The Energy Ministry is calling Nuclearelectrica shareholders to select five members of the Board of Directors

The Energy Ministry is requesting the convening of Nuclearelectrica’s Ordinary General Meeting of Shareholders to approve the launch of the procedure for selecting five members of the Board of Directors. The proposal was published on Wednesday, September 9, in a report submitted to the Bucharest Stock Exchange.

The ministry, which owns 82.49% of the company’s shares, will conduct the procedure in its capacity as the tutelary public authority, in accordance with the provisions of Government Emergency Ordinance 109/2011 on the corporate governance of public enterprises.

The selection of Nuclearelectrica’s new chief executive officer will be initiated only after the appointment of the new directors. The chief executive officer is appointed by the Board of Directors, upon the recommendation of the Nomination and Remuneration Committee, following a separate selection procedure.

The move comes after Cosmin Ghiță resigned as chief executive officer, a decision announced in August. His departure came after the conclusions of a report by the Prime Minister’s Control Body concerning the project for small modular reactors in Doicești were published.

The leadership change is taking place amid difficulties at the Cernavodă nuclear power plant, where the reactors were shut down due to the Danube’s low flow rate. Romania remains under an energy alert until September 30.

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