CNVM also approved the membership of the fund’s Supervisory Board.
On Saturday, the shareholders of SIF Transilvania approved the switch to a dual board managing structure.
They also 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.
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.