Franklin Templeton, the administrator of the Fondul Proprietatea (BVB: FP), proposed for next month's shareholder meeting the modification of the management contract, in the sense of increasing its basic remuneration rate by 4.4 times, from 0.45% to 2% of the Fund's capitalization.

This is because the Fund's assets are smaller, Franklin Templeton explained.

However, the Ministry of Finance, one of the most important shareholders, with more than 10% of the voting rights, said tripling the remuneration to 1.35% is enough, Profit.ro reported. Also, the Ministry of Finance wants Templeton to no longer sell Fondul Proprietatea. 

Separately, the Ministry of Finance previously announced that it would start a procedure to select a new manager at Fondul Proprietatea, in line with the new strategy of boosting the Fund's contribution to the country's economy by involvement in investment projects.

iulian@romania-insider.com

(Photo source: Dreamstime.com)