The resignation of Corin Trandafir, the lawyer of Malaxa andAusnit heirs, from the position of member of Fondul Proprietatea'sRepresentatives Committee has left private shareholders without arepresentative in the fund's management, though they control 63% inthe Fund's capital. The Romanian state already has fourrepresentatives and has the power to appoint the fifth, aswell.
The main mandate of representatives is to supervise the fund'smanager, to convene the general meeting of shareholders, to approvethe revenue and expense budget, to monitor investments and majordeals in the portfolio and check out the meeting of yield targets.Also, the five can recommend to shareholders the cancelation of themanagement contract with Templeton if the move is deemed to be inshareholders' interest.
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