“The request will be put to a vote at the ordinary general meeting of shareholders convened on February 28/ March 1, 2022 pursuant to the provisions of article 1171 of Companies Law 31/1990 as subsequently amended and supplemented, of the Government Emergency Ordinance No. 109/2011 on corporate governance of public enterprises approved by Law No. 111/2016 as subsequently amended and supplemented”, the report reads.
The Romanian State also requests the following items be included on the agenda of the ordinary general meeting of shareholders: Setting the duration of interim members’ mandate to a period of four months; Setting the fixed monthly gross allowance of non-executive interim members of the Board of Directors to twice the average for the last 12 months of the average gross monthly salary for the activity performed pursuant to the company’s core activity; Approving the form of the mandate contract to be concluded with the interim members of the Board of Directors; Mandating the representative of the majority shareholder, namely the Romanian State acting through the Ministry of Energy, to sign the mandate contracts with the interim members of the Board of Directors.
The shareholders representing at least 5% of the share capital may formulate proposals of candidates no later than 15 days after the publication of the convening notice.
Romgaz, which is 70% owned by the Romanian State, has a stock market capitalization of RON14.5 billion. Its shares have decreased by 2.56% since the start of 2022, amid deals worth almost RON55.6 million.