fridays. This adds to the flights it has connecting the Romanian capital to Tel Aviv, Brussels, and Verona. With these routes, the airline is responding to the constant demand from […]
