Fondul Proprietatea (FP) Status Update summary

Shareholder engagement and transparency

• Initiated a structured consultation with shareholders, including a public and digital questionnaire to set the fund's strategic direction for the coming years.

• Board members emphasized transparency, inclusivity, and regular communication, promising to implement shareholder feedback and maintain open dialogue through online and potential in-person events.

• Shareholders have two weeks (until mid-December 2025) to complete the survey, which will shape the fund's four-year strategy, with direct meetings and calls planned for top institutional shareholders.

• The survey outcome will be used to draft a binding mandate, with formal strategy approval scheduled for Q1 2026.

Governance and board compensation

• Board members have differing approaches to compensation: some refuse payment, others donate it, and some support performance-linked incentives, with future changes subject to shareholder approval.

• Emphasis on aligning board remuneration with fund performance and shareholder interests.

State relations and portfolio management

• State involvement is seen as crucial for maximizing value, especially for listing portfolio companies, but board independence is maintained.

• Recent events, such as the proposed buyout of the fund's stake in Bucharest Airports, were discussed, with the board seeking more transparency and shareholder input; any major transaction would require shareholder approval and follow strict governance rules.