The suspension of voting rights in general meetings ofshareholders of SIFs (financial investment companies) that hold acumulated stake of over 1% continues to be a contentious issuebecause criteria set by the heads of SIFs for establishingcumulative voting rights are not clear.
Shareholders' voting rights continue to be limited by SIF heads,and they sometimes contradict decisions of the National SecuritiesCommission or differ from the treatment applied to othershareholders. For instance, SIF Banat-Transilvania (SIF1) cappedvoting rights of 29 shareholders grouped around Banca Transilvaniato 1%, who hold a cumulated 15.4% in the SIF. The list ofshareholders whose voting rights have been capped includes, asidefrom bank executives, three investment funds managed by BT AssetManagement. Two of the funds, BT Maxim and BT Clasic, together holdaround 1.1% in SIF1, but, according to CNVM regulations, they donot act in concert. CNVM issued a decision in 2007 specifying thatinvestment management companies cannot be said to be using fundsunder management in a concerted manner until proven otherwise. Themanagement of SIF Banat-Crisana applied this regulation in the caseof other investors, deciding, for instance, that funds managed bySwedish-held East Capital were not acting in concert. Four EastCapital funds controlled 2.04% in SIF1 at the end of 2009,according to annual reports.
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