* The representatives of the minority shareholder, booed and splashed with water by the employees of the plant who wanted to prevent them from entering the building to attend the General Shareholder Meeting
The shareholders of "Oltchim" Râmnicu Vâlcea (OLT) yesterday decided, in an extraordinary shareholder meeting, that the president of the Board of Directors would no longer be allowed to also serve as managing director of the plant. The proposal to separate the two functions was placed on the agenda at the request of the Ministry of the Economy, the majority shareholder of the plant, but the representatives of the strongest minority shareholder, PCC SE claim that they have also made the same request many times.
The prohibition of holding the two functions together comes as Constantin Roibu, one of the most powerful and long lasting heads of companies in Romania, has been leading the plant of since 1991, as a managing director, and has also served as chairman of the Board of Directors for several years (the representatives of Oltchim have said that the title of the administrative position held by Mr. Roibu has changed several times over the years).
It is unknown for now whether Constantin Roibu will remain with "Oltchim", since on July 19th, Ion Ariton, the Minister of the Economy, announced that ten companies in which the state was a majority shareholder would become privately managed. Among these companies, Mr. Ariton had also mentioned "Oltchim", together with the National Coal Company (CNH) and Hidroelectrica.
Contacted by BURSA, Constantin Roibu said that the decision of the General Shareholder Meeting will be implemented after being recorded with the Trade Registry, and most likely next week, the new chairman of the Board of Directors would be elected. In his opinion the separation of the two positions will make the decision ma
