The change was approved by about 80% of the shareholders present at the meeting, people close to the matter said.
Since 1992, SIF Transilvania has been administered by a Managing Board made up of seven members appointed to a four-year term. The board elected a chairman from among its members, and the chairman also served as general manager of the fund.
Mihai Fercala has been Managing Board chairman and general manager of SIF Transilvania since the fund was set up, in 1992.
According to a draft constitutive act of SIF Transilvania, the Supervisory Board will appoint a Board of Directors made up of at least three members. One of the three members will be named executive president and general manager.
The members of the Supervisory Board will be elected by shareholders and will have non-executive role. They have the right to dismiss the members of the Board of Directors, decide their pay and set their targets.
Later Saturday, shareholders elected the members of the Supervisory Board. One seat remained vacant as only six of the 15 candidates garnered the necessary number of votes. The newly elected members are Mihai Fercala, Razvan Gavaneanu, Stefan Szabo, Gheorghe Lutac, Dumitru Carapiti and Constantin Fratila. The vacant position will be filled by an interim member to be named by the Supervisory Board after it gets the nod from securities commission CNVM.
Shareholders approved the payment of dividends worth 191.1 million lei (EUR43.7 million), or 90% of the record profit registered last year, of RON212.4 million, as well as the revenue and expenses budget for 2013, which states net profit of RON150 million, down 29% on the year.
Revenues are expected to fall 6.3% this year to RON300 million from RON320.4 million in 2012, while total expenses are seen to climb 74% to RON123 million from RON70.6 million.
Investments are estimated at RON92.7 million in 2013 and will be financed with the fund’s own revenue resources.
In Bucharest Friday, SIF Transilvania closed up 0.22%, at RON0.6825 a share. (EUR1=RON4.3663)