11/16/2023 | Press release | Distributed by Public on 11/16/2023 04:23
On 15th November 2023, the High Court of Cassation and Justice admitted the appeal filed by Hidroelectrica on 1st March this year against decision no. 316/2013 in the case concerning the annulment of the selection procedure of the company's Management Board held in 2019. Thus, by the final judgment, both the lawfulness and the accuracy of the management selection procedure of Hidroelectrica in accordance with GEO no. 109/2011 on corporate governance of public companies were found, the previous decisions of the Bucharest Court of Appeal were annulled, and the case was sent to the same court for retrial, under the conditions of the High Court of Cassation and Justice.
As a reminder, the lawsuit was filed by a former financial director of the company in the context of Hidroelectrica's IPO, with the potential to obstruct the company's activity at that time. The lawsuit targeted the entire management team from 2019-2023. Hidroelectrica was represented in the lawsuit by "SCA Piperea și Asociații" and "SCA Doru Trăilă și Asociații".
Hidroelectrica's Management Board welcomes the decision of the High Court of Cassation and Justice, which brings clarity in this matter and also expresses its joy that this decision removes from the company accusations made by people whose interests are at least questionable, especially since they seemed to aim to stop the largest IPO ever performed on the Bucharest Stock Exchange, as well as to exert pressure on the new management selection procedure carried out this year.
Hidroelectrica, as a publicly listed company, is firmly committed to promoting transparency, integrity and sustainable performance, providing investors and partners with the certainty of sound fundamental values and exemplary corporate governance.
Hidroelectrica has - as of 7th November 2023 - a new Management Board, following a recent selection process of professional management in conformity with the GEO 109, the new team being composed of Karoly Borbely, Chief Executive Officer - "CEO", Bogdan-Nicolae Badea, Chief Investment Officer - "CIO", Radu-Ioan Constantin, Chief Administrative Officer - "CAO", Marian Fetita, Chief Financial Officer - "CFO", Ianaș Rădoi, Chief Operating Officer - "COO".
Hidroelectrica Press Office