From Compliance to Public Performance: Professionalizing Boards of Directors in State-Owned Companies
The professionalization of boards of directors has become a condition of maturity for Romania’s economy and for the State as shareholder. At a time when the country is preparing for OECD accession and major structural reforms, corporate governance is transforming from a bureaucratic exercise into a tool for performance and trust.
This was the theme of the first episode of the new season of Academia de Guvernanta – a media project produced by Prima News, Profit.ro, and Envisia, the first business school in Romania dedicated to governance and the professionalization of board members.
The guests of this first edition – Carmen Micu (CEO, Envisia), Radu Hanga (Chairman of the Bucharest Stock Exchange – BVB), and Radu Oprea (Secretary-General of the Government) – discussed with moderator Sebastian Zachmann how state-owned companies can move from compliance to performance by applying six concrete principles of modern governance.
Corporate Governance and OECD Accession – A Test of Maturity for Romania
In the context of OECD accession, corporate governance becomes a test of maturity for Romania and for the way the State, as a shareholder, manages its companies. This transition requires more than legislative changes – it demands a shift in organizational culture and mindset, involving professionalized leadership, performance evaluation, and real transparency in decision-making.
“We conducted a detailed analysis of the real competencies of board members, both in the private sector and in state-owned enterprises,” explained Carmen Micu, CEO of Envisia. “We review and update them constantly. Compliance is important, but performance must also be a focus, because these companies have strategic impact for Romania.”
The discussion was based on Envisia’s position paper, submitted to the Chancellery of Prime Minister Bolojan, which proposes six concrete principles for the professionalization of boards in state-owned enterprises – from competence-based selection and continuous performance evaluation to the clear separation between management and oversight roles.
- Selecting board members based on competence and integrity
- Periodic evaluation of board and management performance
- Clear separation of supervisory and executive functions
- Increased transparency in decision-making
- Continuous investment in the education and training of board members
- Aligning the governance of state-owned companies with OECD principles
The Legal Framework – How OUG 109 Shapes a New Generation of Leaders
Government Ordinance 109 remains the central instrument of reform for state-owned companies, designed to introduce private-sector management standards and merit-based selection criteria.
“It is a cultural transformation,” explained Radu Oprea, Secretary-General of the Government. “We are reaching a point where Romanian society and business culture align with OECD standards.”
The regulation imposed standards for recruitment, evaluation, and reporting, but consistent application of these principles is what truly makes the difference. “The Romanian State, as majority shareholder in key companies, must inspire trust that these entities are led professionally and transparently,” Oprea added.
The Role of the Capital Market – BVB as a Partner for Transparency and Trust
The capital market is the space where governance principles become measurable. “Education is the foundation of any form of governance. We should not ask why it’s necessary, but how to apply it,” emphasized Radu Hanga, Chairman of the Bucharest Stock Exchange.
Through the listing of state-owned companies on the Bucharest Stock Exchange, Romania demonstrates that the State and the capital market can cooperate to build transparency and trust. “Listed companies manage the trust of a large number of investors, and that requires transparency and professionalism.”
Key Conclusions from the Experts at Academia de Guvernanta
The first edition of Academia de Guvernanta showed that coherent governance, based on shared principles between the public and private sectors, can transform state-owned companies into high-performing, profitable organizations capable of earning investor confidence.
- Professionalizing boards is essential for investor trust.
- Continuous education is the only guarantee of adaptability.
- Transparency and KPI evaluation must be rigorously applied.
- Listed companies prove that performance and public interest can coexist.
- Modern governance means balance between profit, responsibility, and social mission.
Academia de Guvernanta – A Media Project by Prima News, Profit.ro and Envisia
Every Friday at 20:00 on Prima News.
Rebroadcasted Tuesday at 22:00.
Online on Profit.ro.
About Envisia
Envisia is the first business school in Romania dedicated to corporate governance and the professionalization of board members. Through internationally accredited programs, masterclasses, and media projects such as Academia de Guvernanta, Envisia contributes to shaping leaders who turn the principles of good governance into performance and trust.
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