Corporate Governance

Corporate governance refers to the manner in which Fondul Proprietatea is organized to assure the interests of its shareholders. In its governance, Fondul Proprietatea complies with external and internal frameworks.

External framework:

• Law No. 247/2005 on property and justice reform, updated as at 15 January 2015;
• Law No. 297/2004  on the capital market;
• Company Law No. 31/1990;
• Law no. 243/2019 on alternative investment funds and for the amendment and completion of other legislation;
• Financial Supervisory Authority (former Romanian National Securities Commission (rom. CNVM) regulations:
  • CNVM Regulation 4/2010 (available only in Romanian);
  • CNVM Regulation 15/2004 regarding the authorization and functioning of investment management firms, collective investment undertaking and depositories (available only in Romanian);
  • Law 74/2015;
  • Regulation 10/2015;
  • Law 24/2017;
  • Regulation of the FSA no. 4/2013 on depository receipts;
  • Regulation of the FSA no. 5/2018 on issuers of financial instruments and market operations (available only in Romanian);

  • Regulation of the FSA no. 7/2020 on the authorization and operation of alternative investment funds;

• Bucharest Stock Exchange Corporate Governance Code.

Internal framework:

• Constitutive Act;
• Management Agreement;
• Investment Policy Statement;
• Annual Cash Distribution Policy;
• Nomination and Remuneration Policy;
• General dividend payment procedure;
• Forecast Policy; 
• Investor Disclosure Document;
• Franklin Templeton Stewardship Policy;
• Code of Ethics and Business Conduct;
• Procedure regarding the handling of petitions.