He said future funds would be set up as Romanian public companies and would be managed by a “dual board”.
“Members (of the board – e.n.) are elected for five years, must have expertise in the banking sector, professional integrity and knowledge and attitude adequate and specific to sovereign funds. They will be appointed by decree,” said Teodorovici.
“The goal of these funds will not be privatization, but financing. These sovereign funds might be used in financing Romanian companies with strategic importance, investment in industry, investment in infrastructure projects, raising the competitiveness of Romanian economy, following our energy and equity strategy,” he added.
Teodorovici also confirmed that the bill contains the obligation of respecting a previous decree on corporate management, but that the companies that will be part of the sovereign funds would be decided at a later time.
Earlier in the day, Prime Minister Viorica Dancila announced that the government was going to adopt an emergency decree establishing the Sovereign Fund for Development and Investments (FSDI), a government-run fund that would manage state shares in major companies.