Two SIFs want cumulative voting for better representation in Board of Directors

A group of minority shareholders of Banca Transilvania (TLV), among which financial investment companies SIF Banat-Crisana (SIF1), and SIF Oltenia (SIF5) ask that the members of the Board of Directors be elected via cumulative voting, at the General Meeting of Shareholders on 28th of April.

The two SIFs are this way seeking to maximise their chances of having a representative in the management of the Cluj-based bank, and support the candidacy of Gabriela Grigore, deputy general manager of SIF Banat-Crisana, who has also represented the SIFs within TLV in the last four years. On the other hand, Costel Cocea, president of SIF Moldova (SIF2), has also submitted his candidature for a seat in the Board. SIF1 and SIF5 each control 4.5% in TLV, while SIF2 currently holds 3.85% after buying shares from the market over the last few months.

"We are seeking to make sure we will be represented in the management of Banca Transilvania, as we have so far. We are not unhappy with the activity of the current management," said Tudor Ciurezu, vicepresident of SIF Oltenia.