Corporate Governance

goVERNANce

Corporate governance

The Corporate governance represents the implementation of generally recognized principles in the company’s activity which ensure the responsible management and control of the company’s business. From the perspective of corporate governance, two issues are of major importance for TURBOMECANICA. Firstly, the increase of the confidence of investors, business partners, customers and employees in the company’s management and control bodies, then the balancing of the economic situation and the increase of the company’s value. The adoption of the good corporate governance practices and policies has become for TURBOMECANICA a solid foundation for the strong  and non-circumstantial development after a difficult and costly restructuring of  the company.

 

Compliance with the provisions of the Corporate Governance Code of the Bucharest Stock Exchange

The Board of Directors of the Company adopted the Corporate Governance Regulation (RGC) of TURBOMECANICA S.A., in accordance with Recommendation 3 of the Corporate Governance Code of the Bucharest Stock Exchange (CGC). The RGC includes the structures, responsibilities and practices set out in the CGC, resulting from the constitutive documents of TURBOMECANICA, supplemented by the legislative provisions in force and the recommendations stated in the CGC.

The level of implementation by TURBOMECANICA of the principles and recommendations of the CGC are reported annually to shareholders and investors.

 

Corporate Governance Structures

TURBOMECANICA is a commercial company operating under the Company Law, no. 31/1990, amended and completed. The company was part of the public offer initiated by the Romanian Government in 1995 under the name of “Mass Privatization Program”. Following this program, the Company met the listing conditions on the regulated market, the Bucharest Stock Exchange (BVB), where it was listed on 07.10.1998. As an issuer, the Company complies with the provisions of Law 297/2004 on the capital market and the specific regulations issued by the National Securities Commission (CNVM) on the basis of the said law.

TURBOMECANICA is managed in a unitary system by a Board of Directors (CA), consisting of 5 members elected by the general meeting of shareholders for a period of 4 years, with the possibility to be re-elected.

The Board of Directors of the Company has implemented the CGC of the BVB in its current work, approved the GC regulation and reports to the investors the compliance with the 19 principles and 41 recommendations through the Declaration on compliance or non-compliance with the provisions of the Corporate Governance Code in each annual report. TURBOMECANICA will continue to make  the necessary professional, legal and administrative efforts to ensure compliance with the Code’s provisions and the transparent presentation of these results.

Constitutive Act

Privileged information and related reporting

Dividends

Corporate Governance Rules

EMPLOYEES

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