Senate Committee Offers Positive Review For Sovereign Funds Decree

The committee offered a favorable review for the bill, which was enacted through government decree 100/2018 and serves as a framework for a massive state-run investment fund.

Previously, Romanian Finance Minister Eugen Teodorovici announced on November 15 that the country's Government passed an emergency decree which sets the general legal framework needed to establish multiple sovereign investment funds.

The minister stated that the future funds will be organized as Romanian public companies and will be managed by a “dualist council”.

“Members (of the council, ed.) are elected for five years, must have expertise in the banking sector, professional integrity and knowledge and attitude adequate and specific to sovereign funds. They will be appointed by decree,” said Teodorovici.

“The goal of these funds will not be privatization, but financing. These sovereign funds might be used in financing Romanian companies with strategic importance, investment in industry, investment in infrastructure projects, raising the competitiveness of Romanian economy, following our energy and equity strategy,” the Romanian minister added.

Eugen Teodorovici also confirmed that the bill contains the obligation of respecting a previous decree on corporate management, but that the exact companies which will be part of the sovereign funds will be decided at a later time.

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