Big names in the race for FP Representatives Committee

Bogdan Drăgoi, a secretary of state with the Finance Ministry, and Monica Maurer, the adviser of Economy Minister Adriean Videanu, together with another 11 people, including current or former managers of state-owned energy companies, lawyers or multinational heads, have submitted their candidacies for one of the five seats in the Representatives Committee, which will supervise the management of Fondul Proprietatea (Property Fund – FP) by Franklin Templeton.
On September 6, FP shareholders have to approve the appointment of Britain’s Franklin Templeton firm as a single manager. By appointing the British firm at the helm of the Fund, the current management will be revoked, with the manager to be supervised and monitored by a Representatives Committee.
The Committee will be the main lever through which the Fund’s most powerful shareholders will exert their influence over the fund’s management, so that the names of investors supporting candidates are as important as the names of the candidates themselves.
The five members are appointed for a three-year term that can be extended, considering the Romanian state is expected to lose control at the Fund by 2013 as its stake goes down to less than 33%. Payments proposed to shareholders for the members of the Committee stands at 9,000 RON/month in gross amount (1,500 euros in net amount).