Foreign manager proposed for Romanian Hidroelectrica’s Supervisory Board

Ilinca von Derenthall, an executive director of the bank LGT Bank Oesterreich for Central Europe, is among the candidates proposed for the Supervisory Board of the largest Romanian power producer Hidroelectrica. The bank LGT Bank Oesterreich is part of the financial group LGT owned by the princely family of Liechtenstein. Romanian executive Marcel Cobuz, CEO and board member of LafargeHolcim Morocco, and Mihai Anitei, the general manager of local fertilizer producer Azomures, are also among the candidates. The list also includes Ionut Purica, the head of the Nuclear Agency and Radioactive Waste, Romeo Susanu, an expert in the Energy Ministry’s privatization department, and Elena Popescu, a director within the Energy Ministry. The company’s General Meeting of Shareholders should vote the future members of the Supervisory Board in a meeting on January 16. The Energy Ministry, which holds 80% of Hidroelectrica’s shares, sent the list with his proposals for the Supervisory Board members of Hidroelectrica to the company’s management on December 28. Investment fund Fondul Proprietatea, owns the remaining 20%. The candidates for Hidreoelectrica’s board of directors were selected by recruitment firm Transearch. Some 84 candidates have submitted their resumes in the process. Hidroelectrica, which exited insolvency in 2016, is the state’s most valuable company. editor@romania-insider.com