Romanian Government approves regulation for the selection of private managers in public enterprises

The Romanian Government has approved yesterday a bill that sets up the regulation framework for the assignment of private managers to state owned enterprises (SOEs).

According to the bill, in the next month, public enterprises that reported a turnover above EUR 1 billion in 2010 and have over 1000 employees will begin procedures for the selection of private managers and administrators.

“The adoption of this bill by the Government represents the implementation of the measures agreed with the IMF, in the Letter of Intent, and ensures the integration of OECD principles on corporate governance in public enterprises. Through the implementation of this bill, we will have private management all public enterprises”, stated Catalin Predoiu, the Justice minister.

Predoiu added that the selection process for private managers will take 3 to 5 months, but it hasn’t been established yet, what enterprises will benefit from this measure in the first stage.

Ovidiu Posirca

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