Shareholders will vote on appointing Franklin Templeton International Services as sole director and alternative investment fund manager for four years, between April 1 2026 and April 1, 2030. They will also consider the commercial terms of the new Management Agreement, with details available on the fund’s website.
Please read below the press statement released by Franklin Templeton International Services on January 26:
“Franklin Templeton International Services S.À R.L., acting through its Bucharest Branch, (“FTIS”/Franklin Templeton Bucharest”) as Sole Director and Alternative Investment Fund Manager (“AIFM / Fund Manager”) of Fondul Proprietatea SA (“the Fund”) strongly reaffirms its long-standing commitment to Fondul Proprietatea, its shareholders and Romania, confirming its readiness as a global asset manager to continue acting as the Fund’s manager for a new four-year mandate, ensuring continuity, stability, and focus on shareholder value creation.
Further to the Fund’s shareholders resolution adopted during the Ordinary General Shareholders Meeting (“GSM”) on 29 September 2025, shareholders have been invited to vote at the Fund’s next GSM scheduled on 26/27 February 2026 the approval of (a) the appointment of Franklin Templeton International Services S.À R.L., as sole director of Fondul Proprietatea that also acts as the alternative investment fund manager of Fondul Proprietatea, for a duration of four years starting with 1 April 2026 and until 1 April 2030, and (b) the commercial terms along with the execution of the new Management Agreement between Fondul Proprietatea and Franklin Templeton International Services S.À R.L., as described in the supporting materials available on the Fund’s website under the dedicated GSM section.
Over the past 15 years, under Franklin Templeton’s management of the Fund, Fondul Proprietatea has played a vital role in protecting the rights of minority shareholders, actively advocating for improved corporate governance, transparency, efficiency, profitability and responsibility within state-owned companies. This approach has contributed to generating value both for the Fund’s investors and for the other shareholders of the portfolio companies. Our long-tenured relationship with this Fund demonstrates through positive actions and not just words, our important role as the Trusted Partner for Shareholders.
Daniel Naftali, Portfolio Manager of Fondul Proprietatea, stated: “Franklin Templeton is in the best position to continue to create value for all its shareholders, building on the implementation of a well proven strategy to increase the value of portfolio companies, active engagement in relation to the companies in the Fund’s portfolio and cash distributions to shareholders.”
Since the Fund’s performance inception date to 31 December 2025, Franklin Templeton’s strategy delivered a total shareholder return of 1,340% for the Fund’s shares and 495% for the Net Asset Value (NAV)[1] in RON. The Fund’s share price performance outpaced major global, regional, and local indices, including MSCI ACWI, S&P 500, STOXX Europe 600, MSCI Emerging Markets, and the Bucharest Stock Exchange indices during this period.
Over the past 15 years, the Fund contributed to attracting approximately USD1.5 billion in new foreign portfolio investments into Romania and completed around 50 transactions with a total value of approximately USD4.3 billion. These include the landmark listing of Hidroelectrica S.A., the largest IPO ever in Romania, the third largest on a stock exchange in Central Europe, and the largest IPO in Europe in 2023.
At the same time, over RON29.2 billion / USD7.1 billion were returned to the Fund’s shareholders through dividends, capital returns, and share buyback programs. Franklin Templeton also supported the increased visibility and attractiveness of Romania as an investment destination through sustained engagement with the investment community, including thousands of meetings with investors, conference calls, and participation in roadshows and investor events.
Looking ahead to a new mandate, Franklin Templeton remains committed to acting in the best interests of all Fondul Proprietatea shareholders, to continuing disciplined and responsible portfolio management, and to pursuing value-creation opportunities in full compliance with the applicable legal and regulatory framework.
The Fund Manager recommends shareholders support a new four‑year mandate for Franklin Templeton to continue managing Fondul Proprietatea. This would provide continuity, stability and supports the ongoing advancement of a strong track record in creating value for all shareholders, while also enabling the continued execution of an investment strategy aimed at further strengthening the Romanian capital market.”