Senators also approved several amendments proposed by the administration committee.
According to the bill, the private manager’s share of contribution to the company’s net profit will not exceed 3.2% of the absolute value of the net profit.
The manager’s share of contribution to the net profit will be negotiated starting from a minimum recommended value of 0.25%, considering the performance criteria the manager set for the first management year.
Private managers will be paid based on their contribution to the state company’s net profit only if the net profit ratio in a fiscal year is higher than that in the previous fiscal year, if it is at least equal with the net profit ratio stated in performance criteria.
Senators also decided that private managers will be selected by a commission made up of representatives of shareholders or associates. The commission will be set through a decision of the company’s general assembly of shareholders.
State-run companies whose net profit was higher than 25% of their annual turnover over the past three years will not be targeted by private management. The respective companies’ general assembly of shareholders will decide if they should appoint private management.
Also, the provisions of the bill will not apply to state companies currently undergoing privatization.
The Chamber of Deputies has the final say on this normative act.
The Government is committed to restructuring and selling stakes in several state enterprises, in some cases even ceding control. As per its agreement with the International Monetary Fund, 15 major state enterprises will have private management.
The list of the 15 companies includes nuclear company Nuclearelectrica, hydropower generator Hidroelectrica, Tarom airline, as well as railway companies CFR Marfa, CFR Calatori and CFR Infrastructura.