*89(51$1 $ &25325$7,9 ÎN ROMÂNIA

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OECD 2001

1

CUPRINS

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1.1. CONTEXTUL ECONOMIC GENERAL....................................................................................................18

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1.2.1. SECTORUL INTREPRINDERILOR............................................................................................................ 23

1.2.2. STRUCTURA SECTORULUI FINANCIAR................................................................................................. 25

1.2.3. STRUCTURI DE PROPRIETATE IN INTREPRINDERILE MARI ............................................................ 31

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1.3.2 PROCESUL DE PRIVATIZARE.................................................................................................................... 45

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1.4. ��

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2.1.1. LEGEA S2&,(7 ,/25�COMERCIALE................................................................................................................ 54

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2.1.3. A/7(�5(*/(0(17 5,�63(&,),&( ...................................................................................................................... 62

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2.2.1. DREPTURILE LEGALE ALE A& ,21$5,/25 ....................................................................................................... 67

2

2.2.2. A%8=85,�35,9,1'�'5(3785,/(�$& ,21$5,/25 ............................................................................................... 68

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2.3. ROLUL GRUPURILOR DE INTERESE....................................................................................................76

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2.4.3. RELATIA CU MANAGEMENTUL............................................................................................................. 83

2.4.5. ROLUL CENZORILOR ................................................................................................................................. 84

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2.5.3. �� .................................................. 92

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IMPLICATE ............................................................................................................................................................. 93

��$ � �� ..............................................................................................94

��$� � �%&'() ' &%)*)( +* ,-.* /( �*+%-' ,&,-(0)' .....................................................................................113

ANEXA 2 PRINCIPALII INDICATORI ECONOMICI PENTRU CELE CINCI SIF-URI...............................119

��$� � �� 11 �� 2 .....................................................121

��$� � �-'3&'4*+(+( *&)( 3%-5*)'6( -(+(6*3)( /'3 4,3&) /( 6(/(-( *+ 7,6(-3*3 (' &%-4%-*)'6(......................127

3

Casete

�( 83.(*53 7,6(-3*3 * &%-4%-*)'6 9 .................................................................................................16

�,5 .( &+*.(*: �%5;3'* 83 &((* &( 4-'6(0)( 7,6(-3*3 * &%-4%-*)'6 9 .........................................17

�%&'() '+( /( )'4 <%+/'37 83 �%5;3'* ..................................................................................................33

�%3/,-'+( 5,),*+( 83 �%5;3'*� % '.)%-'( :=,&',5*) ........................................................................36

( &( .,3) *& '%3*-'' *);) /( 4*.'6'9 .....................................................................................................37

�-'6*)':*-(* 0' &%3>+'&)(+( /( 5,3& 83 �%5;3'*................................................................................78

�-'3&'4*+(+( /'>(-(3 ( /'3)-( .)*3/*-/(+( /( &%3)*='+')*)( -%5;3(0)' 0' &(+( '3)(-3* '%3*+( ..........91

�-'3&'4*+(+( &(-'3 ( 4(3)-, &%)*-(* +* �*)(7%-'* �� ?/( =*: @ * ,-.(' /( �*+%-' ,&,-(0)' .........95

�'.)(5,+ /( 83-(7'.)-*-(� 4 .)-*-( 0' &%54(3.*-(..............................................................................103

Figuri

�*4')*+,+ .)- '3 83 �%5;3'* /,4 -(7',3(* /( %-'7'3( ...........................................................................................50

(>*+&*-(* '36(.)' ''+%- .)- '3( /'-(&)( 4( .(&)%*-(� %&)%5=-'( �111......................................................................51

Creditul în România...............................................................................................................................................52

�6%+, '* '3/'&'+%- =,-.'(-' 83 �%5;3'* ...................................................................................................................98

�6%+, '* 6*+%-'' 0' &*4')*+': -'' =,-.'(-( +* ��2 0' /(>*+&*-(* .%&'() '+%- &%)*)( 0' * )-*3:*& ''+%- /,4 .(&)%-107

Tabele

�*=(+ �� +*.*5(3) -(7'%3*+ 4-'6'3/ 7,6(-3*3 * &%-4%-*)'6 4( =*:* .&%-,-'+%- 7+%=*+( .....................................17

�*=(+ � (>*+&*-(* -(:,+)*)(+%- 7,6(-3*3 (' &%-4%-*)'6( 4(3)-, -(7',3(* �,-%4(' �(3)-*+( 0' /( �.) .................17

Tabel 1 – România – Indicatori macroeconomici ..................................................................................................19

�*=(+ �� '.)-'=, '* *7(3 '+%- &%5(-&'*+' 83-(7'.)-* ' +* �� /(&(5=-'( �111� /,4 >%-5* A,-'/'& /( %-7*3':*-( ..23

�*=(+ �� '.)-'=, '* .%&'() '+%- *&)'6( /,4 5 -'5( 0' .(&)%- /( *&)'6')*)( 83 *3,+ �BBC� .....................................23

�*=(+ �� -'3&'4*+'' '3/'&*)%-' (&%3%5'&' /,4 5 -'5(* .%&'() ''D 0' >%-5* /( 4-%4-'()*)( 83 *3,+ �BBC ............24

�*=(+ �� ()'3(-'+( �%&'() '+%- /( �36(.)' '' �'3*3&'*-( ........................................................................................29

4

�*=(+ E� �*-)'&'4*)''+( �%&'() '+%- /( �36(.)' '' �'3*3&'*-( F .>;-0'),+ *3,+,' �111 ...............................................34

Tabel 7: Fondurile cu capital de risc active în România ........................................................................................35

�*=(+ C� �6%+, '* '3/,.)-'(' >%3/,-'+%- 5,),*+( .....................................................................................................36

�*=(+ B� �6%+, '* 4-%&(.,+,' /( 4-'6*)':*-( ...........................................................................................................47

�*=(+ �1� �6%+, '* '36(.)' ''+%- .)- '3( /'-(&)( .......................................................................................................49

�*=(+ �� 3(+( '36(.)' '' .)- '3( 5*A%-( 4-'3 4-'6*)':*-( ......................................................................................50

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�*=(+ �� (->%-5*3 (+( &(+%- 5*' 5*-' �1 .%&'() ' &%)*)( +* � ...................................................................100

�*=(+ �� )-,&),-* .(&)%-'*+ * .%&'() '+%- &%)*)( +* ,-.* /( �*+%-' ,&,-(0)'................................................100

�*=(+ �E� �-%4-'() '+( �%&'() '+%- /( �36(.)' '' �'3*3&'*-(................................................................................101

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5

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6

, Aceste obiective au constituit liniile de forta ale prezentului Raport privind Guvernanta Corporativa înRomania. O versiune preliminara a acestui raport a fost discutata cu ocazia unei reuniuni la nivel înalt4-'6'3/ 4%+')'&'+( /( 7,6(-3*3 * &%-4%-*)'6 83 �%5;3'*� /(.>*.,-*)* 83 /*)* /( �CH�B .(4)(5=-'( �11�� +* ,&,-(0)'� �(,3',3(* * >%.) %-7*3':*)* 854-(,3* &, ,-.* /( �*+%-' ,&,-(.)' .' �%5'.'* *)'%3*+* *Valorilor Mobiliare. Ea a reunit conducerile Bursei de Valori Bucuresti si a Comisiei Nationale a ValorilorMobiliare cu membri de frunte ai comunitatii de afaceri si financiare din România, ai lumii academice,reprezentanti ai sindicatelor si experti pe probleme de guvernanta corporativa din România si din tari5(5=-( �� 4-(&,5 .' %>'&'*+' 7,6(-3*5(3)*+'� �5(/'*) /,4 *&(*.)* 83);+3'-(� 4( �1H�� .(4)(5=-'(� .H*+*3.*) +* ,&,-(0)' �*.* �%),3/ -(7'%3*+ 4-'6'3/ 7,6(-3*3 * &%-4%-*)'6 4(3)-, �,-%4* /( �,/H�.)� &,participarea unor experti din sectorul privat si public dintr-un numar de tari din regiune.

Raportul a fost finalizat pe baza comentariilor si prezentarilor facute la reuniune, ca si a comentariilor scrise.Intrunirea a oferit un forum de discutie esential pentru Guvernata Corporativa în România si a avut un impactmajor asupra raportului final.

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%-'5 . 5,+ ,5'5 ,-.(' /( �*+%-' ,&,-(0)' 0' �%5'.'(' * '%3*+( * �*+%-'+%- �%='+'*-(� &%H%-7*3':*)%-'*' 83);+3'-'' 4-'6'3/ �,6(-3*3 * �%-4%-*)'6 /( +* ,&,-(0)'� *+ & -%- .4-'A'3 * >%.) (.(3 '*+ 83 &((* &( 4-'6(0)(-(,0')* (6(3'5(3),+,' 0' -(*+':*-(* 4-(:(3),+,' �*4%-)� %-'5 /( *.(5(3(* .* 5,+),5'5 �,6(-3,+,'României pentru ca a acceptat sa participe la organizarea prezentarii finale a acestui important Raport înDecembrie 2001.Prezentul raport a fost pregatit de Divizia pentru Probleme ale Intreprinderilor (CorporateAffairs Division) a OCDE si este parte a unui program de lucru al Centrului OCDE pentru Cooperare cuTarile Nemembre. Aurelian Dochia a fost consultantul principal român.

Eric Burgeat Stilpon Nestor

Director, Centrul pentru Cooperare cu Tarile Nemembre Sef Divizie pentru Problemele Intreprinderilor

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1. '��

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8

83 4-'6'3 * -(>%-5(' .%&'() '+%- 3* '%3*+(� �3(+( 5 .,-' '54%-)*3)( '3&+,/ )-*3.>(-,+ &%3)-%+,+,' /(+* 5'3'.)(-( +* &%3.'+'' /( */5'3'.)-*)'( 4-%>(.'%3*+(� *683/ %='(&)'6( &%5(-&'*+( 0' '3.)'),'-(* ,3%-sisteme de retribuire care sa stimuleze performanta combinate cu standarde înalte pentru5*3*7(5(3) ?6(:' -(&%5*3/*-(* E��@� �.)( /( *.(5(3(* '54%-)*3) &* 4-'%-') '+( 4%+')'&'+%-7,6(-3*5(3)*+( . >'( &+*- /(>'3')( 83 +(7'.+* '( 0' . >'( (J(-&')*)( 4-'3 -(7+(5(3)*-( 5*' /(7-*=/(&;) 4-'3 4-%4-'()*)(� �&(*.)* *- 4(-5')( % -(/,&(-( .,=.)*3 '*+ * 3,5 -,+,' /( 83)-(4-'3/(-' &*-(*, 3(6%'( /( % >%-5 %*-(&*-( /( 4-%4-'()*)( /( .)*)�

1.2. �� (�� (�� "

�-'6*)':*-(* 83 5*. * /,. +* *4*-' '* * 5*' 5,+) /( �111 .%&'() ' 4,=+'&( &%)*)( 4( 4'* *-%5;3(*.& (J)-*=,-.'(- ?��2@� �3 5%5(3),+ /( >* � >%*-)( 5,+)( /'3)-( *&(.)( .%&'() ' .,3)/( >*&)% '3.%+6*='+(� > - 3'&' % 4(-.4(&)'6 &* *& ',3'+( +%- . >'( )-*3:*& '%3*)(� �3 &%3.(&'3 �4-%4-'()*)(* *- )-(=,' . >'( &%&(3)-*)* 0' *&(.)( .%&'() ' *- )-(=,' /(+'.)*)(� *- &-(/')%-'' /'3�%5;3'* .( &%3>-,3)* &, 83);-:'(-' >%*-)( 5*-' *),3&' &;3/ 83&(*-& . -(.)-,&),-(:( .*, . +'&<'/(:(.%&'() '+( 83 '54%.'='+')*)( /( 4+*) � �-%&(/,-'+( /( >*+'5(3) )-(=,'( . >'( 4-'3 ,-5*-( .'54+'>'&*)(�*&&(+(-*)( 0' *4+'&*)( &, 5*' 5,+) '54*- '*+')*)( >* /( .%&'() '+( -(.4(&)'6(� �3 &*:,+ 83 &*-( %.%&'()*)( 4%*)( >' -(.)-,&),-*) � &-(/')%-'+%- . ' )-(=,'( . +' .( /(* 4%.'='+')*)(* . &*/* /( *&%-/ 83&(+ 5*' .&,-) )'54 4%.'='+ *.,4-* -(.)-,&),- -''� > - 4'(/'&' 3(A,.)'>'&*)( */5'3'.)-*)'6( .*, /( *+)3*),- �

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�(3)-, * >*&'+')* &%3&(3)-*-(* 4-%4-'() '' 0' /(+'.)*-(*� -(7+(5(3) -'+( )-(=,'( . '3&+,/ .)'5,+(3)(4(3)-, &(' &*-( /( '3 4%:' '' /( &%3)-%+ 83 .%&'() '+( &%)*)( *.)>(+ 83&;) *&(0)'* . >'( '3)(-(.* ' .&,54(-( *& ',3'+( /'.4(-.*)( 4-'3)-H,3 .'.)(5 &%-(&) 0' (&<')*='+ /( %>(-)( 4,=+'&( /( &,54*-*-(��&(*.)* *- 4,)(* '3&+,/( */%4)*-(* ,3(' 4-%&(/,-' /( "&%3.)-;37(-(#� &*-( *- ,-5* . >'( '3' '*) /(& )-( .%&'()*)( .*, /( & )-( *& '%3*-' *),3&' &;3/ 4-%&(3)*A,+ *& ',3'+%- /( '3,)( /( '36(.)')%-''5'3%-')*-' .&*/( .,= ,3 *3,5') 4-*7� �-%&(/,-* *- &%3.)* 83 - .&,54 -*-(* %=+'7*)%-'( * *& ',3'+%-/( '3,)( /( *& '%3*-'' 5'3%-')*-' +* ,3 4-( >'J*) 4-'3)-H% (6*+,*-( &%-(&) 0' '3/(4(3/(3) * 6*+%-''*& ',3''� �3/(4(3/(3 * (6*+, -'' )-(=,'( . >'( &%3>'-5*) >'( 4-'3 %= '3(-(* *&%-/,+,'K&%3.(3.,+,'*& '%3*-'+%- >'( /( & )-( % *,)%-')*)( '3/(4(3/(3) � �&(.) 4-%&(. 4%*)( '3&+,/( 0' 83>''3 *-(* ,3('*,)%-') ' '3/(4(3/(3)( &*-( . *&%-/( *.'.)(3 83 &%3.%+'/*-(* -(6(3/'&*-'+%-�

2. Punerea în aplicare

2.1. �� (�� %�� !�� "

�,.)' '* * 83);54'3*) 5*-' /'>'&,+) ' +(7*)( /( &-(0)(-(* >%*-)( -*4'/ * 3,5 -,+,' /( +')'7''comerciale care s-a produs de la caderea sistemului de planificare centralizata. Politizarea,4-(7 )'-(* '3.,>'&'(3) � +'4.* /( (J4(-'(3 0' /( 4-(&(/(3)( 4-(&,5 0' +'4.* /( -(.,-.( * *>(&)*)4,)(-3'& .'.)(5,+� *A,37;3/,H.( +* 83);-:'(-' 5*-' 0' &;)(%/*) +* <%) -;-' /'.&,)*='+(� �3) -'-(*.'.)(5,+,' A,.)' '(' )-(=,'( . >'( ,3 (+(5(3) (.(3 '*+ 83 -(>%-5* 7,6(-3*3 (' &%-4%-*)'6( 83 �%5;3'*�'3;3/ &%3) & *&(*.)* .) +* =*:* 5,+)%-* /'3)-( -(&%5*3/ -'+( (3,5(-*)( 83 4-(:(3),+ �*4%-)�

9

�,&&(.,+ 83 -(>%-5* A,.)' '(' 6* 3(&(.')* 4*-&,-7(-(* 5*' 5,+)%- ()*4(� �-(=,'( .* .( *&%-/(4-'%-')*)( ,-5 )%*-(+%- *.4(&)(� �-(=,'( 85=,3*)*)')* 4-(7*)'-(* *6%&* '+%- 0' A,/(& )%-'+%- 83/%5(3',+ /-(4),+,' 0' 4-%&(/,-'+%- &%5(-&'*+(� 83 .4(&'*+ 83 &((* &( 4-'6(0)( >*+'5(3),+ 0' +(7(*.%&'() '+%- &%5(-&'*+(L *.'.)(3 * 5,+)'+*)(-*+ 0' ='+*)(-*+ *- 4,)(* A,&* ,3 -%+ '54%-)*3) 83*)'37(-(* *&(.),' %='(&)'6� �()-'=, '* A,/(& )%-'+%- 0' * 83)-(7,+,' 4(-.%3*+ *+ '3.)*3 (+%- A,/(& )%-(0)')-(=,'( . >'( 5 -') 83 6(/(-(* *.'7,- -'' 4-(7 )'-''� (J4(-'(3 (' 0' '3)(7-') '' 3(&(.*-( >,3& ''+%--(.4(&)'6(� �-(=,'( . .( 83&,-*A(:( % .4(&'*+':*-( 5*' 5*-( * A,/(& )%-'+%-� �4'3''+( .&-'.( 0'<%) -;-'+( 4-%3,3 *)( /( '3.)*3 (+( A,/(& )%-(0)' )-(=,'( . >'( > &,)( 4,=+'&( 4(3)-, &-(.)(-(*&%3.)'(3)':*-'' 4,=+'&,+,'� 4(3)-, * >*&'+')* '3)(-4-()*-(* +(7'' 0' 4(3)-, * 5 -' - .4,3/(-(* A,.)' '('��-(=,'( . .( 4,3 +* 4,3&) ,3 5(&*3'.5 (>'&'(3) 4(3)-, * &%3)-*&*-* &%-,4 '* /'3 A,.)' '(�

2.2. � �� (�� %�� (� �� "

*)%-') .,4-*83& -& -'' 0' '3(>'&'(3 (' A,.)' '('� *& '%3*-'' &*-( &*,) . H.' *4(-( '3)(-(.(+( 83 A,.)')'(.( &%3>-,3) &, 83);-:'(-' 0' &%.),-' &*-( 83 5*-(* 5*A%-')*)( * &*:,-'+%- /(4 0(.& 6*+%*-(* *& ',3'+%-+%-� �&(.) +,&-, 8' /(.&,-*A(*: 4( *& '%3*-'/( +* * *4(+* +* A,.)' '( *),3&' &;3/ /-(4),-'+( +( .,3)încalcate.

�* -(5(/', .H*- 4,)(* /%6(/' ,)'+ &* =,-.(+( . *.'7,-( 5(&*3'.5( /( *-=')-*A 4-%>(.'%3'.) 4(3)-,-(:%+6*-(* +')'7''+%- /'3)-( .%&'() ' 0' *& '%3*-'� �5=,3 ) '-(* 5(&*3'.5(+%- /( -(4*-* '( +(7*+4(3)-, *& '%3*-' *- 4,)(* '3&+,/( 0' *&&(4)*-(* ,3%- *& ',3' &%+(&)'6( 83 A,.)' '( &, &%.),-' 5*' 5'&'�4-'3 *.%&'* ''+( *& '%3*-'+%- .*, *+)( %-7*3':* '' &%+(&)'6( .*, 4%.'='+')*)(* '3)(3) -'' /( 4-%&(.( /(& )-( �%5'.'* �*+%-'+%- �%='+'*-( 83 3,5(+( *& '%3*-'+%-� &, &%3/' '* . >'( *.'7,-*)( .,>'&'(3)(-(.,-.( 4(3)-, *&(*.) >,3& '(�

2.3. �� #�� )�� * �� $� �� de supraveghere a organismelor de autoreglementare.

�%5'.'* * '%3*+ * �*+%-'+%- �%='+'*-( (.)( &%3/,. /( &'3&' 5(5=-' 3,5' ' /( & )-( �*-+*5(3)�&*-( *4-%= 0' =,7(),+ *&(.)('* 83 >'(&*-( *3� �* ,-5*-( * +'.)(' +,37' .' 83 &-(.)(-( /( -(.4%3.*='+') '4( &*-( +( *-(� -(.,-.(+( �%5'.'(' * '%3*+( * �*+%-'+%- �%='+'*-( .,3) 83 7(3(-*+ '3.,>'&'(3)(� �parte din aceste responsabilitati include supravegherea organismelor de autoreglementare, care în,3(+( .'),* '' '54%-)*3)( *, (.,*) 83 83/(4+'3'-(* >,3&)''+%- &( +( -(6(3(*,� 5 -'3/ 83 >(+,+ *&(.)*83& -&*-(* �%5'.'('� �3 4+,.� .(4*-*-(* -(.4%3.*='+') '+%- 83)-( �%5'.'* * '%3*+ * �*+%-'+%-�%='+'*-( 0' *+)( *,)%-') ' 3, (.)( 83)%)/(*,3* &+*- 0' ,3(%-' &%5'.'* (.)( 4(-&(4,)* &* >''3/ .,='3>+,(3 4%+')'& 3(A,.)'>'&*) �

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2.4. � �� % � ��!�� )�� +��

�3 �%/ �%+,3)*- /( �,6(-3*3 �%-4%-*)'6 (.)( ,3 (+(5(3) '54%-)*3) 4(3)-, .,&&(.,+ -(>%-5(' 837,6(-3*3 * &%-4%-*)'6 � *6;3/ *6*3)*A,+ & 4%*)( >' &-(*) 0' '54+(5(3)*) '3/(4(3/(3) /( 4-%&(.,+

10

legislativ. In baza eforturilor anterioare din România, cum ar fi cerintele de listare la Categoria�-*3.4*-(3)(' -(&(3) '3)-%/,.(� .( -(&%5*3/ &* � . '3' '(:( -(*+':*-(* ,3,' *.(5(3(* &%/ 83.)-;3. &%%4(-*-( &, )%*)( 4 - '+( '3)(-(.*)(� &,5 *- >' '36(.)')%-'' 0' (5')(3 ''�

�=+'7* '* .%&'() '+%- /( * 4-(:(3)* '3>%-5* '' &, 4-'6'-( +* -(.4(&)*-(* ,3,' �%/ �%+,3)*- /(�,6(-3*3 �%-4%-*)'6 )-(=,'( . >'( 83 &(+( /'3 ,-5 '54,. &* % &%3/' '( 4(3)-, &%)*-(* +**3,5')( &*)(7%-'' *+( � � �&(*.) %=+'7* '( )-(=,'( . >'( '54,. 0' /( ��2 *),3&' &;3/ 0'/*& .( 6* '3)-%/,&( % "&*)(7%-'( .,4(-'%*-*#� �36(.)')%-'' '3.)'), '%3*+' &*-( .,3) .,. '3, ' /( *7(3 '''3)(-3* '%3*+( /( /(:6%+)*-( '3&+,:;3/ �� 0' �� 4-(&,5 0' �%&'() '+( /( �36(.)' ''�'3*3&'*-( ?��@� *- 4,)(* 0' (' . '* 83 &%3.'/(-* '( -(.4(&)*-(* &%/,+,' *),3&' &;3/ '*, /(&':'' /( *>*&( '36(.)' ''� �%/,+ )-(=,'( . '54,3 .)*3/*-/( 83*+)( &, 4-'6'-( +* )-*3.4*-(3 0' >,-3':*-(* /('3>%-5* '' 0' )-(=,'( . >'( 83 &%3>%-5')*)( &, �� . Acesta*- )-(=,' . .( &%3&(3)-(:( 83 4-'5,+ -83/ *.,4-* 83/*)%-'-'+%- */5'3'.)-*)%-'+%- 0' * &((* &( 4%) >*&((' 4(3)-, * 85=,3 ) ' 7,6(-3*3 * &%-4%-*)'6 � '3&+,:83/ -(&%5*3/ -'+( 4-(:(3),+,' �*4%-)�

3. � �� ,��

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'3;3/ &%3) /( >*4),+ & 3,5 -,+ 4(-.%*3(+%- &*-( /'.4,3 /( &*+'>'&*-(* 0' (J4(-'(3 * 3(&(.*-4(3)-, * >,3&)'%3* &* 5(5=-' 83 &%3.'+'' /( */5'3'.)-*)'( (.)( +'5')*) 83 �%5;3'*� .H*- 4,)(* 83>''3 *un Institut al Membrilor Consiliilor de Administratie pentru a spori profesionalismul Consiliilor. În/(:6%+)*-(* ,3,' *.(5(3(* '3.)'),) ,3 -%+ '54%-)*3) *- 4,)(* >' A,&*) /( 0&%+'+( /( *>*&(-' /'3�%5;3'* 0' /'3 .)- '3 )*)( 4-(&,5 0' *.'.)(3 * )(<3'&* 3(&(.*-* >'3*3)*)* /( /'6(-.' /%3*)%-'� �3*&(+*0' &%3)(J)� 4(3)-, &* *&(.) 3,5 - +'5')*) /( */5'3'.)-*)%-' &*4*='+' 0' &, (J4(-'(3 . 4%*).(-6' 5*' 5,+)( .%&'() '� .H*- 4,)(* 5%/'>'&* -(.)-'& '* +(7*+ *&),*+ &*-( 4-(6(/( & ,3administrator nu poate face parte din mai mult de trei Consilii.

15

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16

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Desi putin uzitata în limba româna, pe parcursul prezentului raport s-a preferat folosireasintagmei «guvernanta corporativa» care are avantajul ca preia o terminologie deja consacratape plan mondial pentru a desemna o arie problematica bine delimitata, legata de dirijareasocietatilor mari în interesul si sub controlul actionarilor si cu respectarea drepturilor altor partice detin interese în societate. Aceasta arie problematica este diferita de cea desemnata determeni precum «conducerea întreprinderilor» sau «management».

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1.1. CONTEXTUL ECONOMIC GENERAL

�3 *3,+ �11�� ,3.4-(:(&( *3' /,4 4- =,0'-(* -(7'5,+,' &%5,3'.)� 4-%/,.,+ '3)(-3 =-,) *+ �%5;3'(' (.)( 83&/( *4-%J'5*)'6 G�N >* /( 3'6(+,+ *3,+,' �BCB� �* ��N 83 �111� '3>+* '* (.)( &(* 5*' -'/'&*) /'3 -'+(�,-%4(' �(3)-*+( 0' /( �.)� *)%-') ,3%- 4%+')'&' )%+(-*3)( 0' * ,3(' '3&*4*&')*)' &-%3'&( /( * &%+(&)*'54%:')(+(� /(>'&'),+ >'.&*+ * /,. +* % /*)%-'( 4,=+'& &*-(� /(0' 3, (.)( -'/'&*) &* 4-%&(3)*A /'3 �� (.)(>%*-)( 7-(, /( *&%4(-') F 83 *3,+ �11�� % )-('5( /'3 =,7() * )-(=,') . >'( >%+%.') 4(3)-, *&<')*-(* /*)%-'('4,=+'&(� �%5*A,+� +* %-* *&),*+ /( �1��N� (.)( -(+*)'6 .& :,)2 0' >*4),+ & 3, * *A,3. 3'&'%/*) +* ��N 83,+)'5,+ /(&(3', '3/'& % .&<'5=*-( .)-,&),-*+ +(3) � �%3.,5,+ 0' 3'6(+,+ /( )-*' *, .& :,) 83 7(3(-*+ F.*+*-',+ 5(/', (.)( 4-'3)-( &(+( 5*' .& :,)( /'3 �,-%4*�

�3 0*.( /'3 ,+)'5'' :(&( *3'� �� * .& :,)� 83 5*-(* 5*A%-')*)( * &*:,-'+%- &, 5*' 5,+) /( �N� �3 )'54 &(4-'5* "-(&(.',3( )-*3.>%-5* '%3*+ #3 /'3 *3'' �BB1H�BB� * >%.) -(:,+)*),+ ,3,' "'3)(--(73,5 '3.)'), '%3*+#/%5'3*3) 83 4-'5'' *3' /( /,4 -(6%+, '* /'3 /(&(5=-'( �BBB 4-(&,5 0' % &%3.(&'3 * 4- =,0'-'' 4'( (+%-�� 4( 4+*3 (J)(-3� * /%,* -(&(.',3( /'3 *3'' �BBGH�BBB .H* /*)%-*) 83 4-'3&'4*+ ,3,' "0%& *+ 4%+')'&'+%-#4.�3 *3,+ �BB�� % .(-'( /( /(&':'' 4%+')'&( '54%-)*3)( ?&-(0)(-(* -*)(+%- /%=;3:'+%- 3%5'3*+(� -(5%3()':*-(*(&%3%5'('� ,3'>'&*-(* 4'( (' 6*+,)*-( 0' ,3 &%3)-%+ 5*' .)-'&) *+ /'.4%3'='+') '+%- 5%3()*-( /( =*: @ */()(-5'3*) ,3 -(6'-'5(3) &*-( * &,+5'3*) &, % &-(0)(-( /( G��N 83 *3,+ �BB�� -(0)(-(* .H* -(+,*) 83 *3,+2000, în special pe seama exporturilor record de peste 10 miliarde USD.

�(3/'3 * 4-%/,& '(' '3/,.)-'*+( * -(>+(&)*) 83 7(3(-*+ �� &, .& /(-' .(53'>'&*)'6( ?4(.)( �1N@ 83 *3'' �BB1H�BB� 0' �BBGH�BBB� �, (J&(4 '* *3'+%- �BB1� �BB�� BBG 0' �111 ?&;3/ )-(=,'( +,*)( 83 &%3.'/(-* '( 0'&%3/' ''+( &+'5*)'&(@� 4-%/,& '* *7-'&%+ * >%.) -(+*)'6 .)*='+ � 83 &',/* >-*75(3) -'' )(-(3,-'+%- &* -(:,+)*) *+/(:5(5=- -'' 5*-'+%- &%%4(-*)'6( *7-'&%+( /( 4-%/,& '( 4-(&,5 0' * +'4.(' ,3(' .)-*)(7'' &+*-( 83 &((* &(4-'6(0)( *A,)%-,+ 7,6(-3*5(3)*+� �%3.,5,+ * &-(.&,) 83 4(-'%*/* �BB�H�BBE /*- * .& :,) &, 4(.)( �N 83perioada 1997-1999.

2�7UHEXLH�QRWDW�F �SHQVLRQDUHD�vQDLQWH�GH�WHUPHQ�D�IRVW�ODUJ�XWLOL]DW �FD�R�VROX LH�DOWHUQDWLY �OD�úRPDM��&D�UH]XOWDW��5RPkQLD�DUH�vQ�SUH]HQW�PDL�PXO LSHQVLRQDUL�GHFkW�VDODULD L��R�SUHVLXQH�WHULELO �úL�GH�OXQJ �GXUDW �DVXSUD�EXJHWXOXL�GH�DVLJXU UL�VRFLDOH�

3 Termenul a fost propus de Janos Kornai.

4� 9H]L� ' LDQX�� 6WUXFWXUD�� SUHVLXQHD� úL� GLQDPLFD� PDFURHFRQRPLF � � vQ� 5RPkQLD�� în 7UDQ]L LD� HFRQRPLF � vQ� 5RPkQLD� ±� WUHFXW�� SUH]HQW� úL� YLLWRU�/XFU ULOH�&RQIHULQ HL��5RPkQLD��DQL�GH�WUDQ]L LH��HGLWDW �GH�&KULVWRI�5XKO�úL�'DQLHO�' LDQX��SXEOLFDW �GH�%DQFD�0RQGLDO �úL�&HQWUXO�5RPkQpentru Politici Economice, 2000.

19

Tabel 1 – România – Indicatori macroeconomici

Indicatori 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000PIB,modificare*3,*+ � N

-5,6 -12,9 -8,8 1,5 3,9 7,1 3,9 -6,6 -5,3 -2,3 1,6

StructuraPIB, % -Industrie

40,5 37,9 38,3 33,8 36,2 32,9 33,2 35,5 27,5 27,1 27,6

�7-'&,+),-0'

.'+6'&,+),-

21,8 18,9 19,0 21,0 19,9 19,8 19,2 18,1 14,6 13,4 11,4

-�%3.)-,& ''

5,4 4,4 4,8 5,2 6,5 6,6 6,5 5,3 5,3 4,9 4,8

-Servicii

26,5 34,8 40,6 37,0 33,7 36,1 36,7 33,1 43,0 43,6 45,4

Export ca% din PIB

16,7 17,6 27,8 23,0 24,9 27,6 28,1 29,5 25,7 23,3 27

Surplus/deficit contcurent, mil.USD

-3337 -1012 -1564 -1174 -428 -1774 -2571 -2137 -2968 -1288 -1400

�%3)-'=, '*sectoruluiprivat laPIB, %

16,4 23,6 26,4 34,8 38,9 45,3 54,9 58,1 58,4 61,5 n.a.

Surplus/deficit bugetde statgeneral ca% din PIB

1,0 3,2 -4,6 -0,4 -1,9 -2,6 -3,8 -3,6 -3,3 -3,8 -2,7

PIB percapita laparitateputere de&,54 -*-(�USD

3414 - - 3643 3790 4070 4244 3964 3679

�3>+* '*�dec./dec. %

37,7 222,8 199,2 295,5 61,7 27,8 56,9 151,4 40,6 54,8 40,7

Rata0%5*A,+,'�.>;-0') /(4(-'%*/

- 3,0 8,2 10,4 10,9 9,5 6,6 8,8 10,3 11,8 10,5

Salariulmediu lunarnet, USD

154 98 65 78 86 104 104 88 117 101 100

Datoria(J)(-3 �mil. USD

230 1143 2479 3357 4546 5482 7209 8504 9308 8709 9555

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20

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21

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22

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23

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6�&RPLVLD�1D LRQDO �SHQWUX�6WDWLVWLF ��Anuarul Statistic al României, 1999.

24

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Total, din care: 318376 208301 594973 140643 338

- cu capital majoritar privat 313157 61820 405508 50035 8680

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25

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1.2.2. STRUCTURA SECTORULUI FINANCIAR

�(+( )-(' .(75(3)( *+( .(&)%-,+,' >'3*3&'*- /'3 �%5;3'* F =*3&*-� *.'7,- -' 0' 4'* * /( &*4')*+ F 3, .,3) >%*-)(='3( '3)(7-*)( /'3 &*,:* (6%+, '(' '.)%-'&( 0' * &*/-,+,' A,-'/'& /'>(-')(� �3 )'54 &( *&)'6') '+( =*3&*-( 0' /(*.'7,- -' .H*, 5(3 '3,) 4-(:(3)( 83 (&%3%5'( 83 )'54,+ *3'+%- /( -(7'5 &%5,3'.)� 4'* * 6*+%-'+%- 5%='+'*-( *>%.) /(.>''3 *) )'54 /( *4-%*4( &'3&':(&' /( *3' 0' * )-(=,') . >'( -(> &,) /'3 3'5'& 83 *3'' RB1� �3 *3,+ �BB1-(>%-5* .'.)(5,+,' =*3&*- (-* 6 :,) &* % 4-'%-')*)(� 83 )'54 &( *&)'6') '+( +(7*)( /( 6*+%-'+( 5%='+'*-( 4 -(*,. >'( % 4-(%&,4*-( 4(3)-, ,3 6'')%- /(.),+ /( 83/(4 -)*)� �H*, &-(*) )-(' %-7*3'.5( /( -(7+(5(3)*-( /'.)'3&)(+* /*)( /'>(-')( F *3&* * '%3*+ * �%5;3'(' 83 *3,+ �BB� 4(3)-, .'.)(5,+ =*3&*-� �%5'.'* /( �,4-*6(7<(-(* �.'7,- -'+%- 0' �(*.'7,- -'+%- 83 *3,+ �BB� 0' �%5'.'* * '%3*+ * �*+%-'+%- �%='+'*-( 83 *3,+ �BB�9.

�'.)(5,+ &(+%- )-(' %-7*3'.5( /'.)'3&)( /( -(7+(5(3)*-( * >%.) ='3( */*4)*) +* 3*),-* >-*75(3)*) * 4'( (+%->'3*3&'*-( &*-*&)(-'.)'& *3'+%- RB1L (-* /( *.(5(3(* 83 &%3>%-5')*)( &, 4-*&)'&* (,-%4(*3 10. Recent, sub'3>+,(3 * -(>%-5(+%- */%4)*)( .*, *6,)( '3 6(/(-( 83 *+)( -'� %>'&'*+'' -%5;3' *, +*3.*) '/((* &-( -'' ,3,'.'37,- %-7*3'.5 /( -(7+(5(3)*-( 4(3)-, 83)-(7 .(&)%-,+ >'3*3&'*-� /,4 5%/(+,+ (37+(:(.&� �(3)-, 5%5(3)�'3' '*)'6* 3, * )-(&,) /'3&%+% /( 3'6(+,+ /(:=*)(-'+%- 83 4-(. �

Reforma SISTEMULUI BANCAR * >%.) 4-'5* &*-( * >%.) '3' '*) 83 *3,+ �BB1� &;3/ .H* 4,. 83 4-*&)'& ,3.'.)(5 =*3&*- &, /%, &*)(7%-''� *3&* * '%3*+ * �%5;3'(' ? �@ * >%.) 83>''3 *) &* % =*3& &(3)-*+'3/(4(3/(3) � &, ,3 �,6(-3*)%- 0' ,3 �%3.'+', /( �/5'3'.)-* '( 3,5' ' /( �*-+*5(3) 4(3)-, ,3 5*3/*) /(0*4)( *3'� �-'3&'4*+,+ . , %='(&)'6 4-(6 :,) /( +(7( (.)( /( * *.'7,-* .)*='+')*)(* 5%3(/(' 3* '%3*+( 83 6(/(-(*.,. '3(-'' .)*='+') '' 4-( ,-'+%-� �( +;37 (+*=%-*-(* 0' *4+'&*-(* 4%+')'&'+%- 5%3()*-(� 6*+,)*-( 0' /( &-(/')� *3&* * '%3*+ * �%5;3'(' *-( 0' -%+,+ /( * *,)%-':* 0' .,4-*6(7<(* .'.)(5,+ =*3&*-�

�* .>;-0'),+ *3,+,' �111� (J'.)*, �� = 3&' *,)%-':*)( . %4(-(:( 83 �%5;3'*� 4( +;37 &(+( 0*4)( >'+'*+( *+(,3%- = 3&' .)- '3(� �� /'3 &(+( �� = 3&' *, &*4')*+ .)- '3� % =*3& *-( &*4')*+ /( .)*) '3)(7-*+ 0' *+)( 4*)-, *,5*A%-')*)(* *& ',3'+%- 83 4-%4-'()*)(* .)*),+,'� �3 &',/* &-(0)(-'' -*4'/( * 3,5 -,+,' /( = 3&' 4-'6*)(� = 3&'+(/( .)*) .,3) 83 &%3)'3,*-( &(+( 5*' '54%-)*3)( /'3 .'.)(5� &, ��N /'3 =*:* /( &*4')*+ 0' �GN /'3 *&)'6(��%3/(-(* = 3&'+%- 4-'6*)( -%5;3(0)' *);) 83 &((* &( 4-'6(0)( &*4')*+,+ &;) 0' 83 4-'6'3 * *&)'6(+%- * .& :,)/-*5*)'&� 83 )'54 &( 4%3/(-(* = 3&'+%- &, &*4')*+ .)- '3 * &-(.&,) .4(&)*&,+%. /( +* ��N /'3 *&)'6( 0' �G��N/'3 &*4')*+ 83 *3,+ �BBC +* �B��N /'3 *&)'6( 0' �G��GN /'3 &*4')*+ 83 *3,+ �111� �&)'6(+( )%)*+( /( '3,)( /(.'.)(5,+ =*3&*- .( -'/'& +* 5*' 5,+) /( C�E 5'+'*-/( ��

�&<'5= -'+( .)-,&),-*+( /-*.)'&( &*-( *, *6,) +%& 83)-( *3'' �BBC 0' �111 -(>+(&) /%, (6(3'5(3)( 5*A%-(�&-':* 0' 83 &(+( /'3 ,-5 4- =,0'-(* &;)%-6* = 3&' &, &*4')*+ /( .)*) 0' 4-'6*) 0' 4-%&(.,+ /( 4-'6*)':*-(��5=(+( *, /,. +* &-(*-(* ,3,' .'.)(5 =*3&*- 5*' &,-*) 0' 5,+) 5*' .%+'/�

�� $ 0' �� T� /%, /'3)-( &(+( 5*' 5*-' = 3&' 4-'6*)(� *, >%.) 4-'5(+( /'3 .'.)(5 &*-(*, 83&(4,) . /(* .(53( & *, 4-%=+(5( 83 *3,+ �BB�� (*& '* 3&'' 3* '%3*+( * >%.) (:')*3) 0' +(3) � /*- 83&(+( /'3 ,-5 .H*, +,*) 5*.,-' 4(3)-, * ':%+* &(+( /%, = 3&' =%+3*6( /( -(.),+ .'.)(5,+,'� �-%&(/,-'+( /(>*+'5(3) .H*, /%6(/') * >' >%*-)( +(3)( '*- '3.)-,5(3)(+( /( '3)(-6(3 '( &%3)-%+*)( /( *3&* * '%3*+ *, >%.)3(*/(&6*)(� �* -(:,+)*)� 0' 83 5%5(3),+ /( >* 4(-.'.) &%3>,:'( 83 &((* &( 4-'6(0)( -(:%+6*-(* .'),* '('*&(.)%- /%, = 3&'� �3 *3,+ ,-5 )%- =*3&* 4-'6*) �� T * ,-5*) *&(+*0' .&(3*-',�

Criza sistemului bancar a atins punctul culminant în anul 1999. În aprilie, BANCA ALBINA * >%.) /(&+*-*)'3.%+6*='+ � +* .&,-) 6-(5( ,-5;3/ 0)'-(* & BANKCOOP 3, 5*' 4,)(* . H0' *&<')( %=+'7* ''+(� �3 &',/*3*),-'' -(4()')'6( * *&(.)%- 4-%=+(5(� '54*&),+ +%- *.,4-* .'.)(5,+,' * >%.) +'5')*) /(%*-(&( )%*)( *&(.)( = 3&'

9�/HJLVOD LD�FRUHVSXQ] WRDUH�LQFOXGH�/HJHD�QU��FX�SULYLUH�OD�VLVWHPXO�EDQFDU��/HJHD�QU��FX�SULYLUH�OD�VWDWXWXO�E QFLL�FHQWUDOH��/HJHD�QU��FX�SULYLUH�OD�DFWLYLW LOH�GH�DVLJXUDUH�úL�/HJHD�QU��FX�SULYLUH�OD�YDORUL�PRELOLDUH�úL�EXUVHOH�GH�YDORUL��/HJLVOD LD�LQL LDO �D�IRVW�UHYL]XLWvQ�FHHD�FH�SULYHúWH�VLVWHPXO�EDQFDU�úL�DVLJXU ULOH��GDU�D�U PDV�QHVFKLPEDW �vQ�SULYLQ D�YDORULORU�PRELOLDUH�úL�D�EXUVHORU�

10 O prezentare JHQHUDO �D�stadiului actual úL�D�reformei în domeniul UHJOHPHQW ULORU�financiare europene, în The Economist, 3 martie 2001.

26

(-*, -(+*)'6 5'&'� �%&,+ * 6(3') *),3&' &;3/ *, *4 -,) 4-%=+(5( +* /%, /'3)-( &(+( 5*' 5*-' = 3&' /( .)*)� ��$ 0' �� &*-( /( '3(*, ��N -(.4(&)'6 �1N /'3 *&)'6(+( .'.)(5,+,' =*3&*-� �3)'54 &( = 3&'+( 4-'6*)( 5*' 5'&' .H*, 4- =,0') '3 =,3* 5*.,-* /'3 &*,:* >-*,/(+%- 0' /(+*4'/ -'+%- 4( .&*-5*-(� & /(-(* = 3&'+%- /( .)*) * >%.) -(:,+)*),+ ,3(' &-%3'&( 4-%*.)( *+%& -' * -(.,-.(+%- 0' * 4(->%-5*3 (+%-.+*=( 83 (&%3%5'* -(*+*� ��$ 0' �� /( '3(*, ��G 5'+'*-/( �� -(.4(&)'6 1�G�5'+'*-/( �� 83 &-(/')( 3(4(->%-5*3)(� �(*5* & 4- =,0'-(* &(+%- /%, = 3&' *- 4,)(* *6(* &%3.(&'3 (*.,4-* 83)-(7,+,' .'.)(5 * /()(-5'3*) *,)%-') '+( . */%4)( ,3 4+*3 /( .*+6*-(� �H*, )-*3.>(-*) +* /*)%-'*4,=+'& �� 5'+'*-/( �� /'3 &-(/')(+( 4-%*.)( *+( ��$� .H*, &<(+),') 1�E 5'+'*-/( �� 4( %-(&*4')*+':*-( &*-( 83 &(+( /'3 ,-5 * (0,*) 0' 1�� 5'+'*-/( �� 7*-*3 '' 4(3)-, &-(/')(+( &, 4-%=+(5( (5'.(de stat când BANCOREX .H* ,3') &, *3&* �%5(-&'*+ �%5;3 � �(.)-,&),-*-(* �� a*6,) 5*' 5,+) .,&&(.� �-'5* -(&*4')*+':*-( .H* > &,) 83 *3,+ �BBG� &;3/ .H*, )-*3.>(-*) +* �7(3 '* /(Valorificare a Activelor Bancare (AVAB) credite neperformante în valoare de circa 2.700 miliarde lei,4(3)-, * -(.)*='+' ='+*3 ,+ = 3&''� �3 &(+( /'3 ,-5 � 83 �11� =*3&* *,.)-'*& �� T * &,54 -*)4*&<(),+ 5*A%-')*- /( *& ',3' +* % �� 5*' 5'& /*- 5*' &,-*) �

(0' *3,+ �BBB * >%.) &(+ 5*' 4-%.) 4(3)-, .'.)(5,+ =*3&*-� 0' *3,+ �111 * *6,) 4-%=+(5(+( .*+(� BANCA�� F �� F (-* =*3&* &(* 5*' 4-%5' )%*-( 0' &, /(:6%+)*-(* &(* 5*' -*4'/ � >''3/ .' ,3*/'3 .4(-*3)(+( =,-.(' -%5;3( /( 6*+%-'� ,4 % (J4*3.',3( -*4'/ 83 *3,+ �BBC /*- 0' 83 *3,+ �BBB� 5*' *+(.83 &((* &( 4-'6(0)( 4%:')''+( /( ='+*3 ?*&)'6(� 854-,5,),-'� 4+*.*5(3)( 83 =%3,-' /( )(:*,- 0' /(4%:')('3)(-=*3&*-( 4-(&,5 0' /(4%:')( .,-. @� =*3&* .H* &%3>-,3)*) &, % -()-*7(-( 5*.'6 * /(4%:')(+%- 83 %&)%5=-'(�111� �36(.)' ''+( 83 )(<3'& /( &*+&,+ 0' 83 (J)'3/(-(* -( (+(' &*-( *, /,. +* 4-%>'),-' 3()( .& :,)( *);) 83 *3,+�BBC &;) 0' 83 *3,+ �BBB (J4+'&*, /%*- 83 4*-)( 4-%=+(5(+( =*3&''� �6%3,-'+( /(.4-( %4(-* ',3' '+(7*+( 83>*6%*-(* *& '%3*-,+,' 4-'3&'4*+ 0' 83 &(+( /'3 ,-5 &-':* /'3 �,-&'* /'3 *3,+ �11� *, &%3)-'=,') +* *7-*6*-(*.'),* '('L *3&* * '%3*+ ,-5(*:* .* '* '3 &,-;3/ % /(&':'( 83 &((* &( 4-'6(0)( 6'')%-,+ ��

� *+) =%5= 4%)(3 '*+ 4(3)-, .'.)(5,+ >'3*3&'*- *, -(4-(:(3)*)H% &%%4(-*)'6(+( /( &-(/')� �&(.)(* /( '3(*,/(4%:')( /( &'-&* ��111 5'+'*-/( +(' ?�CE 5'+'*-/( ��@ 0' 83 )-(&,) 3, (-*, .,4-*6(7<(*)( /( =*3&* &(3)-*+? �@ .*, /( *+) %-7*3'.5 /( -(7+(5(3)*-( 0' 3, (-*, *&%4(-')( /( �%3/,+ /( �*-*3)*-( *+ (4,3(-'+%-?��@� �3 *3,+ �111� /,4 4- =,0'-(* &(+(' 5*' '54%-)*3)( "=*3&' 4%4,+*-(# 0' /*)%-') 4*3'&'' &-(*)( 83 A,-,+5,+)%- *+)%-*� � * <%) -;) . '3)-%/,& -(7+(5(3) -' 5*' .)-'&)(� >%- ;3/ *&(.)( '3.)'), '' . H0' &+*-'>'&(.'),* '*� >'( . H0' &%3)'3,( *&)'6') '+( &* '3.)'), '' 3(=*3&*-( .,= .,4-*6(7<(-(* � � >'( . .%+'&')(*,)%-':* '( . *& '%3(:( &* =*3& .*, . '3)-( 83 +'&<'/*-(� �%3>%-5 �� /'3 &(+( B�� /( &%%4(-*)'6((J'.)(3)( 83 +,3* /(&(5=-'( �111� C�1 0'H*, /(4,. /%.*-(+( +* � 4(3)-, * /(6(3' &*.( /( &-(/') 7-,4*)( 83:(&( -( (+(� '&' ,3* /'3)-( (+( 3, * /(4,. &(-(-( 4(3)-, * /(6(3' =*3& &%5(-&'*+ �

�- =,0'-'+( .,&&(.'6( *+( = 3&'+%- 0' 4-(.',3(* *.,4-* 83)-(7,+,' .'.)(5 >'3*3&'*- *, /()(-5'3*) *,)%-') '+( /'3�%5;3'* . H0' &%3&(3)-(:( (>%-),-'+( *.,4-* 4-'6*)': -'' ,3%- = 3&'� �-,4,+ >-*3&(: SOCIÉTÉ GÉNÉRALE a&,54 -*) ,3 4*&<() /( *& ',3' 4-'3 &*-( /( '3( &%3)-%+,+ +* �� %3/,+ �-%4-'() '' /( �)*) * 6;3/,) ��N /'3 �� ,3,' &%3.%- ', &%54,. /'3 �� *4')*+ ?��N@ 0'BANCO PORTUGUES DE INVESTIMENTO ?�1N@� �'.)(5,+ =*3&*- *-( % .'),* '( 5,+) 5*' =,3 834-(:(3)� �* ,-5*-( * 4-%&(/,-'+%- 5*' .)-'&)( /( -(7+(5(3)*-( 0' .,4-*6(7<(-( =*3&*- */%4)*)( /( =*3&*3* '%3*+ � -*)* /( .%+6*='+')*)( * ),),-%- = 3&'+%- * &-(.&,) /( +* �1��N 83 *3,+ �BBC +* ��N 83 .(4)(5=-'(�111� �-%4%- '* &-(/')(+%- 3(4(->%-5*3)( * .& :,) /( +* ��N 83 *3,+ �BBC +* 1�GN 83 *3,+ �111 ?(J&(4);3/&-(/')(+( 4-%6':'%3*)(@� �-%6':'%*3(+( 5*' 5*-' *, /,. 83. +* 4-%>'),-' 5*' -(/,.( &, ,3 �� +* .>;-0'),+*3,+,' �111 /( ��EN 83 )'54 &( �� * .& :,) /( +* ��N 83 5*-)'( �111 +* ��N 83 /(&(5=-'( �111�

Industria de �� * *6,) % /(:6%+)*-( -(+*)'6 +'3 0' &%3)'3, /'3 �BB�� &;3/ .H* 6%)*) 4-'5* +(7'.+* '(�&*-( 4-(6(/(* /(5%3%4%+':*-(* *&)'6') '+%- /( *.'7,- -'� �� .%&'()*)(* ,3'& /( *.'7,- -' &, &*4')*+ /(.)*)� * >%.) 854 - ') 83 /%, .%&'() '� �� 0' �� 0' .H* &-(*) 4%.'='+')*)(* *4*-' '(' *+)%- .%&'() '3%'� �3 &',/* 4%:')'(' -(+*)'6 )%+(-*3)( *+( *,)%-')*)'+%- /( -(7+(5()*-( &*-( * 4-(/%5'3*) 83 >*:* '3' '*+ �.(&)%-,+ *.'7,- -'+%- * 83-(7'.)-*) (.(&,-' 5*' 4,)'3( .' 5*' 4, '3 .4(&)*&,+%*.( /(&;) &(+( /'3 .(&)%-,+ =*3&*-��* .>;-0'),+ *3,+,' �BBB� (J'.)*, G� .%&'() ' /( *.'7,- -' *,)%-':*)(� &, ,3 &*4')*+ .%&'*+ /( ��1�� 5'+'*-/( +('?�� 5'+'%*3( ��@ 0' *&)'6( 83 6*+%*-( /( 5*' 5,+) /( E�1GG 5'+'*-/( +(' ?��1 5'+'%*3( ��@�

�� &*-( .,3) *3*+':*)( 83 /()*+', 83 *3(J � *, >%.) .'37,-,+ .(75(3) *+ .(&)%-,+,' >'3*3&'*-&*-( * 4%-3') /( +* 3'5'&� % ',3' /( =*: &,5 *- >' &*4')*+� *& ',3' 0' =,-.( *, )-(=,') . >'( -('36(3)*)(� �%*)

27

+,5(* * )-(=,') . 836( ( +(& '* F *,)%-') '+(� .%&'() '+(� '36(.)')%-'' 0' 83)-(4-'3: )%-'' F 0' ,3(%-' *&(.) +,&-, *>%.) >%*-)( /'>'&'+� �'( (+( /( &*4')*+ 3, *, >%.) &-, *)( /( 3'&' ,3* /'3)-( &-':(+( 4%.'='+(� �-'5* .&<(5 �%3:'?/(3,5') ��@ .H* (J)'3. 4;3 &;3/ * /(6(3') ,3 >(3%5(3 /( 5*. � *A,37;3/ +* �11 5'+'%*3( ��L&;3/ .H* 4- =,0') 83 *3,+ �BB�� ,3/* /( 0%& * *5(3'3 *) .'.)(5,+ >'3*3&'*- 0' * :7,/,') .'.)(5,+ 4%+')'&�Dezvoltarea industriei fondurilor mutuale a luat-o înaintea cadrului legislativ; când în anul 1996 nou creata�%5'.'( * �*+%-'+%- �%='+'*-( * '54,. -(7+(5(3) -' /( 4-,/(3 83 &*+&,+,+ 6*+%-'' *&)'6(+%- 3()( 4(3)-,>%3/,-'+( /( '36(.)' ''� >%3/,+ &(+ 5*' 5*-(� ��K�� * .,>(-') % &%-(& '( .(6(- � �%3>-,3)*) &, -()-*7(-'5*.'6(� 83 &(+( /'3 ,-5 .H* 4- =,0')� /'.)-,7;3/ 83&-(/(-(* '36(.)')%-'+%- 83 4'* * /( &*4')*+ 83 &,-. /(*4*-' '(� ,4 &; '6* *3' 83 &*-( * )-(=,') . .( -(&;0)'7( 83&-(/(-(* '36(.)'-'+%-� .(&)%-,+ * >%.) +%6') /'3 3%,/( ,3 *+) .&*3/*+ F 4- =,0'-(* �� ?�%3/,+ * '%3*+ /( �36(.)' ''@ 83 *4-'+'( �111� �(3)-, 4-'5* /*) � �%5'.'** '%3*+ * �*+%-'+%- �%='+'*-( * >%.) )-*. +* - .4,3/(-( 0' *, >%.) *-(.)* ' 5(5=-' *' &%3/,&(-'' ('� '3&+,.'6�-(0(/'3)(+(�

�(7'.+* '* 4-'6'3/ 6*+%-'+( 5%='+'*-( 0' =,-.(+( /( 6*+%-' * >%.) */%4)*) -(+*)'6 );-:',� 83 *3,+ �BB�� 0'%-7*3'.5,+ 3%, &-(*) H �%5'.'* * '%3*+ * �*+%-'+%- �%='+'*-( F 0'H* *.,5*) )-(4)*) ,3 -%+ /( .,4-*6(7<(-(0' -(7+(5(3)*-(� �3)-H% 4(-'%*/ /( )'54 >%*-)( .&,-) � .H* &-(*) 83)-(*7* '3>-*.)-,&),- 4(3)-, )-*3:*& '%3*-(*6*+%-'+%- 5%='+'*-(� '3&+,.'6 ,-.* /( �*+%-' ,&,-(0)' 0' 4'* * (J)-*=,-.'(- ��2� �%3&(4,) &, %.,=.)*3)'*+* &%3.,+)*3)* %&&'/(3)*+*� '3>-*.)-,&),-* 4'( (+%- /( &*4')*+ (.)( ='3( */*4)*) %='(&)'6,+,' . , 83&((* &( 4-'6(0)( *.4(&)(+( /( =*: '*- /'3 4,3&) /( 6(/(-( )(<3'& (.)( >%*-)( *6*3.*) � '3 4,3&) /( 6(/(-( *+-(7+(5(3) -''� .'.)(5,+ * (6%+,*) 83 .4(&'*+ 83 =*:* 3%-5(+%- (5'.( /( �%5'.'* *)'%3*+* * �*+%-'+%-�%='+'*-(L �(7(* 3-� ��K�BB� * - 5*. 3(.&<'5=*) /( +* */%4)*-(* .*�

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12 Recent a fost introdusa o Categorie a Transparentei (virtuala) pentru societati care se conformeaza unor standarde mai inalte privind guvernanta

corporativa.13 Odata cu listarea societatii nationale PETROM in septembrie 2001, capitalizarea bursiera aproape s-a dublat.14 Anul 2001 a înregistrat un reviriment al tranzactiilor la bursa, volumul acestora urmind a se situa in jurul a 120 mil. USD.

28

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29

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19�/DXUHQ LX�*KHRUJKH��5HIRUPDUHD�5$6'$4�HVWH�GRDU�vQ�ID] �GH�LQWHQ LH��în Capital nr. 16/2001

30

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31

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1.2.3. STRUCTURI DE PROPRIETATE IN INTREPRINDERILE MARI

�( +;37 .%&'() '+( &*-( &%3)'3, . >'( &%3)-%+*)( /( & )-( .)*)� 83 �%5;3'* (J'.) *.) :' /%, )'4,-' /(structuri de întreprindere: �� .C!� �� C/ 0' �� %�� .

�%&'() '+( 4-'6*)( /( )'4 S7-((3>'(+/S .,3) 4-%/,.,+ ,+)'5'+%- :(&( *3' /( +'=(-*+':*-( (&%3%5'& � (0' 5,+)(/'3)-( *&(.)( .%&'() ' .H*, /(:6%+)*) -*4'/ /'3 >'-5( 5'&' 0' 5'A+%&'' /(6(3'3/ ,3(+( /'3 &(+( 5*' 5*-'&%-4%-* '' /'3 *- � (+( &%3)'3, . >'( 83&<'.(� 3, .,3) .%&'() ' 4,=+'&( 0' .,3) &%3)-%+*)( /( >%3/*)%-'' +%-��'-&* A,5 )*)( /'3 &(+( 5*' 5*-' .%&'() '' /'3 �%5;3'* '3)- 83 *&(*.) &*)(7%-'(� �3 5,+)( &*:,-'� *&(.)(.%&'() ' .,3) &%3)-%+*)( /( &%-4%-* '' '3)(-3* '%3*+(� METRO CASH AND CARRY ROMÂNIA; MOBIFON, MOBIL

ROM, SHELL ROMÂNIA, BRITISH AMERICAN TOBACCO, LUKOIL ROMÂNIA, LAFARGE ROMCIM, PROCTER

AND GAMBLE, PHILIP MORRIS, COCA-COLA, UNILEVER, ABB ALSTOM POWER, AGIP ROMÂNIA, HENKEL

ROMÂNIA ()&� �+)( .%&'() ' 5*-' .,3) &%3)-%+*)( /( -%5;3'� �RANSILVANIA GENERAL IMPORT EXPORT,TOTAL DISTRIBUTION GROUP ROMÂNIA, TOFAN GROUP, INTERAGRO, TONICAL TRADING, COMPANIA DE

D�� N� �� UROPEAN DRINKS, RIENI DRINKS, TOPWAY INDUSTRIES, etc. În toate cazurile,4-%4-'()*-''K>%3/*)%-'' *&(.)%- .%&'() ' 4-(>(- . 5(3 '3 ,3 &%3)-%+ .)-;3. *.,4-* %4(-* ''+%- +%- 0' (6')*)-*7(-(* /( >%3/,-' /( 4( 4'* * =,-.'(- �

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32

�3 E1 /'3)-( .%&'() '+( +'.)*)( +* ,-.* /( �*+%-' ,&,-(0)'� 4-%4-'()*)(* (.)( &%3&(3)-*) 83 .(3.,+ & ,3*& '%3*- /( '3( 5*' 5,+) /( �1N /'3 *& ',3'L 5,+)( /'3)-( &(+(+*+)( .,3) &%3)-%+*)( /( *& '%3*-' &*-( /( '34*&<()( /( 5*' 4, '3 /( �1N� %*- 83 A,- /( �� .%&'() ' *, % .)-,&),- /'.4(-.*) * 4-%4-'() ''� > - ,3 7-,4/( &%3)-%+ (6'/(3)L 0*.( /'3)-( (+( .,3) '3.)'), '' >'3*3&'*-( ?&(+( &'3&' S�� I�� FINANCIARE

F �� F 0' BANCA TRANSILVANIA).

�J'.) &;)(6* �� !�� (��&*-( &%3)-%+(*: .%&'() '+( +'.)*)( +* � �

� Investitorii strategici .,3) 83 7(3(-*+ &%-4%-* '' *&)'6( 83 *&((*0' '3/,.)-'( &*-( %&,4 % 4%:' '( 83)-H%societate având în vedere considerente strategice pe termen lung cum ar fi complementaritatea*&)'6') '+%- '3/,.)-'*+(� 4%)(3 '*+,+ /( -(/,&(-( * &%.),-'+%-� (J)'3/(-(* 4( *3,5')( 4'( (� 83)-(&(-(*&%3&,-(3 ('� ()&� �J'.) �� '36(.)')%-' .)-*)(7'&' 83 .%&'() '+( +'.)*)( +* � � 5*A%-')*)(* /'3)-( (''36(.)')%-' .)- '3' &*-( *, &,54 -*) *& ',3' /( +* �%3/,+ �-%4-'() '' /( �)*) 83 &,-.,+ 4-%&(.,+,' /(privatizare: SOCIÉTÉ GÉNÉRALE ? *3&* �%5;3 4(3)-, (:6%+)*-(@� RENAULT ?*&'* �')(0)'@ SAMSUNG

DEUTSCSHLAND ?� (+'3%J �;-7%6'0)(@ AKER ?�*3)'(-,+ *6*+ �,+&(*@� TRINITY INDUSTRY (Astra�*7%*3( �-*/@� ()&� �%:' '* */%4)*) /( '36(.)')%-'' .)-*)(7'&' '3)- ,3(%-' 83 &%3>+'&) &, '3)(-(.(+( *+)%-'36(.)')%-'� �,+ ' '36(.)')%-' .)-*)(7'&' *, */%4)*) .)-*)(7'' /( 5*A%-*-( * 4*-)'&'4* '(' +%- ?4-'3 %>(-)(4,=+'&( .*, 5*A%- -' /( &*4')*+@� *>(&);3/,H' ,3(%-' 4( &('+*+ ' *& '%3*-'� 0' 83 ,3(+( &*:,-' 0'H*, (J4-'5*)/%-'3 * /( * '(0' /( 4( =,-.* 0' /( *H0' )-*3.>%-5* .%&'() '+( 83 %-7*3':* '' 83&<'.(�

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� �3 .>;-0')� (J'.) &;)(6* &*:,-' 83 &*-( persoane fizice /( '3 % 4%:' '( 5*A%-')*- 83)-H% .%&'()*)( &%)*) +*BVB.

�&(+(*0' &*)(7%-'' /( '36(.)')%-' .( -(7 .(.& &* �� /*- 83 4-%4%- '' /'>(-')(� Investitorii�� 0' �� 83 5%/ >-(&6(3) %&,4 % 4%:' '( .(53'>'&*)'6 0' 83 5,+)( &*:,-' /( '3,3 4*&<() /( &%3)-%+� ��H,-'+( .,3) 4-(:(3)( 83 �� /'3)-( .%&'() '+( +'.)*)( +* � 83 )'54 &( *+)( >%3/,-' /('36(.)' '' &,5 *- >' ROADHURST, LINDSELL ENTERPRISES, FONDUL SOCIÉTÉ GÉNÉRALE ROMÂNIA, FONDUL

ROMÂNO-AMERICAN, FONDUL ROMÂN DE I�� , sunt în mod regulat cotate printre investitorii cei maisemnificativi. Persoanele fizice >%-5(*: % &*)(7%-'( .4(&'*+ /( '36(.)')%-' 5'3%-')*-'L (' .,3) 83 7(3(-*+=(3(>'&'*-'' 4-%7-*5,+,' /( 4-'6*)':*-( 83 5*. 0' *, >%.) 4-'3&'4*+'' >,-3':%-' /( *& ',3' +'&<'/( +* =,-. ��),3&' &;3/ 4-%4-'()*)(* (.)( &%3&(3)-*) 83 5;'3'+( '36(.)')%-'+%- .)-*)(7'&' 0' '3.)'), '%3*+'� +'&<'/')*)(* .&*/(dramatic.

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33

*- .'),* '* .( .&<'5= *),3&' &;3/ + . 5 7-,4,+ &(+%- �11 /( .%&'() ' &(+( 5*' )-*3:*& '%3*)( 4( 4'* *��2 0' '36(.)'7 5 .)-,&),-* /( 4-%4-'()*)( *+ .%&'() '+%- )-*3:*& '%3*)( -*-(%-' .*, 3'&'%/*) � �'&'�.)-,&),-* 4-%4-'() '' * 854'()-') +* .)*/',+ /( 4%.)H4-'6*)':*-( F &, .%&'() ' &%3)-%+*)( /( *.%&'* '' /( .*+*-'* '.*, /( & )-( .)*) 0' &, :(&' /( 5'' /( *& '%3*-' 5'3%-')*-' )%)*+ 4*.'6' &*-( 0'H*, 4-'5') *& ',3'+( /'34-'6*)':*-(* 4( =*: /( &(-)'>'&*)(�

�&<(5(+( /( &%3)-%+ '3/'-(&) .,3) *='* 83 &,-. /( *4*-' '( 0' 3, .,3) >%*-)( .%>'.)'&*)(� �%-5* &(* 5*'>-(&6(3) (.)( &(* * grupului holding 4-'3 &*-( ,3 '36(.)')%- 4-'6*) %&,4 4%:' '' 0' 83 &(+( /'3 ,-5&%3)-%+(*: 5*' 5,+)( .%&'() ' 4,=+'&(� �&*:'%3*+ .( ,)'+':(*: /( '3(-(* 83&-,&'0*) /( *& ',3'� , (.)( ,0%-0' &;)(%/*) (.)( '54%.'='+ . '/(3)'>'&' "4-%4-'()*-,+ >'3*+# *),3&' &;3/ .( >%+%.(.& .%&'() ' 83-(7'.)-*)( 83.)- '3 )*)( &* 6(<'&,+( 4(3)-, * &,54 -* *& ',3' 0' 83 &(+( /'3 ,-5 * &%3)-%+* % .%&'()*)(�

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TOFAN �-%,4 (.)( % .%&'()*)( &, &*4')*+ 4-'6*) &%3)-%+*) /( >%3/*)%-,+ . ,� �(+, �%>*3� ,4% 4(-'%*/ '3' '*+ 83 &*-( .H* %&,4*) &, &%5(- ,+ &, *36(+%4(� 0'H* &-(*) % >'+'*+ .4(&'*+':*) 83-(0*4*-(� ,4 �BBE� TOFAN �-%,4 * *&<':' '%3*) .,&&(.'6 4*&<()( /( &%3)-%+ +* 5*' 5,+)(fabrici de anvelope scoase la vânzare în cadrul procesului de privatizare – DANUBIANA

B��, VICTORIA F��, SILVANIA Z�� , 0' ROTRAS – )%*)( +'.)*)( 4( 4'* *RASDAQ. NOMURA PLC. a devenit asociat în TOFAN �-%,4 4-'3)-H% '3A(& '( /( &*4')*+ /( �115'+'%*3( �� -,4,+ .H* (J)'3. .4-( *+)( /%5(3'' F &%5,3'&* ''� 4,=+'&')*)(� 4*3'>'&* '( 0'&%5(- &, *5 3,3),+ F 83 =*:* ,3(' *&(+('*0' .)-,&),-' &%54+(J( /( <%+/'37 &*-( />%3/*)%-'+%- 4%.'='+')*)(* . &%3)-%+(:( % 6*-'()*)( /( .%&'() ' /'>(-')(� �3 *3,+ �11�� %>*3 *vândut afacerea cu anvelope grupului Michelin.

INTERAGRO (.)( % .%&'()*)( 4-'6*) &%3)-%+*) /( >%3/*)%-,+ . ,� �%*3 '&%+*(� �H* /(:6%+)*)ajungând unul dintre cele mai mari holdinguri din România, preluând pachete de control în 15.%&'() ' /'>(-')(� 4-'3)-( &*-( % -*>'3 -'( /( 4()-%+� /%, >*=-'&' /( 837- 0 5'3)( &<'5'&(� &(*5*' 5*-( .%&'()*)( /( *.'7,- -' F �� F 0' 5,+)( *+)( .%&'() ' /'3 /%5(3',+ *7-'&%+ 0' *+'3/,.)-'(' *+'5(3)*-(� )%*)( +'.)*)( 4( 4'* * ��2� INTERAGRO a pus la punct un sistemprin care a preluat controlul rafinariei ASTRA R�� , +'.)*) +* � � 4-'3 /()'3(-'83&-,&'0*)(� * 4-(+,*) �EN /'3 *& ',3'+( -*>'3*-'(' /'-(&) 0' 83& ��N 4-'3 ASIROM, societate în&*-( �3)(-�7-% /( '3( % 4%:' '( /( &%3)-%+ &, ��N�

34

"!+!(!&�* �,&,�&&��,&,- &�'.&

�5 6 :,) & '36(.)')%-'' '3.)'), '%3*+' A%*& ,3 -%+ >%*-)( '54%-)*3) 83 .)-,&),-* /( 4-%4-'()*)( * .%&'() '+%-+'.)*)( *);) +* � &;) 0' +* ��2� �J'.) )-(' &*)(7%-'' /( '36(.)')%-' '3.)'), '%3*+' .(53'>'&*)'6' 4(3)-,4'* * -%5;3(*.& � &(+( &'3&' �%&'() ' /( �36(.)' '' �'3*3&'*-(� >%3/,-'+( &, &*4')*+ /( -'.& 0' >%3/,-'+(mutuale.

�+ ' '36(.)')%-' '3.)'), '%3*+' &,5 *- >' = 3&'+( 0' .%&'() '+( /( *.'7,- -' 3, A%*& ,3 -%+ .(53'>'&*)'6 F ,35%)'6 >''3/ -*3/*5(3),+ .+*= *+ '36(.)' ''+%- 83 *& ',3' 83 &%54*-* '( &, *+)( 4+*.*5(3)( *+)(-3*)'6( &* /(exemplu bonurile de tezaur, depozitele bancare sau plasamentele imobiliare. În orice caz, industria*.'7,- -'+%-� /(0' 83 4+'3 /(:6%+)*-(� (.)( -(+*)'6 -(/,. ?*&)'6( )%)*+( 83 6*+%*-( /( 5*' 4, '3 /( �11 5'+'%*3(��@� �%3/,-'+( /( 4(3.''� &*-( -(4-(:'3) ,3'' /'3)-( &(' 5*' '54%-)*3 ' '36(.)')%-' '3.)'), '%3*+' 83 *+)( -'�.,3) 83)-H,3 .)*/', '3&'4'(3) 83 �%5;3'* F +(7'.+* '* &, 4-'6'-( +* ">%3/,-'+( ,3'6(-.*+( /( 4(3.'(# *='* * >%.)*/%4)*) 83 *3,+ �111 ?�-/%3*3 * /( �-7(3 ��1K�111@� �;3 83 4-(:(3) 3, * >%.) *,)%-':*) 3'&' ,3 >%3/ 0'6%- 5*' )-(&( &; '6* *3' 4;3 &;3/ >%3/,-'+( /( 4(3.'' 6%- 7(3(-* % &(-(-( &%3.)*3) /( 6*+%-' 5%='+'*-(�

-�� E4�� '�� D��#� ��:===Indicator SIF 1 SIF 2 SIF 3 SIF 4 SIF 5Capitalizarea bursiera, miliarde lei 373 247 415 369 342�&)'6(� 6*+%*-( &%3)*='+ � (miliarde lei 31.12.2000)

2.184 3.308 3.233 2.664 2.927

�)-,&),-* 4%-)%>%+',+,' /( *& ',3'?.>;-0') '*3,*-'( �11�@�

- �"�� $ din care:- Listate la BVB- Listate RASDAQ- Închise (nepublice)- (+'.)*)(� )-*3:*& '%3*)( +* � - Deschise dar nelistate- �%&'() ' 83 +'&<'/*-(

72429

458216

219

52913

304209

3

46710

293150

113

40736

182139

446

30127

18157

1323

(>*+&*-(* 4%-)%>%+',+,' /,4 5 -'5(*4*-)'&'4* '('F 6*+%*-( 3%5'3*+ 4*-)'&'4* '(�miliarde lei, din care:

- 5*' 4, '3 /( �N- 5 – 33%- 33 – 50%- peste 50%

2.4696,2

75,96,5

11,4

2.9500,9

75,618,55,0

2.8334,8

54,520,220,5

2.2374,8

59,93,0

32,4

2.50512,561,615,410,5

Indice global de risc 3,58 4,37 3,8 4,05 3,70

%) � �3/'&(+( /( -'.& (.)( &*+&,+*) &%3>%-5 '3.)-,& ',3'+%- .)*='+')( /( �%5'.'* �*+%-'+%- �%='+'*-(� �*+%-'+(83&(4 /( +* "1#� -'.& -(/,.� 4;3 +* �� -'.& 5*-(� �,-.*� � 0' -*4%*-)( *3,*+(.

�, *&)'6( )%)*+( 83 6*+%*-( /( *4-%J'5*)'6 ��1 5'+'%*3( �� /'3 &*-( 5*' 5,+) /( B1N 83 *& ',3'� &(+( &'3&'S�� I�� FINANCIARE .,3)� /(%&*5/*) � &(' 5*' 5*-' '36(.)')%-' '3.)'), '%3*+' /'3 �%5;3'*��3 &',/* *.(5 3 -'+%- /'3)-( (+(� &(+( &'3&' ��H,-' *, >'(&*-( ,3 4-%>'+ /'.)'3&) /()(-5'3*) /( .)-,&),-* '3' '*+* /()'3(-'+%- +%- 0' /( 4%+')'&'+( .4(&'>'&( 4,.( 83 *4+'&*-( /(H* +,37,+ 6-(5''� �%*)( ��H,-'+( *, -(/,.3,5 -,+ .%&'() '+%- +* &*-( /( '3 *& ',3'� /*- 83 5*.,-* /'>(-')*� �3 *3,+ �BB�� >'(& -,' >%3/ 'H*, >%.) *+%&*)(*& ',3' +* ,3 3,5 - /( .%&'() ' 83)-( ��11 0' ��11� �� ? *3*)H�-'0*3*@ * -(/,. 3,5 -,+ +* G�� 83 )'54 &(�� ?�+)(3'*@ +* *A,3. +* �1�� ?�,3)(3'*@ *-( 4(.)( ��N /'3 4%-)%>%+',+ . , +* .%&'() ' ,3/( /( '3( %4%:' '( 5*A%-')*- ?4(.)( �1N@� 83 )'54 &( �� ?�%+/%6*@ 4-(>(- . - 5;3 ,3 *& '%3*- '54%-)*3) > - *%&,4* 4%:' '' 5*A%-')*-( ?/%*- �N /'3 4%-)%>%+',+ . , (.)( 4+*.*) +* .%&'() ' ,3/( /( '3( 5*' 5,+) /( �1N@��*' (J'.) 0' % %*-(&*-( /'>(-(3 '(-( 4( .(&)%*-( '3/,.)-'*+( F �� /%5'3 83 .(&)%*-( &,5 *- >' '3/,.)-'*+(53,+,'� 5%='+('� &(+,+%:(' 0' <;-)'('� �� 83 )(J)'+(� �� 83 &%3.)-,& '' /( 5*0'3'� )-*3.4%-),-' 0' ),-'.5�� 83 5*)(-'*+( /( &%3.)-,& '( 0' 4()-%&<'5'(� �� 83 *4*-*),- (+(&)-'& 0' (+(&)-%3'& �

35

�( +;37 -(/,&(-(* 4*-)'&'4*)''+%- +* ,3 3,5 - /( .%&'()*)' 5*' ,0%- /( &%3)-%+*)� 4%+')'&* ��H,-'+%- * *6,) &*%='(&)'6 0' 85=,3 ) '-(* &*+') '' 4%-)%>%+''+%- 0' -(/,&(-(* -'.&,+,'� �, )%*)( *&(.)(*� ��H,-'+( &%3)'3, ./( '3 4%-)%>%+'' >%*-)( ()(-%7(3( &*-( '3&+,/ ,3 3,5 - 5*-( /( .%&'() ' 3(+'.)*)(� �( 0)'( /( *.(5(3(* &��H,-'+( *.,5* 4%:' '' /( &%3)-%+ .*, &<'*- 5*A%-')*-( 0' & .( &%54%-) &* '36(.)')%-' .)-*)(7'&'�

În timp ce SIF-urile s-au concentrat asupra fostelor întreprinderi de stat, unele FONDURI CU CAPITAL DE RISC

.)- '3( 0'H*, > &,) % 4%+')'& /'3 * '36(.)' 83 .%&'() '+( 4-'6*)( ?3(+'.)*)(@ &*-( *, ,3 4%)(3 '*+ -'/'&*) /(/(:6%+)*-( 83 ,-5 )%-'' &; '6* *3'� �%&'() '+( &%)*)( -*-(%-' %>(- -*3/*5(3),+ /( �1N ?83 /%+*-'@ 4( &*-(>%3/,-'+( &, &*4')*+ /( -'.& 8+ &%3.'/(- &* 5'3'5 *),3&' &;3/ *3*+':(*: %4%-),3') '+( &*-( )-(=,'( . >'( 4(5 .,-* -'.&,+,' 4-(:(3)*) /( �%5;3'*� �*+%*-(* '36(.)' ''+%- > &,)( /( >%3/,-'+( &, &*4')*+ /( -'.& (.)((.)'5*) +* *4-%J'5*)'6 �11 5'+'%*3( �� F 5*A%-')*)(* 83 4-%'(&)( 4-'6*)(� �J'.) �� >%3/,-' &, &*4')*+ /(-'.&� )%*)( 4-%4-'()*)( .)- '3 ?�*=(+ G@�

Tabel 7: Fondurile cu capital de risc active în RomâniaDenumirea fondului �� Global Finance

� AIG New Europe Fund� Société Générale

Investment Fund� Baring Private Equity� Advent International� Oresa Ventures� Enterprise Investor� CCP Overseas Equity

Partners� Fondul Româno-American� Romania Post

Privatisation Fund� Foreign & Colonial

Romania Investment� Romanian Investment

Fund Limited� Romania Fund Limited� Romanian Growth Fund

PLC

� Delta România, Neoset, Germanos Telecom,Titan/Moara Loulis, Chipita România, Sicomed

� MobilRom, Luxten, Astral Telecom� Luxten, ��+ ��, MobilRom

� Topway Industries� Euromedia, Monopoly, Europlakat� Flanco, Medicover� MobilRom� Mobifon

� Banca Agricol, Policolor� PCNet

� Compa, Sanex, Stirom

� Policolor, TEC, ComtelRom, CMC Magnetics Corp.

� Luxten, Conterra, Policolor� Romcim, Oltchim

%) � �%&'() '+( 4,=+'&( ?&%)*)( +* ,-. @ .,3) .&-'.( &, &*-*&)(-( *+/'3(�Sursa: Capital nr. 18, 3 mai 2001

, )%*)( >%3/,-'+( .,3) /(/'&*)( �%5;3'('� *3,=( �,3/� .,. '3,) /( �-((I �+4<* *3I� *-( ,3 &*4')*+ /( �15'+'%*3( �� '36(.)') 3, 3,5*' 83 �%5;3'* &' 0' 83 �%+/%6*� ,+7*-'*� �%.)* �(4,=+'& �,7%.+*6�*&(/%3'* 0' �+=*3'*� �%3/,+ �%&'V)V �V3V-*+( �%5;3'* * *)-*. �1 5'+'%*3( �� /( 4( 4'( (+( %&&'/(3)*+(4(3)-, '36(.)' '' 83 �%5;3'*L �� 0' �� *, &%3)-'=,') +* &*4')*+,+ +,' �+%=*+ �'3*3&(L �%5*3'*3 �5(-'&*3�3)(-4-'.( �,3/ (.)( .4%3.%-':*) /( 7,6(-3,+ �� 0' /( & )-( '36(.)')%-' 4-'6* '� �%5*3'*3 �36(.)5(3) �,3/* *)-*. E� 5'+'%*3( �� /( +* '36(.)')%-' (,-%4(3' 0' *5(-'&*3'�

�(.'-(* 3, (.)( 83)%)/(*,3* ,0%*- 4(3)-, >%3/,-'� =,-.* 5(-7( 4-%.) 0' 3, *.'7,-* -*3/*5(3),+ ,-5*-') /(*/5'3'.)-*)%-'' >%3/,-'+%-� �-'3 ,-5*-(� >%3/,-'+( 4-(>(- . 6;3/ ,3%- '36(.)')%-' .)-*)(7'&' &*-( .,3) 7*)* .4+ )(*.& 83 4+,. 4(3)-, * 4-(+,* &%3)-%+,+�

Primele FONDURI MUTUALE *, >%.) 83>''3 *)( 83 �%5;3'* 83 *3,+ �BB�� /*- *&(.) .(&)%- * >%.) *>(&)*) /(3(3,5 -*)( &-':( 0' .&*3/*+,-'� �.) :'� '3/,.)-'* >%3/,-'+%- 5,),*+( -%5;3(0)' (.)( 5'& 0' /%5'3*) /(fondurile monetare. [Vezi caseta].

�3 &%3&+,:'(� 854-(,3 &, "'36(.)')%-'' .)-*)(7'&'#� ��H,-'+( .,3) +* %-* *&),*+ *7(3 '' &(' 5*' '54%-)*3 ' /'34,3&) /( 6(/(-( *+ 7,6(-3*3 (' &%-4%-*)'6(� ,-5*)( /( >%3/,-'+( &, &*4')*+ /( -'.& .)- '3(� '&' ,3 *+)

36

'36(.)')%- '3.)'), '%3*+ 3, 4*-( . *'= 4%.'='+')*)(*� 83 6'')%-,+ *4-%4'*)� . /(6'3 % 4-(:(3 .(53'>'&*)'64(3)-, 7,6(-3*3 * &%-4%-*)'6 �

�� #��4�� %��

�-'5(+( >%3/,-' 5,),*+( *, >%.) &-(*)( 83 *3'' �BB�H�BB�� &;3/ 3, (J'.)*, 3'&' ,3 >(+ /( -(7+(5(3) -'.4(&'>'&( &, 4-'6'-( +* .(&)%-,+ '36(.)' ''+%-� �%*)( (-*, >%3/,-' "/(.&<'.(# &, ,3 4%-)%>%+', /( '36(.)' ''/'6(-.'>'&*) F 4*-)( /'3 (+ >''3/ -'.&*3)� /( )'4,+ *>*&(-'+%- &, &*4')*+ /( -'.&� � - 3'&' % -(7+(5(3)*-( 0' > -.,4-*6(7<(-(� >%3/,-'+( *, 4,),) . *>'.(:( &%3.)*3) &-(.)(-' 83*+)( 83 6*+%*-(* *&)'6(+%- 3()( *+(4%-)%>%+',+,' +%-� *)- 7;3/ ,3 3,5 - 5*-( /( '36(.)')%-'�

�3 5*-)'( �BBE� 3%, &-(*)* �%5'.'( * '%3*+ * �*+%-'+%- �%='+'*-( * (5'. '3.)-,& ',3(* 3-� E &, 4-'6'-( +*&*+&,+,+ 6*+%-'' *&)'6(+%- 3()( 4(3)-, >%3/,-'+( /( '36(.)' ''� �*A%-')*)(* >%3/,-'+%- *, )-(=,') . H0'&%-(&)(:( /-*.)'& 6*+%*-(* *&)'6(+%- +%-L ,3 *&&(. /( 4*3'& 'H* > &,) 4( '36(.)')%-' . H0' - .&,54(-( '5(/'*))')+,-'+(� &((* &( * /,. +* 4- =,0'-(* &(+,' 5*' 5*-( >%3/ /( +* 6-(5(* -(.4(&)'6 � �� ?�11 5'+'%*3(��@� �3&-(/(-(* 83 >%3/,-' * >%.) .,=5'3*) 0' *, )-(&,) *3' 4;3 &;3/ 3,5 -,+ '36(.)')%-'+%- * *A,3. /'33%, +* 3'6(+,+ /( /'3*'3)( /( &-': � (0' &%3>-,3)*) &, /'>'&,+) '� '3/,.)-'* * 4-%7-(.*) .(53'>'&*)'6 83&((* &( 4-'6(0)( %-7*3':*-(* 0' -(7+(5(3) -'+(� � >%.) 83>''3 *) �3',3(* * '%3*+ * �-7*3'.5(+%- /(�+*.*5(3) �%+(&)'6 ?��@ &* %-7*3'.5 /( *,)%-(7+(5(3)*-( .,= .,4-*6(7<(-(* �%5'.'(' * '%3*+( *�*+%-'+%- �%='+'*-(� �H*, '54,. &(-'3 ( /( -*4%-)*-( . 4) 5;3*+ 0'� /'3 *3,+ �111� >%3/,-'+( )-(=,'( .-*4%-)(:( .)-,&),-* /()*+'*) * *&)'6(+%- +%-� �3 4-'6'3 * 4+*.*5(3)(+%- +%-� .H* .)*='+') ,3 '3/'&( /( (6*+,*-(* -'.&,+,' 0' )%*)( >%3/,-'+( *, >%.) %=+'7*)( . '3>%-5(:( 4,=+'&,+ /(.4-( 4-%>'+,+ +%- /( -'.&�

�* .>;-0'),+ *3,+,' �BBB >%3/,-'+( 4 -(*, /'3 3%, . >'( % '3/,.)-'( 4-%5' )%*-( F 3,5 -,+ '36(.)')%-'+%-era de peste 230.000 iar valoarea activelor nete din portofoliul lor ajunsese la 150 milioane USD. În aprilie�111 * ':=,&3') ,3 3%, .&*3/*+ *),3&' &;3/ �� >%3/,+ &(+ 5*' 5*-( 0' 5*' /'3*5'&� * - 5*. > -+'&<'/') ' .,>'&'(3)( 0' ,+)(-'%- .H* 4- =,0') 7(3(-;3/ 4-%)(.)( 0' /(5%3.)-* ''� �H* '3' '*) % *3&<() � *, >%.)*-(.)*)( 5*' 5,+)( 4(-.%*3( F 4-'3)-( &*-( 4-(0(/'3)(+( �%5'.'(' �*+%-'+%- �%='+'*-( F '*- :(&'+( /( 5'' /(6'&)'5( *, '3)(3)*) 4-%&(.� �*&)%-'' &*-( *, &%3)-'=,') +* /(:3%/ 5;3),+ &*:,+,' �� *, '3&+,. *);) >-*,/*&;) 0' 3(7+'A(3 * '*- (J4(-'(3 * * >%.) /'3 3%, /(6*.)*)%*-( 4(3)-, 4'* � 3,5 -,+ '36(.)')%-'+%- 0'&*4')*+,-'+( 4+*.*)( 4-'3 >%3/,-'+( 5,),*+( *, & :,) /( :(&( %-' >* /( 3'6(+,+ /( /'3*'3)(* .&*3/*+,+,'�� 3 5*-)'( �11�� 3,5 -,+ '36(.)')%-'+%- (-* .,= �1�111 /( 4(-.%*3( '*- 6*+%*-(* *&)'6(+%- 3()( (-* /(5*' 4, '3 /( �1 5'+'%*3( �� *+) &%3.(&'3 * 4- =,0'-'' �� * >%.) 5%/'>'&*-(* .)-,&),-'' *&)'6(+%->%3/,-'+%-� 4(3)-, *H0' .& /(* '3/'&(+( /( -'.&� >%3/,-'+( 0'H*, -(/,. 4+*.*5(3)(+( 83 *& ',3' +'.)*)( 0'nelistate la numai 8% din activele totale.

-�� ?4�� Apr.96 Dec.1998 Dec.1999 Dec.2000 Mar.2001

,5 - >%3/,-' 10 10 15 17 20,5 - '36(.)')%-' 77723 116286 239382 46736 44720Val. active nete, mii lei 190610 664424 2880603 197062 276464�)-,&),- *&)'6(� N numerar 21,2 39,9 1,20 1,1% bonuri de tezaur 0,5 3,7 71,70 60,4% %=+'7* ',3' - 15,80 31,3% depozite bancare 5,7 0,7 0,30 0,0% listate 8,3 9,1 0,40 0,6% nelistate 50,9 37,2 0,30 0,2% alte active 13,3 9,3 11,30 6,5%Indice mediu de risc 3,007 2,23 0,759 0,67Sursa: Rapoarte UNOPC

37

"!+!/!'�,&*&�0-.'� &�'�&.�

�, 3,5*' &; '6* *3' 83 ,-5 � >%*-)( 4, '3' %*5(3' /'3 �%5;3'* *,:'.(- &,6;3),+ "*& '%3*-#� '3)-H% /*) �4-'3 4-%7-*5,+ /( 4-'6*)':*-( 83 5*. � 4-*&)'& )% ' &() (3'' */,+ ' /'3 �%5;3'* *, /(6(3') "*& '%3*-'#��)-,&),-* (J)-(5 /( /'.4(-.*) * 4-%4-'()*)'' &*-( * -(:,+)*) 83 ,-5* 4-%7-*5,+,' /( 4-'6*)':*-( 83 5*. * >%.)% -()()* .'7,-* 4(3)-, +'4. /( '54+'&*-(�

�� #�� 1

� �*A%-')*)(* *& '%3*-'+%- 3, &,3%.& /-(4),-'+( 4( &*-( +( *, 83 &*+')*)( /( *& '%3*-' 0' 3, 83 (+(7 83)%)*+')*)( .'.)(5,+ /( 7,6(-3*3)* &%-4%-*)'6* /'3 .%&'() '+( +* &*-( /()'3 4*-)'&'4*)''L

� �.)( 4-*&)'& '54%.'='+ &* *& '%3*-'' . .( 4%*) %-7*3':*� /'3 &*,:* 3,5 -,+,' 5*-( 0' * /'6(-.') ''persoanelor implicate;

� �.)( 4%.'='+ &* /'.)-'=,'-(* 7-*),') * *& ',3'+%- . >' >*6%-':*) *4*-' '* ,3(' *)'),/'3' 4*.'6( /'3 4*-)(**& '%3*-'+%-� &*-( *, )(3/'3 * /( * >' -(&,3%.& )%-' .*, '3/'>(-(3 ' 0' 3, '3&'.'6' 0' 4-()(3 '%0'� *0* &,5.,3) 83 7(3(-*+ %*5(3'' &;3/ 80' '36(.)(.& -(.,-.(+( 4-%4-''L

� �* 5,+)( .%&'() ' .)*),+ &%3)'3,* . >'( *& '%3*-,+ 4-'3&'4*+� &((* &( *6(* ,3 (>(&) /( '3)'5'/*-( 834-'6'3 * '54+'& -'' *&)'6( * *& '%3*-'+%-L

� Dar, mai presus de toate, �� %� �� din punct de vedere al raportului cost – beneficiu� &%.),-'+( 4(3)-, 5'&,+ *& '%3*- '3/'6'/,*+ +(7*)(/( '54+'&*-(* 83 7,6(-3*3 * &%-4%-*)'6 .,3) 5,+) 5*' -'/'&*)( /(&;) =(3(>'&''+( 4( &*-( (6(3),*+ +(H*-%= '3( 83 &(+( /'3 ,-5 /'3 4*-)'&'4*-(* +,' *&)'6 �

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Reforma întreprinderilor * >%.) 4-'3)-( 4-'5(+( .&<'5= -' -*/'&*+( &*-( *, >%.) +(7'>(-*)(� ,4 4- =,0'-(*-(7'5,+,' &%5,3'.) 83 /(&(5=-'( �BB1� 83)-(7,+ .'.)(5 /( -(+* '' (&%3%5'&( =*:*) 4( 4+*3'>'&*-( 0' &%3/,&(-(*/5'3'.)-*)'6 .H* /(:'3)(7-*)� "�3)-(4-'3/(-(* .%&'*+'.) # * /(6(3') % (3)')*)( >'&)'6 � > - 3'&' ,3 .)*),) +(7*+�� .4,3.,+ +* *&(*.)* .'),*)'( * >%.) Legea nr. 15/1990, cu privire la reorganizarea întreprinderilor de stat,,3 4,3&) /( -(>(-'3 *+ -(>%-5(' (&%3%5'&(� */%4)*) 83 ',+'( �BB1� &*-( * .&<'5=*) .)*),),+ A,-'/'& *+"83)-(4-'3/(-'+%- .%&'*+'.)(# /( .)*)� �H*, &-(*) /%, )'4,-' /( ,3') ' (&%3%5'&(� "regiile autonome”,%-7*3':* '' /( .)*) /,4 5%/(+ >-*3&(: /(.)'3*)( *&)'6') '+%- /'3 ".(&)%*-(+( .)-*)(7'&(# ?*4 -*-(� (3(-7'(�5'3(-')� >(-%6'*-� ()&�@ 0' "�� #� 5*A%-')*)(* .%&'() ' 4( *& ',3' 83 &*-( .)*),+ (-* *& '%3*-,3'&� �%&'() '+%- &%5(-&'*+( +' .( *&%-/* % +'=(-)*)( 5*-( /( /(&':'(� /*- .)*),),+ +%- A,-'/'& (-* 83& (&<'6%&83)-,&;) >%*-)( 4, '3' .4(&'*+'0)' (-*, >*5'+'*-':* ' &, 3% ',3' &,5 *- >' "*& ',3'# 0' "*& '%3*-'#�

�3 &%3.(&'3 � 0 ! ��"�<9&9>>=$�0 ! �� * '3.)'),') -(7,+'+( 7(3(-*+( 4(3)-, &-(*-(* 0'>,3& '%3*-(* ,3%- )'4,-' /'6(-.( /( .%&'() ' &%5(-&'*+(� *&%-/;3/ /-(4),-' 3(/'.&-'5'3*)%-'' /( *&&(. ),),-%-83)-(4-'3: )%-'+%- 0' )-*)*5(3) (7*+ 4(3)-, )%*)( ,3') '+(� &, &*4')*+ 4-'6*) .*, /( .)*)� �3 >(+,+ *&(.)* .H*.*)'.> &,) ,3* /'3)-( &(+( 5*' '54%-)*3)( &(-'3 ( /( =*: 4(3)-, (J'.)(3 * 4'( (+%- &%54()')'6(� �H*, 83>''3 *)'3.)'), '' 3%' 83 6(/(-(* &-( -'' ,3,' &+'5*) 4-%4'&( 4(3)-, ,3') ' (&%3%5'&( 4-'6*)(� '3/(4(3/(3)( F &* /(exemplu � !�� 83>''3 *) 4-'3 0 ! �� "� :E&9>>9$� �� ,83>''3 *)( 4-'3 Decretul-Lege nr. 139/1990 0' Oficiul pentru contenciosul administrativ, 83>''3 *) 4-'3Legea nr. 29/1990. �(7(* �%&'() '+%- �%5(-&'*+( * >%.) 5%/'>'&*) 83 �BBG�

�-'6*)':*-(* * >%.) &%3)'3,*-(* +%7'& * -(>%-5(' 83)-(4-'3/(-'+%- 83&(4,) &, �(7(* 3-� ��K�BB1� �/('+( .&<' *)(cu acea ocazie au fost dezvoltate în 0 ! ��% ��"�B?&9>>9� */%4)*) 83 *,7,.) �BB�� (7'.+* '* /(4-'6*)':*-( * >%.) 5%/'>'&*) /( &;)(6* %-'� &(+( 5*' '54%-)*3)( .&<'5= -' > &;3/,H.( 83 �BB� 0' 83 �BBG� �3�BBG� 5*A%-')*)(* -(7''+%- *,)%3%5( *, >%.) )-*3.>%-5*)( 83 .%&'() ' &%5(-&'*+( .*, ".%&'() ' 3* '%3*+(# &*-(&*/ .,= '3&'/(3)* +(7'.+* '(' /( 4-'6*)':*-(�

Reforma �� !�� 5(-') % *)(3 '( .4(&'*+ 83 *&(.) &%3)(J)� �(>%-5* 83 *7-'&,+),- * >%.) /(&+*30*)de adoptarea Legii Fondului Funciar nr. 18/1991� &*-( 4-(6(/(* -(.)'),'-(* )(-(3,-'+%- /( '3,)( /(&%%4(-*)'6(+( *7-'&%+( >%0)'+%- 4-%4-'()*-' .*, 5%0)(3')%-'+%- +%-� C1N /'3 )(-(3,+ *-*='+ /'3 *- * >%.))-*3.>(-*) & )-( &'3&' 5'+'%*3( /( 4-%4-'()*-' 4-'6* ' 0' &%%4(-*)'6(+( *, >%.) /(.>''3 *)(� �(-5(+( /( .)*)�-(%-7*3':*)( &* .%&'() ' &%5(-&'*+( 4( *& ',3' 0' /( '3;3/ &'-&* �EN /'3 )(-(3� ,-5*, . >'( 4-'6*)':*)( 4-'34-(6(/(-'+( 7(3(-*+( *+( +(7'' 4-'6*)': -''�

� �� * (6%+,*) /'>(-') 4(3)-, /'6(-.( 4'( (� �'( (+( 4(3)-, 5 ->,-' 0' .(-6'&'' *, >%.) 4-'5(+( +'=(-*+':*)(în anul 1990, dar abia în anul 1996, când s-a adoptat 0 ! �� "� :9� D� 0 ! �� D� s-a finalizat&%3.)-,&)'* &*/-,+,' '3.)'), '%3*+ *+ 4'( ('� � .,-* &(* 5*' '54%-)*3) 4(3)-, +'=(-*+':*-(* 4'( (+%- * >%.)�� %�� &*-( .H* '3)-%/,. )-(4)*) 0' &, (:') -'� '.&-(4*3 * 5*-( /'3)-( =*3'' 83 &'-&,+* '( 0'=,3,-'+( /'.4%3'='+( 4( 4'* ?(.)'5*) &* >''3/ 83 -*4%-) /( �1 � �@ * 4-%6%&*) )(5(-' & .H*- 4,)(* 4-%/,&(&-(0)(-' '3.,4%-)*='+( *+( 4-( ,-'+%- /*& *&(.)(* *- >' +'=(-*+':*)( =-,.&� �(3)-, 5,+)( =,3,-' /( +*-7 &%3.,54-( ,-'+( *, >%.) +'=(-*+':*)( 83 %&)%5=-'( �BB1 /*- .H*, 5(3 '3,) /'6(-.( >%-5( /( &%3)-%+ 0' .,=6(3 '' 4(3)-, ,33,5 - -(+*)'6 5*-( /( 4-%/,.(L *='* 83 *3,+ �BBG .H*, (+'5'3*) &%54+() .,=6(3 ''+( 0' &%3)-%+,+ 4-( ,-'+%- 4(3)-,)%*)( 4-%/,.(+( *+'5(3)*-(� �'=(-*+':*-(* 4-( ,-'+%- +* (3(-7'( 0' ,3(+( 4-%/,.( '3)(-5(/'*-( * /,-*) 0' 5*' 5,+)�

�-*/,*+'.5,+ 83 +'=(-*+':*-(* 4-( ,-'+%- * *6,) /%, &%3.(&'3 ( 3(7*)'6( 5*A%-(� * &-(*) *3)'&'4 -' '3>+* '%3'.)( /(/,-*) 0' * '3)-%/,. /'.)%-.',3' '3 (&%3%5'( F 5,+)( .%&'() ' &, &*4')*+ /( .)*) *, *A,3. 4-*&)'& +* >*+'5(3) /'3

42

&*,: & 4-( ,-'+( 4(3)-, 5*)(-''+( +%- 4-'5( (-*, +'=(-*+':*)( 83 )'54 &( 4-( ,-'+( 4(3)-, 4-%/,.(+( +%- >'3')( (-*,5(3 '3,)( >'J(�

�� * >%.) /(-(7+(5(3)*) 4-'3 Legea nr. 13 ?4-'6'3/ &%3)-*&)(+( &%+(&)'6( /( 5,3& @� nr. 14 (privind-()-'=, ''+( 0' .*+*-''+(@ 0' nr. 15 ?4-'6'3/ -(:%+6*-(* &%3>+'&)(+%- /( 5,3& @� */%4)*)( +* 83&(4,),+ *3,+,' �BB��(.)-'& ''+( &, 4-'6'-( +* *37*A*-( 0' /'.4%3'='+':*-( *, >%.) (+'5'3*)( '*- -()-'=, ''+( 0' .*+*-''+( /'3 )%*)( .%&'() '+(&%5(-&'*+( ,-5*, . >'( .)*='+')( 4-'3 3(7%&'(-' &%+(&)'6( .*, '3/'6'/,*+(� 83 &%3/' ''+( ,3,' .*+*-', 5'3'5 .)*='+')+* 3'6(+ 3* '%3*+� �%),0'� 83 .%&'() '+( &, &*4')*+ /( .)*) .H*, '3)-%/,. -(7,+' 4(3)-, .)*='+'-(* .*+*-''+%-� Legea;��(��"�9&9>>9 * .,4+'5(3)*) &*/-,+ +(7'.+*)'6 *+ 4'( (+%- 5,3&'' &, ,3 (+(5(3),+ &*-( +'4.(* .' &*-( 6(3(*.* &%54+()(:( .'.)(5,+ /( 4-%)(& '( .%&'*+ �

�� (>%-5* .'.)(5,+,' =*3&*- * /,. +* &-(*-(* ,3,' .'.)(5 &, /%, &*)(7%-'' 83 *3,+ �BB� 0' +*/(5%3%4%+':*-(* *&)'6') '+%- =*3&*-(� �%3>%-5 Legii nr. 33/1991 &, 4-'6'-( +* *&)'6') '+( =*3&*-(� = 3&'+%-&%5(-&'*+( +' .H* 4(-5'. . >,3& '%3(:( &* = 3&' ,3'6(-.*+( .,= .,4-*6(7<(-(* 3&'' * '%3*+( * �%5;3'('� �,>%.) .)*='+')( 4-'3 +(7( &%3/' ''+( 4(3)-, 83>''3 *-(* = 3&'+%- 3%' '*- *3&* * '%3*+ * 4-'5') .*-&'3* . 6(-'>'&(&%3>%-5')*)(* 0' . *&%-/( *,)%-':* ''� �(7'.+* '* &, 4-'6'-( +* .'.)(5,+ =*3&*- * >%.) 85=,3 ) ') 0' 5%/'>'&*)prin Legea nr. 66/1996 ?4-'3 &*-( �� &*.* /( (&%3%5'' )-*/' '%3*+ � 4-'5(* .)*),),+ /( =*3& @ 0' Legea nr.58/1998 care modifica Legea nr. 33/1991� �(&)%-,+ *.'7,- -'+%- * >%.) 0' (+ /(5%3%4%+':*) 83 *3,+ �BB�� &;3/ .H*adoptat Legea nr. 47/1991 &, 4-'6'-( +* .%&'() '+( /( *.'7,- -'� �'* * /( &*4')*+ * >%.) -(&-(*) 4%-3'3/ /( +* :(-%cu Legea nr. 52/1994 &, 4-'6'-( +* 6*+%-'+( 5%='+'*-( 0' =,-.(+( /( 6*+%-'�

Deschiderea economiei * 6(3') &* % &%54+()*-( 3*),-*+ * +'=(-*+': -'' 4'( (+%-� �3 >(=-,*-'( �BB1 * >%.)liberalizat�� F 5%3%4%+,+ &(+%- &'-&* �1 /( ,3') ' /( &%5(- (J)(-'%- *.,4-* %4(-* ',3'+%- /('54%-) 0' (J4%-) * >%.) (+'5'3*)� �-'&( .%&'()*)(� &, &*4')*+ /( .)*) .*, 4-'6*)� *6(* /-(4),+ /( * 83&<('* )-*3:*& ''&, 4*-)(3(-' .)- '3'� 83 =*:* ,3,' .'.)(5 /( +'&(3)'(-(� �3 *3,+ �BB� * '3)-*) 83 6'7%*-( ,3 3%, )*-'> 6*5*+� �, )%*)(*&(.)(*� .'.)(5,+ /( +'&(3)'(-( 0' )*-'>(+( 6*5*+( -(4-(:(3)*, =*-'(-( '54%-)*3)( 83 &*+(* &%5(- ,+,'� 83 .4(&'*+ 83domeniul produselor “sensibile” cum ar fi energia sau produsele agricole. Abia în anul 1997 s-au eliminat5*A%-')*)(* *&(.)%- =*-'(-(� ,4 *3,+ �BB�� &%5(- ,+ (J)(-'%- * >%.) /'3 &( 83 &( 5*' 5,+) '3>+,(3 *) /(*&%-/,-'+( 83&<('*)( &, �3',3(* �,-%4(*3 0' ��

'.&-'5'3*-(* 4%:')'6 * >%.) 4%+')'&* /%5'3*3) &, 4-'6'-( +* �� .%&'()*)( &%3)-%+*) /(&*4')*+ .)- '3 *-( *&(+(*0' /-(4),-' 0' %=+'7* '' &* 0' .%&'() '+( -%5;3(0)'L )'54 /( 5,+) 6-(5( 83 *3'' RB1�.%&'() '+%- .)- '3( +(H*, >%.) *&%-/*)( /'6(-.( >*&'+') ' >'.&*+( F &,5 *- >' .&,)'-' /( '54%:') 4( 4-%>')� .&,)'-' /()*J( /( '54%-) 4(3)-, ,)'+*A( 0' 5*)(-'' 4-'5(� ()&� �36(.)')%-'' *, 4-'5') /-(4),+ . H0' -(4*)-'(:( 4-%>'),-'+( 3()(?/'6'/(3/(+(@ 0' &*4')*+,+ '36(.)')� ,4 *3,+ �BBE� -(7'5,+ >*&'+') '+%- >'.&*+( 4(3)-, '36(.)' '' .)- '3( * >%.)5%/'>'&*) 0' *4%' .,.4(3/*) F /(6(3'3/ /(.),+ /( '54-(6':'='+�

În noiembrie 1991, s-a declarat �� * 5%3(/(' 3* '%3*+(� +(, ?4+� +('@ 0' .H* '3.)'),') ,3.'.)(5 /( -*) /( .&<'5= &, /%, &*)(7%-''� �3 .'.)(5 /( +'&')* '( '3)(-=*3&*- &%3)-%+*) /( *3&* * '%3*+.)*='+(* % -*) /( .&<'5= "%>'&'*+ # 83 )'54 &( ,3 6%+,5 /'3 &( 83 &( 5*' 5*-( /( )-*3:*& '' .( > &(*, +* % -*) /(.&<'5= "/( 4'* # 5,+) 5*' 5*-(� %*- /,4 *3,+ �BBG .'.)(5,+ /( +'&')* '( * >%.) &%54+() +'=(-*+':*) 0' 4'* *6*+,)*- * 83&(4,) . >,3& '%3(:( .)*='+�

�3 *3,+ �BB�� .H* '3' '*) &%3.)'),'-(* ,3,' .'.)(5 &%54+() 3%, /( management macroeconomic , avînd doi piloni/( -(:'.)(3 � *3&* * '%3*+ * �%5;3'('� -(.4%3.*='+ &, 4%+')'&* 5%3()*- � 0' �'3'.)(-,+ /( �'3*3 (�-(.4%3.*='+ &, 4%+')'&* >'.&*+ �

*3&* * '%3*+ ,)'+':(*: 5(&*3'.5( /( &%3)-%+ *+ &-(/'),+,' 0' -*)* /( -(>'3*3 *-( &* 4-'3&'4*+( '3.)-,5(3)( *+(politicii sale monetare &*-( *-( &* .&%4 "*.'7,-*-(* .)*='+') '' 5%3(/(' 3* '%3*+( 4(3)-, * &%3)-'=,' +*.)*='+')*)(* 4-( ,-'+%-#� /,4 &,5 .( .4(&'>'& 83 �)*),),+ 3&'' * '%3*+( */%4)*) 4-'3 Legea nr. 34/1991?5%/'>'&*) 83 �BBC@� �3 -(7'5 *+ &,-.,-'+%- /( .&<'5= >+,&),*3)( .H* '54,. 83 &(+( /'3 ,-5* &* .'37,-* .%+, '(*4+'&*='+* 83 &%3/' ''+( '3>+* '(' -'/'&*)( 0' * -(:(-6(+%- 6*+,)*-( -(/,.( *+( 3&'' * '%3*+(�

0 ! ��"�9=&9>>9�� a fost prima încercare de a reface sistemul fiscal conform3%,+,' .)*),) /( '3/(4(3/(3 * *7(3 '+%- (&%3%5'&' 0' 3%,+,' -%+ *+ .)*),+,'� ,7(),+ /( .)*) 0' =,7(),+ *.'7,- -'+%-.%&'*+( .,3) *4-%=*)( *3,*+ /( �*-+*5(3)� �54%:')(+( 4( 4-%>') 0' .*+*-'' ?&%54+()*)( 83&(4;3/ /'3 *3,+ �111 &,

43

'54%:'),+ 4( 4-%>'),+ 7+%=*+@ 0' )*J* 4( 6*+%*-(* */ ,7*) .,3) 4-'3&'4*+(+( .,-.( *+( 6(3'),-'+%- 4,=+'&(L (+( .,3).)*='+')( 0' 4%) >' 5%/'>'&*)( 3,5*' 4-'3 +(7(� %5(3',+ >'3*3 (+%- 4,=+'&( * .,>(-') 4(-5*3(3) 5%/'>'& -' 83,+)'5,+ /(&(3',� 5%/'>'& -'+( >-(&6(3)( *+( +(7'.+* '(' (J'.)(3)(� '3)-%/,&(-(* /( '54%:')( 3%' 0' 3,5 -,+ /'3 &( 83&( 5*' 5*-( /( -(7+(5(3) -' *, &-(*) ,3 .'.)(5 /'>'&'+ /( */5'3'.)-*) 0' 4*.'='+ /( *=,:,-'� ( *&((* 3, (.)(.,-4-'3: )%- & (.)( 5(3 '%3*) &%3.)*3) &* 4-'3&'4*+,+ %=.)*&%+ 83 &*+(* *>*&(-'+%- 83 )%*)( .),/''+(�

Refacerea �� 0' * �� !�� au fost alte domenii ale reformei'3.)'), '%3*+( '3' '*) +* 83&(4,),+ *3'+%- RB1� &*-( .,3) 83& 83 (6%+, '(� �(>%-5* .'.)(5,+,' /( 4(3.'' (.)( &(*5*' -(&(3) 5 .,- 5*A%- * -(>%-5('� +(7'>(-*) 83 �111� &*-( 4%*)( *6(* ,3 '54*&) .(53'>'&*)'6 *.,4-* 4'( ('/( &*4')*+ 4( 5 .,- &( >%3/,-'+( /( 4(3.'' 6%- /(6(3' '36(.)')%-'�

POLITICA E��

Deciziile cu privire la politicile economice în România au fost dificile întrucât nu exista nici un model sau(J4(-'(3)* *3)(-'%*- /( )-*3:')'(� '*- &%3/' ''+( .,3) >%*-)( .4(&'>'&( 4(3)-, >'(&*-( *- � �3(+( (-%-' *, >%.)4-%=*='+ '3(6')*='+( /*- 5,+ ' *3*+'0)' .,3) /( 4 -(-( & 7-(0(+'+( 4%+')'&( *, *7-*6*) .'),* '* 0' *, 837-(,3*)4-%7-(.,+ �%5;3'(' .4-( ,3 &+'5*) (&%3%5'& .)*='+ 0' 4-'(+3'& *>*&(-'+%-� �(+( 5*' (6'/(3)( /(>'&'(3 ( *+(politicii economice sunt:22

� Un “gradualism patologic”23� 83.(53;3/ 3, 3,5*' & )(-*4'* /( 0%& * >%.) -(.4'3. &%3.)*3) /( & )-(>*&)%-'' 4%+')'&' /'3 �%5;3'* &' 0' & 7-*/,*+'.5,+ * >%.) 7(3(-*+':*) 4;3 +* * /(6(3' *=%-/*-(* .)*3/*-/*4+'&*) ),),-%- 5 .,-'+%- /( -(>%-5 � �(+ 5*' =,3 (J(54+, (.)( &(+ *+ 5 .,-'+%- .,&&(.'6( /( +'=(-*+':*-(* 4-( ,-'+%-� �3&(-&*-(* /( * 5(3 '3( ,3(+( 4-( ,-' .,= &%3)-%+ /( /-*7,+ "4-%)(& '(' .%&'*+(# .H* /%6(/') *>' /(:*.)-,%*. F 6*+%*-(* .,=6(3 ''+%- 3(&(.*-( .H* ,5>+*) 4;3 +* 3'6(+,-' '54%.'='+( '*- /'.)%-.',3'+(.)-,&),-*+( .H*, *7-*6*)� �'=(-*+':*-(* 4-( ,-'+%- 83 *=.(3 * +'=(-*+': -'' -*)(+%- /%=;3:'+%- * /,. +*/(&*4')*+':*-(* .'.)(5,+,' =*3&*-� � 0*3. 4(3)-, .%&'() '+( '3/,.)-'*+( &*-( 4,)(*, %= '3( &-(/')( '(>)'3(�.'.)(5,+ /( &%3)-%+ *+ -*)(' /%=;3:'+%- /'3 4-'5* A,5 )*)( * /(&(3',+,' WB1 * &%3)-'=,') +* 4- =,0'-(* ,3%-= 3&'� %)* /( 4+*) * 6(3') 83 *3'' �BBGH�111� &;3/ &'-&* CN /'3 �� * )-(=,') . >'( &<(+),') 4(3)-, * >*&(&,- (3'( 83 .'.)(5,+ =*3&*-� �3&(-&*-(* /( * (6')* &%3.(&'3 (+( +'=(-*+': -'' )%)*+( * -*)(' /( .&<'5= 4-'3)-H,3 -(7'5 /( "-*)( /( .&<'5= 5,+)'4+(# * /,. +* .(& ),'-(* -(:(-6(+%- 6*+,)*-( *+( 3&'' * '%3*+(�

� "�'-*A,+ 5%/(+,+,' '3/,.)-'*+# .( +(*7 /( &-(/'3 * +*-7 - .4;3/') ?/(0' /( %='&(' '54+'&') @ &'3>-*.)-,&),-* '3/,.)-'*+ * �%5;3'(' (.)( % 6*+%*-( &*-( )-(=,'( . >'( 4 .)-*) &, %-'&( 4-( � �%*)((>%-),-'+( /( .)*='+':*-( 5*&-%(&%3%5'& .H*, 4%)'&3') +* 4%- '+( 5*-'+%- 83)-(4-'3/(-' '3/,.)-'*+( &*-( *,&%3)'3,*) . 4-%/,& 4'(-/(-' 0' . *=.%*-= � 83)-H,3 >(+ .*, *+),+� =*3'' 4,=+'&'� �*&)%-'' /( /(&':'( 4%+')'&3, *, -(,0') . 83 (+(*7 0'K.*, . *&&(4)( >*4),+ & .)*),+ 3, *6(* -(.,-.(+( 3(&(.*-( -(.)-,&),- -'' 0'5%/(-3': -'' 83)-(7,+,' .'.)(5 '3/,.)-'*+ 0' & 4'* * (.)( >%- * /(&'.'6 83 *+(7(-(* &;0)'7 )%-'+%- 0' 83remodelarea industriilor.

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47

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Tabel 9: �� %��

1993 1994 1995 1996 1997 1998 1999 2000

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108

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1991 5526 376,61992 10827 280,71993 9858 343,51994 10717 840,11995 4249 213,51996 4449 493,31997 5864 347,11998 8978 547,01999 7776 602,02000 9090 958,0Total 77334 5001,9

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1997-2000. �-':*� 4-(&,5 0' '54-(.'* /( '3.)*='+')*)( 4%+')'& 0' +(7'.+*)'6 '3.4'-*) /( )(3.',3'+( &%3)'3,(/'3 &%*+' '* *>+*) +* &%3/,&(-( +* 6-(5(* -(.4(&)'6 � *, >%.) >*&)%-' /( /(.&,-*A*-( 4(3)-, '36(.)')%-'' .)- '3'��( /( *+) 4*-)(� 4-'6*)':*-(* .%&'() '+%- 5*-' * *6*3.*) >%*-)( 5,+) 0' .H*, 83&<('*) &;)(6* )-*3:*& ''semnificative:

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2.1.1. LEGEA S�& , &.�COMERCIALE

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37 SG Emerging Markets Research – Standards of Corporate Governance, Londra, februarie 2000, pag. 2.

55

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61

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D�� LICHIDAREA S��

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Fiind primul act normativ44 &*-( .( %&,4 /( 6*+%-'+( 5%='+'*-( 0' 4'( (+( /( &*4')*+ /'3 �%5;3'* /( /,4 *3,+1952 (când s-a abrogat vechea lege a burselor de valori), legea abordeaza mai multe teme diferite:

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62

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SISTEMUL BANCAR

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63

Conform Legii bancare, “conducatorii bancii” trebuie considerati membrii Consiliului de Adminstratie saumembrii Comitetului de Directie45. potrivit structurii admise de legea Societatilor Comerciale, cu diferenta ca83)-H% =*3&* /%*- 4(-.%*3( >':'&( 4%) >' */5'3'.)-*)%-'� � *+) /'>(-(3 83)-( .%&'() '+( &%5(-&'*+( %='03,')(0' = 3&' (.)( & � 83 &*:,+ �%3.'+',+,' /( */5'3'.)-* '( *+ = 3&''� *&(.)* 3, 4%*)( *6(* 5*' 5,+) /( ��membri46.

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52� 9H]L�9LFWRU� 3 GXUDUX�� 7RGG� 6KROOHQEDUJHU��'UHSWXULOH� DF LRQDULORU�PLQRULWDUL� ±� 5RPkQLD�� în Linklaters&Alliance Bulletin “Central & EasternEuropean News”, nr. 4, ianuarie 2001.

71

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73

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76

2.3. ROLUL GRUPURILOR DE INTERESE

Principiile OCDE privind Guvernanta Corporativa

III. Cadrul guvernantei corporative trebuie sa recunoasca drepturile altor grupuri de interese asa cumsunt ele stabilite prin lege si sa încurajeze cooperarea activa dintre societati si grupurile de interese încrearea de avutie, locuri de munca si întreprinderi financiar solide si viabile.

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+!(!"!�-0&� '��&.&-.-&� '�0&�&�,�' & 3&�,�-�,-�&. �'.

NUMIREA CONSILIULUI DE A��

În conformitate cu Legea nr. 31/1990, numirea administratorilor sau a administratorului unic se face exclusiv/( & )-( */,3*-(* 7(3(-*+ * *& '%3*-'+%-57. Directorul/administratorul58 4%*)( >' >'( % 4(-.%*3 >':'& >'( %4(-.%*3 A,-'/'& � �* .%&'() '+( 83 &%5*3/') 4( *& ',3'� */5'3'.)-*)%-,+ 6* >' ,3 *.%&'*)59, în timp ce la.%&'() '+( 4( *& ',3' 4%*)( >' */5'3'.)-*)%- %-'&( 4(-.%*3 � *& '%3*- .*, 3,�

*& */5'3'.)-*)%-,+ (.)( % 4(-.%*3 A,-'/'& � *&(*.)* )-(=,'( . 3,5(*.& % 4(-.%*3 >':'& /-(4)-(4-(:(3)*3) 4(-5*3(3)� �(4-(:(3)*3),+ *-( *&(+(*0' %=+'7* '' &* 0' */5'3'.)-*)%-,+ 0' - .4,3/( &%3>%-5 *);)+(7'' &'6'+( &;) 0' &(+(' 4(3*+(� (J*&) &* %-'&( *+) */5'3'.)-*)%- F 4(-.%*3 >':'& � �*' 5,+) 4(-.%*3* A,-'/'&&*-( /(.(53(*: ,3 -(4-(:(3)*3) (.)( -(.4%3.*='+* 83 .%+'/*-�60. Numirea reprezentantului nu se va face83*'3)( /( .(53*-(* /( & )-( 4 - '� 4(-.%*3* A,-'/'& 0' .%&'()*)(* &%5(-&'*+ � 4-'3)-H,3 *& '%3*-� * ,3,'contract61 H &*-( )-(=,'( . >'( 83 >%-5 .&-'. � *& */5'3'.)-*)%-,+ (.)( % 4(-.%*3 >':'& � +(7(* 3, '3&+,/(4-(6(/(-' .4(&'*+(� /(0' 3, (J&+,/( 4%.'='+')*)(* 83&<('(-'' ,3,' &%3)-*&) .&-'. (J4+'&')� �3 4-*&)'& 83. � .,3)>%*-)( 4, '3( &*:,-' 83 &*-( 4(-.%*3(+( >':'&( 3,5')( 83 >,3& '' /( */5'3'.)-*)%-' *, 83&<('*) ,3 *.(5(3(*&%3)-*&) F &, (J&(4 '* >'-5(+%- /( .)*)� &*-( *, >%.) (J*5'3*)( .(4*-*) 83 .(& ',3(* �� )*),+ &* �& '%3*-��3 5*A%-')*)(* &*:,-'+%-� -(+* ''+( &%3)-*&),*+( /'3)-( */5'3'.)-*)%-' 0' .%&'()*)( .( =*:(*: '54+'&') 4( �(7(*3-� ��K�BB1 0' 4( .)*),),+ .%&'() ''�

56�9H]L� GH� H[HPSOX�$GULDQ�% UEXOHVFX��3'65� VH� LQILOWUHD] � vQ�&RQVLOLLOH� GH�DGPLQLVWUD LH�DOH� ILUPHORU� GH� VWDW�� în Curentul, 25 aprilie; APAPS aVFKLPEDW�FRQGXFHULOH�D�SHVWH��GH�VRFLHW L��în Curentul, 14 mai.

57�$UW��DOLQ��E��DUW��O��SUHYHGHUH�LPSOLFLW ��DUW��DOLQ��

58�7UHEXLH�V �VXEOLQLHP�GLQ�QRX�IDSWXO�F �vQ�WHUPLQRORJLD�URPkQHDVF �PHPEULL�&RQVLOLXOXL�GH�DGPLQLVWUD LH�VXQW�GHQXPL L�³DGPLQLVWUDWRUL´�vQ�WLPS�FHWHUPHQXO�³GLUHFWRU´�IRORVLW�LQ�OLPED�HQJOH]D�HVWH�UH]HUYDW�H[FOXVLY�IXQF LLORU�GH�FRQGXFHUH�

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60 Art. 136 alin. (2) din Legea nr. 31/1990.


80

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Pentru alegerea membrilor Consiliului, legea cere în mod specific procedura de vot secret. În ciuda votului.(&-()� *+(7(-'+( -*-(%-' 4-%/,& .,-4-':( 83 &((* &( 4-'6(0)( 3,5'-'+( 83 �%3.'+', F *& '%3*-,+ 5*A%-')*-�*/5'3'.)-*)%-'' (J'.)(3 ' 0' /'-(&)%-'' (J(&,)'6' *, &, )% '' ,3 -%+ /(&'.'6 83 4-%5%6*-(* *3,5')%- &*3/'/* '.

, (J'.) 4-(6(/(-' .4(&'*+( &*-( . *.'7,-( -(4-(:(3)*-(* 83 �%3.'+', * /'6(-0'+%- *& '%3*-'� '3&+,.'6*& '%3*-'' 5'3%-')*-'� �3 4-*&)'& )%),0'� 83 .%&'() '+( &%3)-%+*)( /( .)*) /'6(-0'' *& '%3*-'� /( (J(54+,'36(.)')%-'' >'3*3&'*-'� *, 83 7(3(-*+ ,3 +%& 83 �%3.'+', 83 =*:* ,3%- 83 (+(7(-' &, *& '%3*-,+ 5*A%-')*-� �35*A%-')*)(* &*:,-'+%- *&(.)( *-*3A*5(3)( &%3)'3, 0' /,4 4-'6*)':*-( F 3%,+ *& '%3*- 5*A%-')*- /%-(0)( /(%='&(' . .)*='+(*.& -(+* '' =,3( &, &('+*+ ' *.%&'* '�

ELIGIBILITATEA MEMBRILOR CONSILIULUI DE A��

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2.4.5. ROLUL CENZORILOR

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76 Art. 154 din legea nr. 31/1990.

85

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97

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afaceri, USD199519961997199819992000

91775

126127115

42.7611.141.738

568.152.039889.576.015829.974.047

1.779.900.757

37917.772

607.318506.497404.017429.949

964.3745.279.372

251.927.242193.705.49267.952.18586.245.986

Sursa: BVB

( +* 83&(4,),-'+( .*+( 83 �BB�� * 4-%7-(.*) 83 &((* &( 4-'6(0)( 6%+,5,+ /( *&)'6')*)(� 3,5 -,+.%&'() '+%- &%)*)( * &-(.&,) /( +* &(+ '3' '*+ /( E +* ��G +* .>;-0'),+ *3,+,' �BBB '*- 3,5 -,+ /( *& ',3')-*3:*& '%3*)( 83 &,-.,+ *3,+,' �111 * >%.) /( ��11 /( %-' 5*' 5*-( /(&;) 3,5 -,+ *& ',3'+%- )-*3:*& '%3*)( 83�BBE� �%+,5,+ )-*3:*&)''+%- - 5;3( 83. .& :,) F /,4 6;->,+ /'3 �BBG /( �� 5'+'%*3( �� 6%+,5,+)-*3:*&)''+%- * .& :,) +* EC 5'+'%*3( �� 83 �BBB� -(&,4(-;3/ 4;3 +* CE 5'+'%*3( �� 83 �111�

92 6XUV �� 6*�(PHUJLQJ�0DUNHWV�(TXLW\�5HVHDUFK�� 7UHEXLH� REVHUYDW� F � XQHRUL� VWDWLVWLFLOH� SUH]LQW � FLIUH� XQLILFDWH� SHQWUX� GLYHUVH� FODVH� GH� WLWOXUL� GHYDORDUH�úL�VDX�FHULQ H�GH�FRWDUH��DVWIHO�vQFkW�HVWH�GLILFLO�V �VH�IDF �R�FRPSDUD LH��'H�H[HPSOX��vQ�%XOJDULD��3LD D�2ILFLDO ��Ä2IILFLDO�0DUNHW´��DUH�WUHLVHJPHQWH��$��%��SLD D�SDUDOHO ��úL�&��SLD D�SURYL]RULH��FDUH�QX�VXQW�FX�DGHY UDW�VLPLODUH�VWUXFWXULL�%XUVHL�GH�9DORUL�%XFXUHúWL�±�XQHOH�GLQWUH�DFHVWHVHJHPQWH�VXQW�PDL�DVHPvQ WRDUH�FRQGL LLORU�27&�FDUH�vQ�5RPkQLD�LQWU �vQ�VLVWHPXO�GH�WUDQ]DF LRQDUH�5$6'$4�

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Capitalizare bursiera (milioane�� .>;-0') /( 4(-'%*/ @Total volum tranzactii (milioaneUSD)LichiditateRaportul�3/'&(+( �-()K�'.)'7 ?�K�@ *+ 4'( ''Pret/Valoare ContabilaRandament dividende

10,4

0,90,96%

60,8

5,38,68%6,19%

632,4

251,941,18%72,51%

10,7

357,1

193,754,15%36,94%

8,220,38

10,66%

316,8

67,939,45%20,17%

8,820,62

7,84%

363,2

86,223,85%25,48%

3,980,41

7,48%

Sursa: www.bvb.ro

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�4(-*)',3'+( /( 4'*)* .(&,3/*-* *, *6,) &(* 5*' '54%-)*3) &%3)-'=, '( +* 6%+,5,+ )%)*+ /( )-*3:*& ''� �3�BBB 0' 83 �111 .H*, -(*+':*) C %>(-)( 4-'5*-( 0' 4+*.*5(3)( 4-'6*)( 4-'3 � /*- 6%+,5,+ +%- * >%.) -(/,.� �3&',/* /'6(-.'>'& -'' 4-%/,.( /(H* +,37,+ *3'+%- 83 )-*3:*& ''+( (J(&,)*)( 4-'3 � � =,-.* - 5;3( 83 4-'3&'4*+,3 +%& /( )-*3:*& '%3*-( 0' 3, ,3 '3.)-,5(3) /( *)-*7(-( /( &*4')*+ ?�*=(+ G@� � A%*& ,3 -%+ 0' 83 4-%&(.,+/( 4-'6*)':*-( 83)-,&;) �%3/,+ �-%4-'() '' �-'6*)(� *,)%-')*)(* /( 4-'6*)':*-(� * ,)'+':*) ,3(%-' ,-.* 4(3)-,4+*.*-(* ,3%- 4*&<()( -(:'/,*+( /( *& ',3' 4( &*-( +( /( '3(*� �* .>;-0'),+ *3,+,' �111� BN /'3 *& ',3'+(B �� ROMÂNE PENTRU DEZVOLTARE F �-%,4( �%&'V)V �V3V-*+(� *, >%.) %>(-')( 4-'3)-H% %>(-) 4,=+'&.(&,3/*- � �* -(:,+)*)� BANCA R�� DEZVOLTARE ? �@ * >%.) &%)*) +* � � 5 -'3/&*4')*+':*-(* 4'( (' /( +* �11 5'+'%*3( �� +* *4-%*4( C11 5'+'%*3( ��

99

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din care, %An Valoare, total(USD)

Tran-%��

Ofertepubliceprimare

Ofertepublice

secundare

Plasamenteprivate

2000

1999

1998

1997

1996

1995

83.774.384

92.261.593

208.041.460

271.464.565

4.919.559

1.210.811

68,2

81,1

90,1

98,8

100,0

100,0

0,0

12,2

0,1

6,6

6,7

9,9

1,1

25,1

Sursa: BVB

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�3 %&)%5=-'( /(A* (-* (6'/(3) & 4'* * (-* /'3 3%, 83 .& /(-(� '3*,7,-;3/ * )-('* >*: /'3 (6%+, '* � �(:*5 7'-(* 4-'6'3/ -')5,+ -(>%-5(' 0' ':=,&3'-(* &-':(' /'3 �.'* /( �,/ F �.) 0' �,.'* *, > &,) &*'36(.)')%-'' . /(6'3 5,+) 5*' 3(-6%.' 83 4-'6'3 * 4'( (' -%5;3(0)'L 5*A%-')*)(* .H* -()-*.� /()(-5'3;3/& /(-(* 4-( ,-'+%- 0' * 6%+,5,+,' /( )-*3:*& ''� �3 &',/* &-(0)(-'' 83-(7'.)-*)( 83 *3,+ �111� =,-.* 3, 0'H*-(6(3') &%54+()L .H*, > &,) 4-%4,3(-' 83 �111 . .( -(/,& 3,5 -,+ :'+(+%- /( )-*3:*& '%3*-( 83 83&(-&*-(* /(* -(/,&( &<(+),'(+'+( *);) 4(3)-, '3)(-5(/'*-' &;) 0' &<'*- 4(3)-, =,-. �

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S�� COTATE LA BVB

93 Florin Pogonaru, Camil Apostol, 3LH HOH�URPkQHúWL�GH�FDSLWDO��XQ�GHFHQLX�GH�WUDQ]L LH��în 7UDQ]L LD�HFRQRPLF �vQ�5RPkQLD�±�WUHFXW��SUH]HQW�úL�YLLWRU�/XFU ULOH�&RQIHULQ HL��5RPkQLD��DQL�GH�WUDQ]L LH��HGLWDW �GH�&KULVWRI�5XKO�úL�'DQLHO�' LDQX��SXEOLFDW �GH�%DQFD�0RQGLDO �úL�&HQWUXO�5RPkQpentru Politici Economice, 2000.

100

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�, % (J&(4 '( ?4-%/,& )%-,+ /( *,)%5%='+( ��@� 4-'5(+( :(&( .%&'() ' 5*-' /( +* � %= '3 0'4(->%-5*3 ( 5,+) 5*' =,3( ?�*=(+ ��@ /(&;) 5(/'* 4'( (' &*-( (.)( /( G1N 4(3)-, -*4%-),+ /*)%-'(K&*4')*+�C��N 4(3)-, -*)* -(3)*='+') '' >'3*3&'*-( ?��@ 0' ��EN 4(3)-, -*)* -(3)*='+') '' (&%3%5'&( ?��@�

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Societate Capitalizareabursiera,

USD

PER ROE%

ROA%

Datorie/capital

% *3&* �%5;3 /(Dezvoltare (Brd)Alro (Alr)

Automobile Dacia (Dac) *3&* �,-&%H�%5;3 ? )-@Terapia (Ter)Banca Transilvania (Tlv)SicomedSif Transilvania (Sif 3)�'> *3*)H�-'0*3* ?�'> �@Sif Muntenia (Sif 4)

394.252.751114.482.197

52.857.91129.002.55820.134.06316.935.31615.716.18415.653.24414.097.47513.914.715

3,92,0

-1,7*

3,72,13,41,90,92,7

26,777,7

-237,8*

26,658,218,36,9

15,15,7

3,649,3

-29,1*

21,99,9

15,46,8

14,45,4

0,031,6

62,0*

5,50,05,40,10,00,0

Media 68.704.641Sursa: BVB

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101

USD

Farmaceutic / 3

Energetic / 5

Materiale / 10

Echipamente / 42

Bunuriconsum/26

Servicii / 7

Financiar / 9

Chimic / 11

37.927.372

15.291.498

121.143.392

40.355.793

76.477.037

10.541.241

105.892.926

27.933.389

15.716.184

11.167.679

114.482.197

6.191.415

52.957.811

2.746.724

394.252.751

8.860.761

5.156.297

384.653

77.160

14.412

86.609

85.971

1.984.677

142.847

12.624.457

3.058.299

12.114.339

960.376

2.941.424

1.505.891

11.765.880

2.539.399

5,45

5,95

6,88

3,65

3,51

8,67

2,77

2,00

7

-22

35

45

42

26

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99 Carol POPA, ANSVM a majorat taxele pe piata RASDAQ, în Capital, no.17/2001

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SIF2 �� 519.089.588 519.090 9.319.452 �'3*3 (

OLT* OLTCHIM RM. VÂLCEA 323.588.641 323.589 8.860.761 Chimic

AZO* �� 230.458.309 230.458 7.588.357 Chimic

ARC* �� 228.744.000 228.744 7.160.922 Bunuri de largconsum

ELJ* ELECTROAPARATAJ ��

131.427.536 131.428 6.191.415 Echipamente

114

ATB* �� 68.836.310 68.836 5.156.297 Farmaceutic

PCL �� 48.925.250 53.742 4.611.481 Chimic

SNT AKER TULCEA 4.776.809 119.420 4.157.047 Echipamente

NVR �� 6.891.551 172.289 3.076.803 Echipamente

COS �� 38.234.558 946.764 2.958.214 Materiale

OIL �� 152.759.924 152.760 2.875.088 Energetic

TBM TURBOMECANICA ��

1.980.634 49.516 2.838.762 Echipamente

ASV ASTRA VAGOANE ARAD 93.446.703 93.447 2.816.125 Echipamente

TRS TURISM TRANSILVANIA CLUJNAPOCA

1.387.122 34.678 2.746.724 Servicii

IMS �� 35.247.654 35.248 2.652.249 Servicii

EXC �$�� 93.857.625 93.858 2.587.784 Bunuri de largconsum

RLS �� 80.458.243 80.458 2.433.806 Chimic

AMO AMONIL SLOBOZIA 223.445.352 86.313 2.358.820 Chimic

BRM BERMAS SUCEAVA 9.492.656 66.448 1.970.998 Bunuri de largconsum

ASA �� 22.256.000 22.256 1.984.677 �'3*3 (

SNO �� 4.328.630 108.215 1.895.083 Echipamente

CMP COMPA SIBIU 74.494.229 74.494 1.756.078 Echipamente

IMP �� 22.684.207 22.684 1.625.617 Echipamente

AMP AMEP AMERICANPACKAGING TECUCI

36.056.042 48.240 1.625.126 Echipamente

MPF �� 21.832.675 22.648 1.450.132 Bunuri de largconsum

INT INTERNATIONAL SINAIA 11.958.999 11.959 1.398.291 Servicii

PEI PETROLEXPORTIMPORT ��

254.650 38.197 1.349.694 Servicii

SRT �� 24.735.853 61.839 1.255.779 Bunuri de largconsum

RBR �� 149.664.550 149.665 1.145.925 Echipamente

115

SNC ��

6.899.522 205.214 1.118.996 Echipamente

EPT ELECTROPUTERE CRAIOVA 122.978.031 122.978 1.103.940 Echipamente

PPL �� 685.668 17.141 1.034.463 Chimic

MPR MOPARIV RÂMNICU VÂLCEA 23.593.071 23.593 1.096.561 Bunuri de largconsum

ARS �� 3.403.000 18.679 1.028.174 Echipamente

SLC �� 4.993.311 12.833 942.276 Materiale

PTS PETROLSUB SUPLACU DE ��

19.070.162 19.070 870.882 Energetic

GRX GRIMEX TÂRGU JIU 994.465 24.862 862.022 Echipamente

ALM ALIMENTARA CLUJ NAPOCA 56.964.325 56.969 883.442 Servicii

CIP �� 46.983.582 46.984 852.378 Echipamente

APC VAE APCAROM BUZAU 73.796.185 73.796 852.266 Echipamente

ARM �� 15.235.039 15.235 832.057 Echipamente

UCM �� 6.047.949 151.199 823.037 Echipamente

MEF MEFIN SINAIA 2.176.319 54.408 820.850 Echipamente

ZIM ZIMTUB ZIMNICEA 1.812.578 45.314 820.914 Materiale

FAU �� 8.691.018 217.275 1.129.743 Echipamente

RAF �� 8.304.100 207.602 754.090 Energetic

CRB CARBID-FOX TARNAVENI 23.544.050 23.544 722.848 Chimic

DOR �� 10.277.394 30.832 700.458 Bunuri de largconsum

FTN �� 1.491.790 37.295 620.897 Echipamente

BRC �� 14.186.693 14.187 596.084 Bunuri de largconsum

CPR �!�� 1.278.550 31.964 579.053 Chimic

MPN �� 19.374.300 19.374 577.290 Bunuri de largconsum

EPN �� 7.117.950 7.118 562.714 Bunuri de largconsum

116

SOF �� 87.561.866 87.562 567.392 Chimic

VAC PRODVINALCO CLUJ NAPOCA 9.066.650 9.067 547.503 Bunuri de largconsum

STZ SINTEZA ORADEA 44.075.060 44.075 531.966 Chimic

NVL �� 52.325.452 52.325 514.274 Echipamente

AUR AURORA TÂRGU-FRUMOS��

182.996 4.575 513.430 Bunuri de largconsum

APS APSA BAIA MARE 10.314.425 493.683 Echipamente

ELN ALLIED DEALS ELCOND��

31.389.650 31.390 485.413 Echipamente

CBC CARBOCHIM CLUJ NAPOCA 1.371.632 34.291 466.281 Materiale

ETN ELECTROTEHNICA ��

510.808 12.770 462.688 Echipamente

VES �� !�� 19.518.005 19.518 419.615 Bunuri de largconsum

CPL CARMETAPLAST DEVA 497.938 12.448 446.357 Materiale

FOR FORAJ SONDE CRAIOVA 16.528.850 16.529 384.653 Energetic

UAM UAMT ORADEA 22.567.125 101.552 378.772 Echipamente

RCR �� 32.275.280 32.275 372.178 Echipamente

STR STRATUSMOB BLAJ 30.221.408 30.221 342.724 Bunuri de largconsum

TMR �� 1.033.201 25.830 331.454 Bunuri de largconsum

AER ��! �� 748.976 18.678 325.076 Echipamente

MCN �� !� ��

884.943 22.123 317.507 Echipamente

FRL �� 483.016 12.075 318.207 Servicii

ART ARTROM SLATINA 5.654.474 141.927 303.538 Echipamente

NCL �� 2.662.263 66.557 290.184 Echipamente

HTR HITROM VASLUI 1.206.093 30.152 282.415 Echipamente

ABR ABROM BÂRLAD 2.515.164 62.879 272.452 Materiale

VAP CRAMELE PRAHOVA 10.303.150 15.389 233.314 Bunuri de larg

117

consum

CAS CASIROM TURDA 27.532.236 27.532 229.496 Materiale

MOL �� 25.138.150 25.138 247.730 Bunuri de largconsum

UTN �� 802.480 20.062 218.411 Echipamente

UZC �� 1.226.261 30.656 208.264 Echipamente

PTR �� 927.303 19.070 192.794 Echipamente

AMC AMCO OTOPENI 310.586 7.764 194.926 Echipamente

UZT �� 1.170.800 29.270 176.751 Echipamente

MDS MOLDOSIN VASLUI 2.224.885 55.622 142.847 Chimic

ALF MOBILA ALFA ORADEA 15.295.725 15.296 138.211 Bunuri de largconsum

CMF �� 2.094.285 7.567 138.100 Echipamente

ALB ALBAPAM ALBA IULIA 10.070.600 10.070 114.830 Bunuri de largconsum

ROB ROBINETE INDUSTRIALE ��

812.197 20.305 113.418 Echipamente

FEL FELEACUL CLUJ NAPOCA 6.180.525 6.180 108.059 Bunuri de largconsum

ENP COMP. ENERGOPETROLCÂMPINA

436.931 10.923 107.188 Echipamente

CRN CARNE ARAD 1.235.635 30.891 100.606 Bunuri de largconsum

AMY AMYLON SIBIU 3.763.500 3.763 88.205 Bunuri de largconsum

SDT �� 6.074.371 6.074 85.971 Servicii

NTX ��$ �� 8.638.400 8.638 81.454 Bunuri de largconsum

ELC ELECTROCERAMICA TURDA 339.181 8.479 77.160 Materiale

IRS M. P. IRIS BÂRLAD 5.250.125 5.250 73.651 Bunuri de largconsum

ASM �� 683.903 17.097 71.307 Echipamente

CRT �� 4.725.115 4.725 86.609 Bunuri de larg

118

consum

ECT ELECTROCONTACT ��

258.010 8.479 14.412 Echipamente

Total 9.571.187.663 13.560.936 854.423.759

119

ANEXA 2 PRINCIPALII INDICATORI ECONOMICI PENTRU CELE CINCI SIF-URI

�� &�� 2��>�&2?

Miliarde lei

INDICATOR 1997 1998 1999 2000

SIF1 482 482 549 549

SIF2 522 522 519 519

SIF3 550 546 546 546

SIF4 520 565 628 696

Capital social,

.>;-0') /( 4(-'%*/

SIF5 563 563 580 580

SIF1 2.038 2.302 2.596 2.184

SIF2 2.768 3.035 3.083 3.308

SIF3 2.443 2.555 2.947 3.233

SIF4 1.957 1.854 2.216 2.664

Active, total,

.>;-0') /( 4(-'%*/ �

SIF5 1.769 2.145 2.400 2.927

SIF1 1.956 2.194 2.485 2.782

SIF2 2.703 2.914 2.992 3.123

SIF3 2.236 2.431 2.805 3.054

SIF4 1.797 1.688 2.046 2.420

Capitaluri proprii,

.>;-0') /( 4(-'%*/ �

SIF5 1.696 2.045 2.298 2.752

SIF1 1.652 1.536 2.019

SIF2 1.087 804 1.020

SIF3 1.263 1.770 2.513

SIF4 1.252 1.925 2.415

Activ nete,

.>;-0') /( 4(-'%*/ �

SIF5 980 1.426 1.990

SIF1 3.428 2.800 3.679

SIF2 2.083 1.550 1.965

SIF3 2.312 3.241 4.602

�&)'6 3()(K*& ',3(�

.>;-0') /( 4(-'%*/ �

lei

SIF4 2.217 3.409 3.842

120

SIF5 1.740 2.458 3.430

SIF1 97 144 198 476

SIF2 64 134 127 248

SIF3 135 173 258 314

SIF4 159 193 232 354

Venituri, total

SIF5 95 201 252 339

SIF1 9 25 67 226

SIF2 18 30 46 84

SIF3 42 60 108 131

SIF4 23 61 85 114

Cheltuieli, total

SIF5 33 53 120 142

SIF1 88 120 131 250

SIF2 46 104 81 164

SIF3 93 112 150 183

SIF4 136 131 148 240

Profit brut

SIF5 96 148 132 197

SIF1 55 58 71 132

SIF2 38 66 57 113

SIF3 61 78 87 109

SIF4 81 94 112 161

Dividende, total

SIF5 63 63 64 122

Sursa: Rapoate anuale

121

��I��<�-��9==��0�'��- �0��-�-�� '�K

��

Simbol Denumire societate ��

Capital social- lei

Capitalizarebursiera -

USD

Sector

COER COMBINATULSIDERURGIC SIDEX

252.319.761 6.307.994.025.000 32.377.989 �()*+,-7'& ?% (+@

ASRA ASIGURAREAROMÂNEASCA - ASIROM

29.177.900 29.177.900.000 19.351.760 �.'7,- -'

ROMB �� 15.583.522 389.588.050.000 17.633.073 Materiale de&%3.)-,& '( ?&'5(3)@

NEOL NEPTUN-OLIMP 8.357.951 208.948.775.000 16.077.226 �,-'.5 ?<%)(+,-' 0'restaurante)

ROMC ROMCIF FIENI 126.496.550 126.496.550.000 15.744.677 Materiale de&%3.)-,& '( ?&'5(3)@

BURO BRAU UNION ROMANIASA

43.799.921 1.094.998.025.000 15.373.614 �*=-'& /( =(-(

ASTI ��

6.122.672 153.066.800.000 15.043.989 �*3)'(- 3*6*+

CARZ �� 8.552.841 213.821.025.000 12.944.631 Chimic (Cauciucsintetic)

SOCP �� 114.475.248 114.475.248.000 10.146.601 �*3'4,+ -'

PELY PETROTEL-LUKOIL S.A. 43.759.796 1.093.994.900.000 9.903.020 �*>'3 -'(

STRV PCC STEROM SA 5.710.167 142.754.175.000 8.286.349 Echipamente de foraj0' (J4+%*)*-(4()-%+'(-

BACR BANCA CARPATICA SASIBIU

1.000.000 100.000.000.000 8.341.277 *3&

PTRM PETROMIDIA 36.268.400 906.710.000.000 7.523.713 �*>'3 -'(

MLCM MOLDOCIM 15.357.686 383.942.150.000 7.240.639 Materiale de&%3.)-,& '( ?&'5(3)@

MINE �� 2.931.717 73.292.925.000 6.592.890 �%5(- &, *5 3,3),+cu produse*+'5(3)*-(� = ,),-' 0'tutun

122

ALPO ALPROM SLATINA 6.817.649 170.441.225.000 6.042.875 Prelucrareaaluminiului

IMEP ��H�� 79.847.078 79.847.078.000 6.023.240 �-%/,& '( /( 5%)%*-(electrice, generatoare0' )-*3.>%-5*)%*-(

RLMP TIMKEN-ROMÂNIA 10.181.061 254.526.525.000 5.952.040 �*7 -(

CSIA CASIAL DEVA 128.224.798 128.224.798.000 5.803.559 Materiale de&%3.)-,& '( ?&'5(3)@

AMRO AMBRO 7.646.140 191.153.500.000 5.767.842 �(+,+%: 0' <;-)'(

HEBI !�� 309.537 7.738.425.000 5.310.510 �%5(- &, *5 3,3),+cu textile

COIB COMTEX ARAD 293.605 7.340.125.000 5.207.810 �%5(- &, -'/'&*)* &,textile

VICQ VICTORIA PRAHOVA 7.174.978 179.374.450.000 4.465.249 Anvelope

REGA ROMAQUA GROUPBORSEC

72.557.104 264.787.405.000 4.378.658 �-%/,& '( *4(minerale

BUTU �� 2.207.751 55.193.775.000 4.291.729 �,-'.5 ?<%)(+,-' 0'restaurante)

METE ��$ �� 2.967.639 74.190.975.000 4.199.706 �%5(- &, *5 3,3),+cu articole de85=- & 5'3)(

DUCL DUCTIL 77.000.000 77.000.000.000 4.065.930 Produse metalurgice

ICEZ ICMEELECTROIZOLANTE

65.665.912 65.665.912.000 3.962.790 Fire electrice

TUFE �� $ ��FELIX

2.785.747 69.643.675.000 3.782.555 �,-'.5 ?<%)(+,-' 0'restaurante)

COLH �� 197.507.556 197.507.556.000 3.724.730 Servicii pentru5(&*3': -' *7-'&%+(�>(-)'+': -' 0' 4-%)(& '(>')%.*3')*-

CITU CIMENTUL TURDA 2.111.621 52.790.525.000 3.584.013 Materiale de&%3.)-,& '( ?&'5(3)@

ATRA �� 2.016.000 50.400.000.000 3.579.928 �.'7,- -'

ICMB �� 151.580.126 151.580.126.000 3.487.492 Fire electrice

FREX FOREX SUCEAVA 27.899.778 27.899.778.000 3.509.406 Prelucrarea lemnului

MARN MARMOSIM 42.197.255 42.197.255.000 3.342.294 Prelucrarea marmurei

123

GECM GENERALCOM ��

14.919.050 14.919.050.000 3.098.979 �%5(- &, *5 3,3),+

ELMA ELECTROMAGNETICA 19.994.127 45.986.492.100 3.016.502 �-%/,& '( /((5' )%*-( -*/'%H��)(+(>%*3( 0' )(+(7-*>(

SANE SANEX 140.119.718 280.239.436.000 3.052.951 Articole sanitare

SOMR �� 15.909.435 397.735.875.000 2.403.419 �-%/,& '( 4+,5=�:'3& 0' &%.')%-

AMBU AMCO BUFTEA 63.089.097 63.089.097.000 2.397.913 Materiale deîmpachetat din5()*+( ,0%*-(

NAPP NAPOLACT 9.699.011 9.699.011.000 2.304.672 Produse lactate

BARU � �� 27.315.573 27.315.573.000 2.164.957 �%5(- &, -'/'&*)* &,echipamente pentruindustrie

ROFU ROMARC FUEL 93.675.225 93.675.225.000 2.124.637 �%5(- &, /'6(-.(produse

HIOT !��!�� 2.805.336 70.133.400.000 2.203.410 �%3.)-,& ''hidrotehnice

MAIA �� 4.545.733 113.643.325.000 2.057.436 �,-'.5 ?<%)(+,-' 0'restaurante)

ROMT ROMPORTMET 33.859.850 33.859.850.000 2.044.677 �*3'4,+ -'

CMVX COMVEX 3.337.683 83.442.075.000 2.014.217 Depozitare

SCDM S.C.D.M.A.I.UNIREA ��

2.082.921 13.606.816.600 2.004.623 �%5(- &, *5 3,3),+

MOEX �� $ �� 378.585 9.464.625.000 2.000.374 �%5(- &, *5 3,3),+&, 5%='+ 0' *+)(articole de uz casnic

UZIN UZINEXPORT 14.693.750 14.693.750.000 1.995.153 �%5(- &, *5 3,3),+cu echipamentepentru industrie,&%5(- 0' 3*6'7* '(

SOCA SOCALP 2.088.139 2.088.139.000 2.154.142 Restaurante

GRIA GRUPUL IATSA 4.339.887 108.497.175.000 1.964.268 �3)-( '3(-( 0' -(4*-* ''autovehicole

PACY PALACE SINAIA 19.952.470 19.952.470.000 2.011.338 �7(3 '( /( ),-'.5

ARMD ARMEDICA 67.011.403 67.011.403.000 1.950.510 Farmaceutic

124

FORD FORADEX 2.051.359 51.283.975.000 2.104.735 �&)'6') ' /(&(-&()*-( 7(%+%7'& �explorare,4-%.4(&)*-( 0'cartografiere

ATPA ATHENEE PALACE 8.474.025 60.792.655.350 1.917.706 �%,-'.5 ?<%)(+,-' 0'restaurante)

ERCA !�� HERCULANE

56.120.064 56.120.064.000 1.906.252 �7(3 '( /( ),-'.5

SIDG SIDERURGICA 24.924.723 623.118.075.000 1.890.026 �()*+,-7'& ?% (+@

SIVN �� 3.006.330 75.158.250.000 1.870.948 Anvelope

CNMP CNM PETROMIN 22.487.571 562.189.275.000 1.938.964 Transporturi navale

BRCR BRAICONF 7.469.250 7.469.250.000 1.845.268 Articole de85=- & 5'3)(

TRUX TRACTORUL-UTB 392.335.249 392.612.857.000 1.786.387 �-%/,& '( /(tractoare

ONZV �� 1.166.259 29.156.475.000 1.759.528 �7(3 '( /( ),-'.5

TITA TITAN 15.484.175 15.484.175.000 1.757.635 Produse de4*3'>'&* '(

COCR COCOR 301.691 30.169.100.000 1.706.848 �%5(- &, *5 3,3),+în special cu produse*+'5(3)*-(� = ,),-' 0'tutun

XFOA Fondul Oamenilor de Afaceri 6.450.744 175.079.642.904 1.703.135 Fond Mutual

CMCR COMCEREAL SLOBOZIA 29.845.594 29.845.594.000 1.717.831 Servicii pentru5(&*3': -' *7-'&%+(�>(-)'+': -' 0' 4-%)(& '(>')%.*3')*-

BBGA BBG ALUM 5.783.311 344.581.236.002 1.638.146 Metalurgie(aluminiu)

AGAL �� 725.400 725.400.000 1.562.505 Servicii pentru5(&*3': -' *7-'&%+(�>(-)'+': -' 0' 4-%)(& '(>')%.*3')*-

OPTX OPTIMEX 20.908.226 20.908.226.000 1.499.307 �%5(- &, *5 3,3),+

PTRO PETROTUB ROMAN 14.554.139 363.853.475.000 1.482.147 �-%/,& '( /( % (+ 0'>%3)

STIB �� 6.837.203 170.930.075.000 1.477.614 �-%/,& '( /( .)'&+

125

GRND GRANDEMAR 7.621.649 7.621.649.000 1.438.264 �%3.)-,& '' ?(J)-*& '(/( 4'*)- @

DANA �� 6.652.354 166.308.850.000 1.380.886 Anvelope

INOR INTFOR 1.354.842 33.871.050.000 1.382.805 Metalurgic

VAOX VAROTEX 405.525 10.138.125.000 1.376.579 Articole de85=- & 5'3)(

AMIC AMIC 352.332 8.808.300.000 1.375.414 �J)-*& '( /( 4'*)- 0'4'()-'0

SROY COMBINATUL��

12.153.289 303.832.225.000 1.385.780 �()*+,-7'( ?% (+@

IPRU �� 36.234.500 109.790.535.000 1.366.669 �'-( 0' &*=+,-'electrice

BUCU BUCUR OBOR 13.375.750 13.375.750.000 1.654.656 �%5(- &, /'6(-.(produse

ROAT �� 15.591.472 15.591.472.000 1.421.452 �%5(- &, /'6(-.(produse

CHOB CHIMCOMPLEX ��

7.155.984 178.899.600.000 1.359.936 Chimic (produseanorganice)

TPRO �� H �� 5.361.928 134.048.200.000 1.351.292 �*=-'&* '( /( ),=,-'0' (6' /( %)(+

FBRX FIBREXNYLON 7.733.172 40.212.494.400 1.312.536 �-%/,& '( /( >'=-(sintetice

STNM �� MAI MANGALIA

8.465.949 211.648.725.000 1.310.914 �*3)'(- 3*6*+

ERCN EUROCONSTRUCT 68.223.728 68.223.728.000 1.426.201 Materiale de&%3.)-,& '( ?=()%3@

SCPH SCPI HAMEROC 1.355.570 33.889.250.000 1.278.213 �J)-*& '( /( 4'*)- 0'4'()-'0

MEBY �� ?��HTEX COMBAC)

271.273 6.781.825.000 1.317.612 �%5(- &, *5 3,3),+cu textile

ARCC ARDEALUL CAREI 12.496.825 12.496.825.000 1.231.915 �-%/,& '( 4()-%+-*>'3*) 0' +,=-'>'*3 '

MEVE MEVA 1.613.153 40.328.825.000 1.216.877 �-%/,& '( 0' -(4*-* ''5*)(-'*+( 4(3)-, & 'ferate

SMOB SAMOBIL 26.737.500 26.737.500.000 1.210.161 �-%/,& '( /( 5%='+

126

AROA ARO 10.562.666 264.066.650.000 1.195.187 Automobile

SEOM SEMROM MUNTENIA 7.727.199 193.179.975.000 1.201.195 �%5(- &, -'/'&*)* &,&(-(*+(� .(5'3 ( 0'3,)-(

FILD FILATURA DE BUMBACGURA HUMORULUI

1.126.781 28.169.525.000 1.192.631 �-%/,& '( >'=-( /(bumbac

RLAL KOYO ROMÂNIA?�,+5(3 ' �+(J*3/-'*@

6.148.424 153.710.600.000 1.159.511 �*7 -(

SNBB ��

2.279.280 56.982.000.000 1.117.589 �*3)'(- 3*6*+

ZADR ��! � �� 9.844.281 138.863.427.786 1.156.609 �-%/,& '( :*< -

IAME IAME 910.658 68.299.350.000 1.132.967 Componenteelectrice pentrumotoare

TRMP �� ')(0)' 145.670 3.641.750.000 1.129.575 �%5(- &, *5 3,3),+cu textile

TOMI �� 1.072.400 26.810.000.000 1.092.098 �%5(- &, *5 3,3),+– diverse, înmagazinenespecializate

TOTAL 3.028.621.927 20.321.622.450.142 403.768.487

127

��I��@�� !��

0 !�� %

• Legea nr. 31/1990, Legea.%&'() '+%- &%5(-&'*+(�Ultima modificare în 1997.

�&),+ A,-'/'& /( =*: 83 +(7'.+* '* 83)-(4-'3/(-'+%-� .)*='+'3/-(7,+'+( 4(3)-, 83>''3 *-(*� %-7*3':*-(*� >,3& '%3*-(* 0'/':%+6*-(* %-7*3':* ''+%- &%5(-&'*+( 0' -(7,+'+( 0'4-%&(/,-'+( /( =*: 4(3)-, 7,6(-3*3 * &%-4%-*)'6 �

• Legea nr. 26/1990, privindRegistrul Comertului. Ultimamodificare în 1998.

�%54+()(*: �(7(* 3-� ��K�BB1� 4,3;3/ =*:(+( .'.)(5,+,'3* '%3*+ /( (6'/(3 * .%&'() '+%-� 4-'3 &*-( 4,=+'&,+ *-(*&&(. +* '3>%-5* ''+( /( =*: 4-'6'3/ .%&'() '+(�

• Legea nr. 52/1994, Legea6*+%-'+%- 5%='+'*-( 0' *burselor de valori.

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*89(51$1 $ &25325$7,9 ÎN ROMÂNIA

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