On March 6, 2023, Hidroelectrica took note of the decision of the Court of Appeal of Bucharest, which dismissed the company’s appeal against the decision of the Bucharest Court of April 2022 to cancel the recruitment and selection procedure for the filling of five company member positions. The company sent the directorate on Monday.

The reaction of the company appeared immediately after the mass media reported on the decision of the Court of Appeal of Bucharest, by which the selection procedure of the current directorate of Hidroelectrica was recognized as completely invalid. The rejection of Hidroelectrica’s appeal confirms once again the fact that the entire process of recruitment and appointment of 5 members of the Hidroelectrica Directorate, by the majority of companies controlled by the Romanian state through the Ministry of Energy, was carried out in violation of the law.

Here’s what else Hidroelectrica said in a press release sent Monday:

“Effectively, the court ‘Forces the defendant company to issue a new decision regarding a new recruitment and selection procedure.’

Under such conditions, it should be noted that the appealed court decision relates exclusively to the hiring procedure and does not cancel the current powers of the directors of Hydroelectricity. Also, the decision of the appellate court is not retroactive.

The management of the company continues to respect its obligations and tasks set at the time of assuming the mandate, pursuing the successful implementation of both the company’s economic and investment goals, as well as those related to the company’s listing process on the Bucharest Stock Exchange. The court’s decision does not affect the calendar schedule, which will take place in accordance with the already established stages. The company will file an appeal within the deadline set by law.

It should be noted that the process of selecting a new member of the Supervisory Board of Hidroelectrica is currently underway, the appointment of new members will take place in March 2023. After their appointment, one of the key duties of the new Supervisory Board will be to launch a new selection procedure for the Directorate. It is important to note that the mandate of the current directorate expires in June 2023, so it is expected that the selection process will be initiated soon.”