Romanian Transelectrica’s Mgrs Mandate Contracts Dn 10% In 09

Transelectrica’s monthly average salary was also reduced from RON4,207 to RON4,176, according to the company’s 2009 budget.

The initial draft of Transelectrica’s budget was made in April.

Thus, Transelectrica’s salary budget was reduced at RON110.3 million, from initially planned RON111.2 million, according to the grounding note on a Government Decision draft on adopting the budgets of some companies owned by the Economy Ministry.

Transelectrica forecasts a net profit of RON56.7 million in 2009, up 44.2% from RON39.3 million in 2008.

The company’s total revenue is estimated at RON3.07 billion, up 2.6% on the year.

Transelectrica employs around 2,200 people.

On the Bucharest Stock Exchange Thursday, Transelectrica closed at RON11.8 per share, down 0.84% on the day.

The mandate contract is an agreement sealed between the company, represented by the Board, and its general manager, by which the latter obliges himself to fulfill the performance criteria and the targets approved by the shareholders.

The managers of some state-owned companies are fulfilling their attributions based on a mandate contract, according to the Emergency Ordinance no 79/2008.

The mandate contract aims objectives as reducing the company’s debts, losses, expenses and increasing the labor productivity.

In addition, after approving the company’s annual financial results, its manager may receive an annual bonus of maximum 12 gross monthly salaries, proportionally with the performances obtained in the respective year, according to the Emergency Ordinance.