The Romanian state, the majority shareholder of "Transelectrica", last week missed the two General Shareholder Meetings (AGA) of the company, which represents a rarely encountered situation at the company.

Among other things, the agenda included electing the members of the Supervisory Board, after the shareholder voted in July to switch Transelectrica to the dual management system.

Sources from the company said that the absence of the representatives of the majority shareholder can be explained by the fact that the power of attorney with the candidates for the Supervisory Board was not registered by the company on the day it was received (Monday, July 30th) and, that, for that reason, the procedure of the submission of the powers of attorney at least 48 hours before the General Shareholder Meeting was not honored. As a result, the applications for the Board were not validly expressed and no legally compliant decision could be made, our sources said.

Dumitru Beze, the president of the Association of Capital Market Investors (AIPC), attended the General Shareholder Meeting of on Thursday and said: "I do not know the reason why the representative of the state missed the GSM, but I can confirm that the list of candidates for the Supervisory Board should have been submitted at least 15 days before the GSM. And yet the list was only submitted on Monday".

The GSM shareholder meeting held on Thursday was legal, Mr. Beze claims, because the bylaws of Transelectrica stipulate that, if the GSM does not take place on the first summoning due to the quorum not being met (Wednesday), then a quorum of less than 50% will be needed on the second summoning to vote on the items on the agenda the items on the agenda.

According to the communiqué sent to the BSE by Transelectrica, in Thursday's general shareholder meeting, the current shareholders have given t