Corporate governance could be abandoned in Romania if the amendments to the corporate governance law, currently being debated in Parliament, are adopted, Greg Konieczny, CEO and Portfolio Manager of Fondul Proprietatea (FP) said at a press conference on Tuesday.

“Over the past seven years I have consistently supported the importance of corporate governance in the Romanian state-owned companies, but what is happening now is an unprecedented and extremely worrying moment about its situation”, said Konieczny, quoted by Agerpres.

According to him, if the government is left with the possibility of exempting any state company from the application of the corporate governance legislation, this law would become a form without a fund.

“We can say we will practically see the burying of the corporate governance in Romania if the amendments to the law now debated in Parliament are adopted”, also said the FP official.

He also pointed out that the country would return to the level it was seven years ago, recalling about the actions they have taken to reveal the agreements with the “smart boys”, showing hope that they will not have to do so again.

Representatives also argue that the new legislative changes aim at transforming Law 111/2016 regarding the corporate governance into an “optional”, following that the Government will decide on which companies these rules apply or not.