Mark Gitenstein has resigned from his positions held within the Fondului Proprietatea Board of Nominees

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By Jerom Bolt
Franklin Templeton International Services S.À R.L., in its capacity as alternative investment fund manager and sole director (the “Fund Manager”) of Fondul Proprietatea S.A. (the “Fund”), hereby informs the investors that Mr. Mark Gitenstein has resigned from his positions held within the Fund’s Board of Nominees (the “Board”) and all consultative committees of the Fund. The effective date of the resignation is 18 December 2021.
The appointment of a new member of the Board will be on the agenda of the next general meeting of the shareholders.
The procedure for proposing a candidate and the required documentation will be published on or around 24 February 2022, when the Fund Manager will publish the current report for calling general the annual shareholders meetings.
Mr. Johan Meyer, Portfolio Manager for the Fund and CEO for Franklin Templeton International Services S.À R.L. Bucharest Branch stated: “I would like to thank Mr. Gitenstein for his dedication, guidance and support to the Fund during the eight years in which he served as member of the Board of Nominees. He has been relentlessly advocating for the Fund’s key objectives, particularly increased corporate governance, transparency and accountability in state-owned portfolio companies. It has been a privilege working with him and I would like to wish him all the best in his future endeavours”.
Mrs. Ilinca von Derenthall, Chairperson of the Board of Nominees, added: “The Board of Nominees greatly appreciates the commitment, vision and valuable input brought by Mr Gitenstein to the Board and the Fund during his long-term tenure. We especially salute his support for the development of the Romanian capital market for the benefit of all stakeholders involved and his unwaivering dedication to implementing best corporate governance practices. It has been a great pleasure and growth opportunity working with him for the past year and I wish him all the best in his future career.”
Fondul Proprietatea is a joint stock company operating as a closed-end investment company (Alternative Investment Fund) without a set lifetime, incorporated in Romania, trading on the Bucharest Stock Exchange since January 2011, and on the London Stock Exchange since April 2015. Fondul Proprietatea is registered with ASF as an undertaking for collective investments, from the category of other undertakings for collective investments under register number PJR09SIIR/400006/18.08.2010.

Starting 1 April 2016, Fondul Proprietatea is managed in compliance with the Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers.

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