Some 84 candidates have submitted their resumes in the selection process for six members of the board of state-controlled electricity producer Hidroelectrica, one of the most valuable companies in Romania.

The selection process for the state’s representatives in Hidroelectrica’s Supervisory Board is managed by human resources firm Transearch International. Transearch started the selection process on September 21, calling on the interested candidates to submit their resumes until October 20.

Hidroelectrica’s Supervisory board is made of seven members, but one member is proposed by local investment fund Fondul Proprietatea, which holds a 20% stake in the company. The Romanian state holds an 80% stake in Hidroelectrica and names the other six board members. Following the selection process, all the board members must be validated by the company’s General Shareholders Meeting.

A three-member directorate that answers to the Supervisory Board takes care of the company’s executive management.

Hidroelectrica recently got out of a complex restructuring process, after entering insolvency in June 2012. In 2015, the company had a turnover of EUR 716 million and a net profit of EUR 202 million. The company has over 3,400 employees.

“We have 14 candidates for each position in the Supervisory Board of Hidroelectroca. 84 specialists have registered in the selection process organized by the Energy Ministry and I want to thank them. Nothing can be changed if we aren’t determined to fight the system and its habits,” said energy minister Victor Grigorescu.

Hidroelectrica is only the fourth state company controlled by the Energy Ministry for which the ministry organized recruitment competition according to the Emergency Ordinance number 109 from 2011 that sets corporate governance rules for state-owned enterprises. The other three companies for which the ministry has already selected the board members are energy producer Complexul Energetic Oltenia, the company that manages the state’s minority stakes in local energy companies SAPE, and Oil Terminal Constanta.

Minister Grigorescu says the ministry couldn’t have changed the board members of state-owned energy companies quicker without breaking the law.

He added that the Energy Ministry couldn’t have changed the board members of state owned companies in the energy sector faster because this would have been illegal.

Romania's Hidroelectrica makes a gross profit of EUR 224 mln in eight months

editor@romania-insider.com