Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch, in its capacity as Investment Manager of Fondul Proprietatea, informs that Mrs. Vivian Nicoli has resigned from her positions held within the Fund’s Board of Nominees and Consultative Committees due to her intention to take on other commitments. The effective date of the resignation is 1 September 2020.
The appointment of a new member of the Board will be on the agenda of the next general meeting of the shareholders of the Fund.
Piotr Rymaszewski, Chairman of Board of Nominees, commented: “We would like to thank Mrs. Nicoli for her contribution as member of the Board of Nominees. The members of the Board greatly valued her international investment expertise, helpful insights, and dedication to support the achievement of the Fund’s objectives. It has been a pleasure working with Mrs. Nicoli and we would like to wish her all the best in her future activity”.
Johan Meyer, CEO of Franklin Templeton Investments and Portfolio Manager of Fondul Proprietatea added: “We appreciated the leadership, commitment and dedicated efforts shown by Mrs. Nicoli during her tenure as a Board member. I have enjoyed working with her and I would like to wish her all the best in the next chapter of her life.”
Launched in December 2005, Fondul Proprietatea (“the Fund”) was established to compensate Romanians whose properties were confiscated by the former communist government. Following an international tender announced in December 2008, Franklin Templeton Investments was officially appointed as investment manager and sole administrator of the Fund on 29 September 2010.
The Fund is an alternative investment fund and its investment objective is the maximization of returns and per-share capital appreciation via investments mainly in Romanian equities and equity-linked securities. The Fund listed on the Bucharest Stock Exchange on 25 January 2011 and on the Specialist Fund Market of the London Stock Exchange by means of global depositary receipts (“GDRs”) on 29 April 2015.