Romania’s Energy Ministry, which is the main shareholder of local nuclear power producer Nuclearelectrica, decided on Friday, December 9, not to extend the mandates of the company’s current directors until it assesses their activity.

The current managers had asked the shareholders to offer them another four years of mandate. This means that Daniela Lulache, the current general manager, would see her term extended for another four years. The directors of Nuclearelectrica include Lulache, as well as Bogdan Stanescu, who held over 25 state offices in total, according to Hotnews.ro.

Fondul Proprietatea, which is the minority stakeholder in Nuclearelectrica, was against the extension of the current directors’ mandates since the beginning. The investment fund explained that the company's profitability is currently 60% below the level of 2013, when the mandate of the current board of directors began.

The directors’ current mandates expire on April 25, next year.

editor@romania-insider.com