The reform of state companies: What more can Romania do in just one month in order not to have another PNRR milestone unfulfilled

The government is to replace much of the interim management at state-owned companies with professional managers just a month from now. It is an obligation assumed both through the PNRR and for joining the Organization for Economic Cooperation and Development (OECD). Now it is not even known the number of companies where the interims must be eliminated. Romania has, in total, almost 2,000 state companies.

At some of the state-owned companies, appointments are not made on the basis of corporate governance legislation, i.e. following transparent selection processes. The interim version, extended to several months, was preferred.

It is not clear how many companies are in this situation, because the responsible institutions do not answer this question either.

In this context, Romania has committed to reducing temporary management in state-owned companies by March 31, 2026. There is a milestone (442) in the PNRR that provides for the reduction of interim appointments in administrative/supervisory boards by 50% for state-owned companies at the central level and by 10% for those at the local level.

The institution that does not provide the information requested by the Government

To find out what is the stage of the procedures for the final appointments at public enterprises, HotNews requested information from the Ministry of Investments and European Projects (MIPE), but also from the Government, which manages the Agency for Monitoring and Evaluation of the Performance of Public Enterprises (AMEPIP), the super-agency of state companies.

Government representatives said, in an informal discussion with HotNews, that they were unable to transmit the requested information because AMEPIP did not provide it.

Recently, Prime Minister Ilie Bolojan threatened to dismiss ministers and secretaries of state if more money is lost from the PNRR.

We have almost 2,000 state-owned companies

In Romania, there are 1,880 state companies, of which 436 are subordinated to the central authorities, and 1,444 enterprises are to the local authorities, according to the data sent by the Ministry of European Investments and Projects (MIPE), at the request of HotNews. According to the institution, “some of these enterprises are the ones that provide the critical infrastructures necessary for the development of the economy”.

“The reform of state companies is of particular importance, as it represents a commitment assumed by the PNRR and, at the same time, responds to some requirements formulated by the OECD in the process of Romania's accession”, says MIPE.

According to the ministry, “corporate governance must be strengthened to ensure the resilience of state-owned companies”, and the reform of state-owned companies has a total allocation of 17.83 million euros. This includes the milestone regarding the listing of three companies, for which the deadline is August 2026.

“Priority” without numbers

I learned from the government that “the process of eliminating interims is ongoing and represents a priority assumed at the government level.” Without any figures and without anything concrete:

“The process of eliminating interims is ongoing and represents a priority assumed at the government level. The public guardianship authorities have started the selection procedures according to the updated legal framework in 2025, and AMEPIP monitors compliance with the stages and calendar.”

Asked if and when the selection procedures will begin, the Government representatives said, without giving details, that they are either ongoing or in the preparation phase, depending on the situation of each company and the duration of the existing interim mandates:

“The goal remains to finalize the definitive appointments by March 31, 2026.”

To the question of the companies where definitive appointments will be made, the Government did not provide a clear answer: “The list of companies in the process is managed by the guardianship authorities, and AMEPIP periodically publishes centralized reports on the state of corporate governance”.

Even in the official communiqués sent by AMEPIP, there is no precise information about the situation of interim mandates at state companies. In a recent statement, it only appears that the agency “will continue the dialogue with the representatives of these companies to provide expertise to start the selection procedures under the corporate governance legislation”.

“Corporate governance reform is not a slogan”

​Possible delays in the implementation of the milestone are attributed to the complexity of the procedures – “the need to comply with the legal stages, including the selection by independent experts and the verification of competence and integrity criteria”.

Regarding the European funds for Romania that are at risk of being suspended due to the non-fulfillment of the milestone, the Government only replied that “failing to comply with them could have a financial impact” and that “that is precisely why the process is treated with priority at the governmental level”.

“Corporate governance reform is not a slogan, but an ongoing process, which involves competitive selections, performance indicators and real managerial responsibility,” added the Government in its response, which avoids providing centralized data and clear information, just one month before the deadline for the elimination of interims at state-owned companies.

Who runs the state-owned companies super-agency

After several failed attempts, the Government selected, at the end of November, a president and two vice-presidents of the Agency for Monitoring and Evaluation of the Performance of Public Enterprises (AMEPIP).

Anisoara Ulceluse-Pîrvan, economist, was appointed president, and Oana Mihaela Petrescu (economist) and Nicolae Bogdan Codruț Stănescu were appointed vice-presidents.

One of the vice-presidents, Nicolae Bogdan Codruț Stănescu, held several positions in state structures. About Bogdan Stănescu, HotNews wrote in July 2016 that he held more than 25 positions in the state, eight of which at that very moment.

Before reaching the management of AMEPIP, the last position he held was that of general director at the Society for the Administration of Participations in Energy (SAPE). He was director for six years. He was dismissed in the spring of 2025 at the request of the minister of energy, after a report of the Court of Accounts appeared that revealed a damage of over 72 million lei, during his term, after the purchase of some masks. The Court of Accounts notified DNA, according to Europa Liberă. HotNews first wrote about the mask business in January 2021. In the spring of 2020, at the beginning of the pandemic, SAPE bought 95.9 million masks, following a contract signed with a Vietnamese state company, Orange Pharmaceutical Company LTD. He managed to sell only 5 million masks, and 90 million ended up lying in a customs warehouse.