On 11 December 2001 the OECD presented its Report on Corporate Governance in Romania in Bucharest at a high level meeting attended by the Prime Minister of Romania, Adrian Nastase. The presentation was co-hosted by the Government of Romania, and supported by USAID.
The report, and corporate governance in Romania more generally, was discussed by a high-level panel including the Ministers of Finance and Foreign Affairs, the head of Romania's National Securities Commission, and the President of the Bucharest Stock Exchange, as well as Eric Burgeat, Director of the OECD's Centre for Co-operation with Non-Members . The details of the report were presented in a second panel that included a number of private sector experts. The presentation was attended by leading members of Romanian business and finance communities, as well as the Romanian and international press.
In opening remarks, Prime Minister Nastase committed his government to studying the OECD report with a view to making specific policy recommendations. Quoting the report, he noted: "Good corporate governance ensures that companies use their resources more efficiently and leads to more competitive companies and better relations with workers, creditors and other stakeholders". "Most importantly for a transition economy like Romania, good corporate governance enhances the confidence of domestic and foreign investors."
A draft version of the report was discussed at a high level consultative meeting on Corporate Governance, 18-19 September 2001, in Bucharest . The report has been finalised based on comments from that meeting and other input from experts in Romania and OECD Member countries.
The report provides a detailed assessment of corporate governance practices in Romania and a comprehensive agenda for reform. Among its specific recommendations, the report calls for:
- An acceleration of Romania's privatisation program and moves to improve corporate governance within the state sector.
- Consolidation of ownership and delisting most small and medium-sized companies listed companies.
- Effective disclosure of related party transactions, the prohibition of in-kind contributions, and other steps to protect shareholders from expropriation.
- Legislation to guarantee the independence and functional effectiveness of the Romanian Judiciary and the National Securities Commission.
The OECD's work on corporate governance in Romania and the rest of the region continued with the 2nd meeting of the South East Europe Roundtable for Corporate Governance , held in Istanbul, 30-31 May 2002.