The Ministry of Energy and Fondul Proprietatea, as main shareholders, elected on March 28 the new Supervisory Board of state-controlled hydropower group Hidroelectrica, which will also decide the company's management in the context in which the mandate of the current Board is due to expire in the summer of this year.

The shareholders' decision, published on Hidroelectrica's website on March 27, does not specify who is the chairman of the Supervisory Board, Ziarul Financiar reported.

The members are Silviu-Răzvan Avram, a former adviser at the Ministry of Economy (new appointment); Karoly Borbely, who holds the position of public affairs director within Orange Romania Communications; Mihai-Liviu Mihalache, a member of the former Supervisory Board; George-Sergiu Niculescu, State Secretary, Ministry of Energy (new appointment); Carmen Radu, part of the former Supervisory Board; George-Marius Toniuc, lawyer (new appointment); and Daniel-Adrian Naftali, from Franklin Templeton (FP administrator).

In the near future, this Supervisory Board will establish Hidroelectrica's management, as the mandates of the current directorate are due to expire in the summer. This may prevent a major legal crisis caused by a court decision invalidating the incumbent management.

Hidroelectrica's IPO is expected in H1 this year.

iulian@romania-insider.com

(Photo source: Facebook/Hidroelectrica)