Shareholders in Romania’s Fondul Proprietatea investment fund on Tuesday (September 23) approved a new two-year term for Franklin Templeton as the fund’s manager, starting from September 30. Templeton's new term is shorter and with stringent performance criteria, and was first discussed at a shareholders' meeting in November 2013.

Fondul Proprietatea holds minority stakes in several state-owned companies in Romania. It’s the largest investment fund in Eastern Europe, with net assets of EUR 3.39 billion, invested mainly in oil&gas, electricity, utilities and transport companies.

Only a regulator’s decision stands between Romanian Fondul Proprietatea and its London listing.

Irina Popescu, irina.popescu@romania-insider.com