Hidroelectrica Cites Political Interference After Suspension Announcement

State-owned energy company Hidroelectrica has voiced strong objections to what it terms "possible political interference" after the Ministry of Energy publicly announced its intention to propose the suspension of Răzvan Avram, the president of the company's Supervisory Board. Hidroelectrica argues that the premature public disclosure of such intentions, particularly before official corporate procedures are completed, risks damaging corporate governance and negatively impacting the capital market.

The controversy stems from the Ministry of Energy's announcement that the General Shareholders' Meeting would be asked to suspend Avram, citing his status as a defendant in a bribery case. However, Hidroelectrica's statement to the Bucharest Stock Exchange on May 8th clarified that the company had not yet received any formal request from the Ministry to include this item on the agenda for the upcoming Shareholders' Meeting scheduled for May 29th. The company emphasized that Romanian law clearly outlines the steps required for such actions, including formal requests and justifications, which have not been met.

Hidroelectrica further highlighted that the public dissemination of information regarding the potential agenda change occurred before the company received any official notification. This premature release, the company contends, prevented proper verification and communication through established capital market channels. Hidroelectrica pointed to specific articles in Romanian legislation (Law no. 24/2017 and ASF Regulation no. 5/2018) that define such intentions as "privileged information," which should be handled with strict confidentiality until officially processed. The company stressed that the manner in which this information was shared raises serious concerns about market transparency and proper corporate procedure, especially given the sensitive nature of the subject matter.