Sarbu’s contract, published in the CME annual report, includes his annual wage, benefits offered, and performance objectives for the office. This is a model of transparency for companies listed on the Bucharest Stock Exchange (BVB), whose investors do not have access to this type of information, essential for making decisions in terms of buying and selling shares.
“In Romania, transparency of management contracts of managers of listed companies is not mandatory. Details about such contracts can be obtained only if they are provided on a voluntary basis or if the company abides by a corporate governance code,” said Olimp Barbulescu, legal counsel for the Capital Market Department of Bostina si Asociatii legal firm. According to Septimiu Stoica, former President of BVB, the market will resort to sanctioning companies who do not accept transparency in future. “The less transparent companies are, the less interesting they will be for investors, which will result in lower values of their shares,” Stoica explained.
