The request of the Fund is determined by the fact that those members of the Council did not oppose the proposal that arbitrarily Mr. Petronel Chiriac, a member of the Executive Board, be replaced by Mr. Adrian Constantin Volintiru without first implementing a transparent selection process. The Fund believes that by disregarding the achievements of the current Directorate's staff so far, and by disregarding the need to have a detailed analysis of the professional skills and expertise appropriate to such a position, the four members of the Council effectively violated the Principles of the Code of Conduct Ethics of Hidroelectrica as well as the principles of the Corporate Governance Code.
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