Electrica shareholders approve board mandates

BUCHAREST - Societatea Energetica Electrica S.A. (Electrica), a major Romanian energy company listed on both the Bucharest Stock Exchange (BSE) and London Stock Exchange (LON:LSEG) (LSE), held its Extraordinary General Meeting of Shareholders (EGMS) on Tuesday, where shareholders passed resolutions empowering the company’s board of directors to modify financial contracts and guarantees.

The meeting, which took place at Electrica’s headquarters in Bucharest, saw a significant turnout with 89.9498% of the voting rights represented. The quorum was met, and all agenda items were approved with the necessary legal and statutory majority.

One of the key resolutions passed included the empowerment of Electrica’s representative to vote in favor of extending the mandate of the EFSA Board of Directors. This extension allows the board to adjust banking and financing contracts, as well as guarantees related to credit agreements within approved limits from a 2022 resolution. The board is now authorized to negotiate and approve guarantee transactions, represent the company with full powers before financial institutions, and sign necessary amendments related to these contracts.

Additionally, shareholders extended the mandate of Electrica’s own Board of Directors to amend guarantee contracts related to EFSA’s credit contracts. This includes negotiating guarantee clauses, types, conditions, and carrying out any necessary legal activities for the purpose.

The resolutions also included the empowerment of the meeting’s chair, secretary, and technical secretary to sign the EGMS resolution and carry out any acts required by law for the registration and publication of the resolution according to legal stipulations.

The meeting was chaired by Mr. Mihai Diaconu, Chair of the Board of Directors of Electrica. The decisions made at this EGMS reflect Electrica’s ongoing efforts to maintain operational flexibility and financial stability within the framework of its corporate governance.

The information reported here is based on a press release statement issued by Electrica and disseminated by RNS, the news service of the London Stock Exchange.

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