On behalf of whom do members of the FP Representatives Committee act?

9 sep 2010 Autor: Roxana Pricop

The five members of the Representatives Committee at Fondul Proprietatea (Property Fund - FP) have a series of major responsibilities, such as to oversee how Americans at Franklin Templeton will manage the 3.4 billion-euro fund assets and write reports that will be presented to shareholders.
However, nobody knows or is willing to say who nominated them and, implicitly, whom they represent. One thing is certain: they all needed the vote of the Finance Ministry to get these positions.
On September 6th, the shareholders of Fondul Proprietatea, with the Romanian state, which then held 52% of the capital leading the way, elected Bogdan Dr`goi, secretary of state in the Finance Ministry, Monica Maurer, advisor of the former economy minister, Cristian Bu[u, former advisor of PM Emil Boc and former financial manager director of the Fund, Sorin M=ndru]escu, head of Oracle Romania and chairman of the American Chamber of Commerce in Romania, and Corin Trandafir, lawyer of Auschnit and Malaxa families as members of the Representatives Committee.
In order to be awarded their mandates as representatives, all five of them received the endorsement of the Finance Ministry, considering that the "Romanian state is the supreme force when a vote occurs in the General Meeting of Shareholders," is how Nicolae Ivan, representative of American fund Cartesian, which holds shares in the Fund, describes the voting rights at Fondul Proprietatea.