The Chamber of Deputies, as final decision-maker, adopted in a plenary session on Tuesday the Government Emergency Ordinance No 109/2011 on the corporate governance of public enterprises. The act regulates the legislative interventions to define the public companies, sets the responsibilities of public companies' supervisory authorities, the conditions for selecting the administrators and managers, a more thorough protection and representation of the minority shareholders, and the transparence of the management decisions for the shareholders and the public.
The deputies have adopted an amendment to the OUG, according to which the managers of state-owned companies who are revoked for failing to meet performance indicators set in their contracts are ineligible to similar boards for five years.
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