SIMILAR ARTICLES

Workforce crisis: Romania doubles “imports” of Asian workers

2017 was the first year when the share of foreign (third states) workers initially established – instead of 3,000 permanent workers, as estimated initially based… Mai mult

14 brave Franco-Germans relaunch the stake of the moment: six radical proposals for reforming Eurozone. “RON Romania” can meditate on solution

Given that the talks on the Eurozone reform held by the governments of France and Germany seem to get to no result, a possible solution… Mai mult

Romania loses an important indicator for accession to Eurozone. Explanation for (increased) difference between CPI and HICP

Romania recorded an annual inflation of 2.6% at the end of 2017, according to the data provided by Eurostat for all member states. We are… Mai mult

Already a (big) problem: The real negative interest rate. An evolution in deposits and loans

After entering the negative range at the mid of 2017, the remuneration of deposits at commercial banks reached a worrying -2.23% per year, according to… Mai mult

Lost opportunities: Romanian companies have not capitalized on years with low interest rates. Neither did banks. Causes

Romanian companies missed the opportunity window in recent years, of financing at low interest rates. They considered this opportunity only in the second half of… Mai mult

New law: A simple government decision can abolish corporate governance in any state-owned company

de Razvan Diaconu , 27.12.2017

The PSD-ALDE coalition’s amendments to the application of the corporate governance rules in the state-owned companies were approved by 157 votes in favour, 71 against and 4 abstentions on Wednesday, in the plenary of the Chamber of Deputies, which is the determining chamber.

The bill, which grants the Government the power to simply establish by a government decision that a certain company is exempt from the application of the corporate governance rules, will be sent to the President for enactment.

After the law comes into force, the Government Emergency Ordinance 109/2011 on the corporate governance will be practically eliminated.

The Corporate Governance Act is crucial because it encourages a professional and politically independent management, as well as an increased transparency in state-owned companies, with the final goal being that of improving their performance and the overall economic growth of the country.

Romania has suffered practically incalculable losses because of the results of the management connected to the political class.

On June 6, 2017, the Senate voted for some state-owned Romanian companies, including the CE Oltenia (which covers one-third of the country’s energy need), to be exempted from the corporate governance law.

The pretext was provided by a draft law which exempted from these rules only the Romanian Meteorological Society.

The initiative adopted by the Senate (with the mention that USR was the only opposing party) is in flagrant contradiction with the attempts of Ciolos government to “bring order” among the state-owned companies.

Even in opposition to the initiatives taken by the PSD government Victor Ponta, who announced in 2015, through the voice of the Minister of Finance at that time, Eugen Teodorovici, that he had asked the EBRD and the World Bank to take over the implementation of the ordinance on the corporate governance, meaning to be in charge of recruiting the managers and selecting the board members.

The corporate governance, more precisely its absence from the state-owned companies, was also the reason why the IMF agreement was blocked in 2015 – sources from the European Commission stated at the time for cursdeguvernare.ro that the European authorities were shocked by the fact that Romania does not take into account the suggestions made, particularly with regard to the corporate governance of state-owned companies.

Mergeți în homepage ›

Publicat la data de 27.12.2017

Lăsați un comentariu


NEWS

Second largest bank in EU, BNP Paribas, opens its branch in Bucharest

BNP Paribas, the largest French bank and the second largest in the EU by the size of assets, will launch its retail operations in Romania… Mai mult

Three options by which BNR intends to moderate lending

The BNR will impose restrictions on credits to the population, to anticipate potential non-payment risks. This could happen in March if the project is approved… Mai mult

Siegfried Muresan: Amendments to Romanian laws on judicial will be discussed in European Parliament

The European Parliament will run debates on the situation of justice in Romania in the next plenary session, in February, in the Strasbourg plenary. The… Mai mult

State has initiated procedure for purchasing 51% of Daewoo's shares at Mangalia Shipyard

The Government approved in the last meeting a memorandum stating that the state will use its preemption right at Mangalia Shipyard and buy the 51%… Mai mult

First major acquisition in 2018 - MApN signs contract with General Dynamics to acquire 227 armoured carriers

Minister of National Defence, Mihai Fifor, participates Friday at the signing of the procurement contract for 227 Piranha V armoured carriers, a release of the… Mai mult

Business environment: Waiving governance rules in state-owned companies, another measure that deepens feeling of distrust

The Foreign Investors Council (FIC) released on Wednesday a statement that expresses its dissatisfaction with the "authorities’ political agenda" containing decisions that "will lead to… Mai mult

Bizarre government project Casa de Comert SA: name is booked since years ago at Trade Registry

Last week, the Ministry of Economy has launched to a public debate a draft government decision to establish the company Casa de Comert, which, according… Mai mult

Public Private Partnership: Government has regulated by emergency ordinance the cost cutting through "Value for Money" analysis

The Government has established the new regulations on the public-private partnership (PPP) by an emergency ordinance issued Thursday and introduced the Value for Money concept,… Mai mult

Catalin Ivan: In Romania, there are 384 companies with bearer shares, all collaborating with the state. More than EUR 40 billion transferred from Romania to offshore companies

MEP Catalin Ivan stated on Friday in Iasi that there are 384 companies with bearer shares in Romania, which gives the owners the comfort of… Mai mult

Brussels offers Romania four months to take measures to correct significant deviation of structural deficit

The European Council issued on Tuesday a new recommendation, at the request of the European Commission, based on the significant deviation procedure, with Romania being… Mai mult

Eurostat: Romania had second lowest tax to GDP ratio within EU, in 2016

In Romania, the ratio between the revenues that must be collected from taxes (including social contributions - tax/GDP ratio) and GDP was 26% in 2016,… Mai mult

9 ambassadors repeat: Venice Commission's opinion is needed to amend laws on judiciary

The nine ambassadors who met on Wednesday with Minister Tudorel Toader shared their "concern over the draft laws on the reform of the judiciary discussed… Mai mult

British Vitruvian Partners bought 30% of Bitdefender

Vitruvian Partners investment fund acquired about 30% of Bitdefender from Axxess Capital and becomes the second largest shareholder in the company, valued at over USD… Mai mult

Split VAT at the Chamber of Deputies: Dilemmas of all kinds. Thresholds for outstanding payments have increased 10 times, Budget Committee to resume debates on Monday

The Budget Committee of the Chamber of Deputies has increased ten times the threshold of the outstanding VAT obligations from which companies will automatically be… Mai mult

Competition Council: Food price increase could be caused by demand excess from budget deficit

The Competition Council started an analysis, following the request of the Ministry of Agriculture, to establish the causes of the accelerated food price increase this… Mai mult