The fund owns a 9.72% stake in Nuclearelectrica.
“The Economy Ministry’s proposal to appoint Daniela Lulache as general manager of Nuclearelectrica does not comply with the corporate governance rules,” Franklin Templeton, the administrator of Fondul Proprietatea, said in a statement.
Under Romanian corporate laws, the board of directors is the only entity entitled to appoint general managers in a company.
“Any interference from the majority shareholder is a breach of the laws,” Franklin Templeton said.
The Economy Ministry, majority stockholder in Nuclearelectrica, Wednesday proposed Lulache as the new interim general manager of the company. Lulache would replace Dumitru Dina and would act in an interim capacity until Nuclearelectrica selects a chief executive officer.
The proposal is subject to approval at a shareholder meeting due October 26.
Lulache, former head of Fondul Proprietatea, was dismissed from her position in December 2009.