În romÂnia · participarea unor experti din sectorul privat si public dintr-un numar de tari din...
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�������� ������� �ÎN ROMÂNIA
OECD 2001
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CUPRINS
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������ �� �������� ������ �� ������ �� ����������� � ������..........................18
1.1. CONTEXTUL ECONOMIC GENERAL....................................................................................................18
���� ��������� ���������� � ���������� �� ��� ��� � ������� � ������......23
1.2.1. SECTORUL INTREPRINDERILOR............................................................................................................ 23
1.2.2. STRUCTURA SECTORULUI FINANCIAR................................................................................................. 25
1.2.3. STRUCTURI DE PROPRIETATE IN INTREPRINDERILE MARI ............................................................ 31
������ ���������� ������ ����� ............................................................................................................... 34
������ ���������� �� �������� ................................................................................................................. 37
��� ������ � ���������� �� �������� � ����� �� ........................................................40
������ ������� ������� �� ����� �� �� ������� � ��� .................................................. 40
1.3.2 PROCESUL DE PRIVATIZARE.................................................................................................................... 45
������ ����� ������ ����� ��� �� ............................................................................................................ 49
1.4. ��������� ������������� �������������� ��� ���� �� ��������������
51
������ ��� ����� � ����������� �� ����� ������������ .....................................................54
���� ����� ������ �� � ����������� .........................................................................................54
2.1.1. LEGEA S2&,(7 ,/25�COMERCIALE................................................................................................................ 54
������ ����� ����� �������� �� ������ �� ������ � ������ ................................................. 61
2.1.3. A/7(�5(*/(0(17 5,�63(&,),&( ...................................................................................................................... 62
������ ������� � ���� � ��������� �� ������ ............................................................................ 64
���� ��������� �� ���������� ��!��� �� �� �� �������� ...............................................67
2.2.1. DREPTURILE LEGALE ALE A& ,21$5,/25 ....................................................................................................... 67
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2.2.2. A%8=85,�35,9,1'�'5(3785,/(�$& ,21$5,/25 ............................................................................................... 68
������ �� ������ ����� ������ �� �� �������� ��������� .................................................... 70
������ ������ �� ��������� � "�� �� �# �� ���������� ��� ��............................................... 72
������ ������ �� �� ���� ............................................................................................................................. 73
2.3. ROLUL GRUPURILOR DE INTERESE....................................................................................................76
���� �������� � �������� �� �� ��������!���� �������� .........................................79
������ ������ ���������� � �������� �� �� ����������� ���� .......................................... 79
������ ��� ���� ���������� � �������� �� ................................................................................... 82
2.4.3. RELATIA CU MANAGEMENTUL............................................................................................................. 83
2.4.5. ROLUL CENZORILOR ................................................................................................................................. 84
���� �������� � �� ���������� ��������� �� ������ �� .................................................86
������ ������� �� ��������� �������� �� ����������� � ����������.............................. 86
������ �������� ���� ��� �� ���� � ����� ������ ................................................................ 88
2.5.3. ������ �� ����� ������������ ������ �� ������.................................................. 92
������ � ���� �� � �������� ��� ��������������� ����������� �� ��� ����� �����
IMPLICATE ............................................................................................................................................................. 93
��$ � ��� ��� � ������� � ������ ..............................................................................................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
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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
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�*=(+ 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
�*=(+ ��� �'),* '* .)*)'.)'& * )-*3:*& '%3 -'+%- +* ,-.* /( �*+%-' ,&,-(0)' .......................................................97
�*=(+ ��� �3/'&*)%-' /( 4(->%-5*3 *' ,-.(' /( �*+%-' ,&,-(0)' .....................................................................98
�*=(+ ��� �)-,&),-* )-*3:*& ''+%- +* ,-.* /( �*+%-' ,&,-(0)' .............................................................................99
�*=(+ ��� �(->%-5*3 (+( &(+%- 5*' 5*-' �1 .%&'() ' &%)*)( +* � ...................................................................100
�*=(+ ��� �)-,&),-* .(&)%-'*+ * .%&'() '+%- &%)*)( +* ,-.* /( �*+%-' ,&,-(0)'................................................100
�*=(+ �E� �-%4-'() '+( �%&'() '+%- /( �36(.)' '' �'3*3&'*-(................................................................................101
�*=(+ �G� �'),* '* .)*)'.)'& * )-*3:*& ''+%- (>(&),*)( 4( 4'* * ����2 ............................................................106
�*=(+ �C� �(->%-5*3 (+( 4-'5(+%- �1 .%&'() ' 83.&-'.( +* &%) 4( 4'* * ����2.............................................109
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�-%=+(5* 7,6(-3*3 (' &%-4%-*)'6( * /(6(3') /'3 &( 83 &( 5*' '54%-)*3) 83 ,+)'5,+ /(&(3',� 4( 5*.,-*&-(0)(-'' -%+,+,' .(&)%-,+,' 4-'6*) 83 83)-(*7* +,5(� �3 *&(*.) 4(-'%*/ � 83 -'+( 5(5=-( *+( ��� .H*,4-%/,. -(>%-5( .,=.)*3 '*+( 83 6(/(-(* 85=,3 ) '-'' &*/-,+,' /( 7,6(-3*3 &%-4%-*)'6 � �-':(+( >'3*3&'*-(/( 4( 4'( (+( 83 &,-. /( >%-5*-( 0' 83/(+,37*),+ 4-%&(. /( )-*3:' '( /( +* (&%3%5'* 4+*3'>'&*) +* (&%3%5'* /(4'* /'3 5,+)( -' *, *- )*) &+*- '54%-)*3 * ,3(' =,3( 7,6(-3*3 ( &%-4%-*)'6( &* % &*-*&)(-'.)'&* .)-,&),-*+*si institutionala cheie a unei economii de piata functionale. Acest lucru este valabil si pentru România, carenu avea mari întreprinderi private la începutul ultimului deceniu, dar care are în prezent un sector important/( *.)>(+ /( .%&'() ' &( 4-%/,& 4(.)( .*':(&' +* .,)* /'3 �� 0' *.'7,-* +%&,-' /( 5,3& 4(3)-, 5*A%-')*)(*.*+*-'* '+%-�
� =,3 7,6(-3*3 &%-4%-*)'6 >*&( &* .%&'() '+( .*H.' ,)'+':(:( 5*' (>'&'(3) -(.,-.(+( 0' .* *'=* -(+* '' 5*'=,3( &, .*+*-'* ''� &-(/')%-'' 0' *+)( 4 - ' '3)(-(.*)(� �' 5*' '54%-)*3) 4(3)-, (&%3%5'' 83 )-*3:' '( 4-(&,5 (.)(&(* * �%5;3'(' (.)( >*4),+ & % =,3 7,6(-3*3 &%-4%-*)'6 .4%-(.)( 83&-(/(-(* '36(.)')%-'+%- -%5;3' 0'.)- '3'� �.)( % &(-'3 4-(+'5'3*-* '54%-)*3) 4(3)-, *)-*7(-(* '36(.)' ''+%- .)- '3(� 83 .4(&'*+ * &*4')*+,+,''36(.)') 4( )(-5(3 +,37� 3(&(.*- 4(3)-, .,. '3(-(* ,3(' 5*' -*4'/( /(:6%+) -' (&%3%5'&( /( /,-*) �
�-7*3':* '* 4(3)-, �%%4(-*-( 0' (:6%+)*-( �&%3%5'& ?���@ (.)( ,3,+ /'3 4'%3'(-'' /(:6%+)*-'' 4%+')'&''/( .)*3/*-/( 4-'6'3/ 7,6(-3*3 * &%-4%-*)'6 � �3 *3,+ �BBC� +* -(&%5*3/*-(* �%3.'+',+,' ���� ��� *83>''3 *) ,3 �-,4 /( �,&-, �,+)'/'.&'4+'3*- �/ !%& ?�/H!%& �*.I �%-&(@ 4(3)-, �,6(-3*3 * �%-4%-*)'6 83.&%4,+ -(*+': -'' ,3,' *3.*5=+, /( 4-'3&'4'' 3(*37*A*3)( 4-'6'3/ 7,6(-3*3 * &%-4%-*)'6 � �/%4)*)( 83 *3,+1999, ����������� �� ������� �������� � ���������� 1� *, /(6(3') /%&,5(3),+ /( -(>(-'3 4(3)-,-(>%-5* 7,6(-3*3 (' &%-4%-*)'6(� �%-3'3/ /( +* -(*+')*)(* & 3'&' ,3 5%/(+ ,3'& /( 7,6(-3*3 &%-4%-*)'6 3,4%*)( >,3& '%3* 83 )%*)( -'+( 0' 83 )%*)( .%&'() '+(� �-'3&'4''+( ��� '/(3)'>'& .)*3/*-/( &*-( .( 4%) *4+'&*83)-H% 6*-'()*)( /( 5(/'' A,-'/'&(� 4%+')'&( 0' (&%3%5'&(� �&%4,+ �-'3&'4''+%- (.)( . .,. '3 7,6(-3(+( 83(>%-),-'+( +%- /( (6*+,*-( 0' 4(->(& '%3*-( * &*/-,+,' A,-'/'&� '3.)'), '%3*+ 0' /( -(7+(5(3)*-( 4-'6'3/7,6(-3*3 * &%-4%-*)'6 83 -'+( +%-� �+( %>(- 0' ,3 83/-,5*- 4(3)-, =,-.(� '36(.)')%-'� &%-4%-* '' 0' *+)((3)')*)' &*-( A%*& ,3 -%+ 83 4-%&(.,+ /( /(:6%+)*-( * ,3(' =,3( 7,6(-3*3 ( &%-4%-*)'6(�
�* 4*-)( * ,3,' +*-7 *&%-/ /( &%%4(-*-( /'3)-( ��� 0' *3&* �%3/'*+ /( *.'.)(3)* 83 85=,3 ) '-(*7,6(-3*3 (' &%-4%-*)'6( +* 3'6(+ 5%3/'*+ >%+%.'3/ �-'3&'4''+( &* .)*3/*-/� .H*, .)*='+') �(.( �%),3/(-(7'%3*+( 4( )(5* 7,6(-3*3 (' &%-4%-*)'6( 83 �,.'*� �5(-'&* �*)'3 � �.'* 0' �,-*.'*� � *.)>(+ /( �*.�%),3/ * >%.) .)*='+')* 83 �11� 0' 83 �,-%4* /( �,/ F �.) ?���@� 83 .)-;3. +(7 ),- &, �*&),+ /( �)*='+')*)(�
�3 *&(.) &%3)(J)� ���� &, .4-'A'3,+ ����� * &%3&(4,) ,3 4-%7-*5 /( 85=,3 ) '-( * 7,6(-3*3 ('&%-4%-*)'6( 83 �%5;3'*� �='(&)'6(+( 4-%7-*5,+,' ���K���� 4-'6'3/ 7,6(-3*3 * &%-4%-*)'6 83 �%5;3'*au fost de :
� �6*+,*-(* 7,6(-3*3 (' &%-4%-*)'6( 83 �%5;3'*L
� �-(:(3)*-(* ,3,' *3.*5=+, /( -(&%5*3/ -' &<('( 4(3)-, 85=,3*)*)'-(* 7,6(-3*3 (' &%-4%-*)'6( 83�%5;3'* 0' *4-%4'(-(* (' /( .)*3/*-/,+ '3)(-3* '%3*+� &(+ *+ �-'3&'4''+%- ���L
� �/(3)'>'&*-(* *.'.)(3 (' )(<3'&( 3(&(.*-( 83 /%5(3',+ 7,6(-3*3 (' &%-4%-*)'6(L
� �'/'&*-(* 3'6(+,+,' /( 83 (+(7(-( * 4-*&)'&'+%- *&),*+( /( 7,6(-3*3 &%-4%-*)'6 /'3 �%5;3'*� '3>%-5;3/&%5,3')*)(* '3)(-3* '%3*+ /(.4-( '3' '*)'6(+( 3*)'%3*+( 4-%7-(.'.)( /( -(>%-5 L
� �*&'+')*-(* ,3,' *&&(. /(4+'3 *+ �%5;3'(' +* /'*+%7,+ &( .( /(.> 0%*- 83 4-(:(3) +* 3'6(+ '3)(-3* '%3*+ &,4-'6'-( +* 7,6(-3*3 * &%-4%-*)'6 �
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, 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.
�(&%5*3/ -'+( (.(3)'*+( *+( -*4%-),+,' &%3.)'),'( ,3 4-%7-*5 &,-4'3:*)%- /( -(>%-5*� �(&%5*3/*-'+( 3, 4,3*&&(3),+ 3,5*' 4( .&<'5= -' +(7'.+*)'6( &' .,=+'3'*:* '54%-)*3)* -(>%-5(' 83 /%5(3',+ *4+'& -''� *+&%3.)-,&)'(' '3.)'),)'%3*+( 0' *+ &%54%-)*5(3),+,'K&-(.)(-'' &*4*&')*)'' 4-'6*)( &*-( .,3) 3(&(.*-( 4(3)-, % 5*'=,3 7,6(-3*3 &%-4%-*)'6 83 �%5;3'*�
�*-)(* �3)8' * �*4%-),+,' %>(- % '5*7'3( &,4-'3: )%*-( *.,4-* .'),* '(' *&),*+( * .(&)%-,+,' 83)-(4-'3/(-'+%-/'3 �%5;3'* 0' *.,4-* 4-%&(.,+,' /( )-*3:' '( &*-( * /,. +* &-(*-(* +,'� �*-)(* * %,* (J*5'3(*:4-'3&'4*+(+( *.4(&)( *+( &*/-,+,' /( -(7+(5(3)*-( 4(3)-, 7,6(-3*3 * &%-4%-*)'6 � �3 *5=(+(� 4-(6(/(-'+(+(7*+( .,3) &%3>-,3)*)( &, 4-*&)'&* &,-(3)* 83 6(/(-(* (6*+, -'' (>'&*&') '' &*/-,+,' '3.)'), '%3*+ 0''/(3)'>'& -'' /(>'&'(3 (+%- 4(3)-, &*-( )-(=,'( . .( 7 .(*.& .%+, ''� ����������� �� ������� �������� ����������� -(4-(:'3) -(>(-'3 * >* /( &*-( .,3) (6*+,*)( -(7+(5(3) -'+( 0' 4-*&)'&* *&),*+ �
%-'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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7
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,4 &,5 .( &%3>'-5 83 4-(:(3),+ -*4%-)� �%5;3'*� 4( 4*-&,-.,+ 4-%&(.,+,' &%54+(J /( )-*3:' '(� * +,*) %.(-'( /( 5 .,-' '54%-)*3)( 83 6(/(-(* 85=,3 ) '-'' +(7'.+* '(' 0' -(7+(5(3) -'+%- &*-( .,. '3 7,6(-3*3 *&%-4%-*)'6 � �&(.)( (>%-),-' *, >%+%.') 4( +*-7 *);) (J4(-)':* 3*)'%3*+* &;) .' 4( &(* '3)(-3*)'%3*+*� -(:,+)83/ %=,3* 83 (+(7(-( * 4-%=+(5(+%- '54+'&*)(� �4-( (J(54+,� % +(7( * .%&'() '+%- &%5(-&'*+( &*-( &%-(.4,3/( 835*-( 5 .,- .)*3/*-/(+%- *&&(4)*)( +* 3'6(+ '3)(-3* '%3*+ * >%.) */%4)*)* 83 �BB1 '*- 83 �BB� .H* (5'. %-(7+(5(3)*-( +* >(+ /( .%+'/ &, 4-'6'-( +* 6*+%-'+( 5%='+'*-(� �3 ,+)'5'' &; '6* *3'� * &-(.&,) /( *.(5(3(*&%3.'/(-*='+ '3)(-(.,+ +*-7 83 85=,3*)*)'-(* 7,6(-3*3 (' &%-4%-*)'6( 83 �%5;3'*F '3)(-(. &*-( .H* 5*3'>(.)*)4-(73*3) 83 )'54,+ ()*4(+%- /( &%3.,+)*-( 0' (+*=%-*-( * 4-(:(3),+,' �*4%-)�
�( =*:* (6*+,*-'' 4,3&)(+%- )*-' 0' * &(+%- .+*=( *+( *&),*+,' .'.)(5 /( 7,6(-3*3 * &%-4%-*)'6* /'3 �%5;3'* se� ������ �� �� ������ ���������� ������ �� ���� ������� ���������� � ������ � ���� �� ��������� � � ���� ���� !����� ��� !� � �� ������ ���� �� "�,4 &,5 .( -(&%5*3/ 83 &(+( &( ,-5(*:*� )-(=,'( . .(*.'7,-( &, 4-'%-')*)( &* �%5'.'* * '%3*+( * �*+%-'+%- �%='+'*-( /'.4,3( /( .,>'&'(3)* '3/(4(3/(3)* .'-(.,-.( 4(3)-, *H.' 83/(4+'3' 5*3/*),+� �.)( /( *.(5(3(* ,-7(3) &-(0)(-(* &*4*&') '' .'.)(5,+,' A,/'&'*- /( *)-*)* +')'7'' &%5(-&'*+(� 4-(&,5 0' *.'7,-*-(* &%-(&)'),/'3'' 4-*&)'&'+%- -%5;3(0)' /( &%3)*='+')*)( 0' *,/')��-%7-(.,+ 83 /%5(3',+ '54+(5(3) -'' 0' *4+'& -'' 6* /(4'3/( /( % &%5='3*)'( /( 5 .,-'� &,5 *- >' 5 .,-' /(/( >%-5*-( .' /(:6%+)*-( * &*4*&') '+%- 4( /( % 4*-)( 0' /( &%3.)-,&)'( '3.)'), '%3*+* 4( /( *+) 4*-)(� �3)-,&;)4;3 +* *4*-' '* -(:,+)*)(+%- 4%*)( )-(&( /(.),+ /( 5,+) )'54� (.)( '54%-)*3) &* .&<'5= -'+( . >'( '3' '*)('5(/'*) 4(3)-, &* �%5;3'* . *A,37* +* 3'6(+,+ (6%+,)''+%- '3)(-3* '%3*+(�
�� ��� � ��������� � ����� � ��������� � �� ��� � ��� �� � ��������� ������������ ����� � �� ����� � ����� ��������� �����������#���$�������������� � ���� �� �� ������� ��� � ��� ��������"��&(*.)* 3, 3,5*' & 6* &-(0)(4-%/,&)'6')*)(* .%&'() '+%- &' 6* /,&( 0' +* *4*-' '* ,3(' &(-(-' '3)(-3( 0' '3)(-3* '%3*+( .(-'%*.( /( =,37,6(-3*3 &%-4%-*)'6 � �%3&-()� *&(*.)* &(-( 5 .,-' '5(/'*)( /( '3)(3.'>'&*-( * (>%-),-'+%- /( 4-'6*)':*-( 0'/( >*&'+')*-( * /(+'.) -'' 5,+)%-* /'3)-( .%&'() '+( 5'&' 0' 5'A+%&'' &*-( .,3) 83 4-(:(3) +'.)*)( +* =,-.(+( /(6*+%-' -%5;3(0)'�
��� �� �� �� ��� ���� ���������� ��� � �� %��� � �� � ��� �� ������� ���� � � � �� � �� �������� ��� � � ������������ �&����� �� �� �����! ��"�,4 &,5 .( %=.(-6 83 -(&%5*3/ -'+( 5*' /()*+'*)( 4-(:(3)*)( 5*'A%.� *&(*.)* )-(=,'( . '3&+,/ *4+'&*-(* (>(&)'6 * /-(4),-'+%- *& '%3*-'+%- +(7*)( /( 5%/'>'& -'+( /( &*4')*+.%&'*+ 0' '3)-%/,&(-(* ,3%- 5(&*3'.5( /( &%3)-%+ 83 .&%4,+ 4-(6(3'-'' ,3%- )-*3:*& '' *=,:'6( &, 4*-)(3(-' &,&*-( (J'.) -(+* '' .4(&'*+(� ,-.* /( �*+%-' )-(=,'( . 4*-)'&'4( +* *&(.)( (>%-),-' 0'� &%3.)-,'3/ 4( =*:* 3%,H&-(*)(' �*)(7%-'' * �-*3.4*-(3)('� . '3' '(:( '5(/'*) -(*+':*-(* ,3,' &%/ 6%+,3)*-� &*-( . >'( +(7*) /(&(-'3 (+( /( +'.)*-(�
1. '��������������� � ��
1.1. ��������� �� ��������%�� ��� ��� �� ��� ���� �������� � ��� ������� �������!����� �� �� � ����� ��!�� ���� ������������ �������� � �� ��� ����� "
�3 &',/* 3,5(-%*.(+%- -(>%-5(� &%3/,&(-(* .%&'() '+%- 3* '%3*+( - 5;3( 4%+')':*) 0' '3(>'&'(3) ��-'3 ,-5*-(� 4-'6*)':*-(* (.)( &(* 5*' =,3 .%+, '( 4(3)-, * 85=,3 ) ' 4(->%-5*3 (+( +%- 7+%=*+(��, )%*)( *&(.)(*� .+*=* 7,6(-3*3 &%-4%-*)'6 *3)(-'%*- * &-(*) ,3(%-' /'>'&,+) ' 83 7 .'-(* ,3%-&,54 - )%-' 4(3)-, *&(.)( .%&'() '� �.)( /(&' +%7'& .* 4-(.,4,3(5 & 85=,3*)*)'-(* 4-*&)'&'+%- /(7,6(-3*3 &%-4%-*)'6 6* >*&'+')* 6;3:*-(* 0' 6* *.'7,-* (6*+, -' 5*' =,3( 0' *&&(.,+ +* &*4')*+85=,3*)*)') 4(3)-, *&(.)( .%&'() '�
�,6(-3(+( -'+%- 5(5=-( ��� *, /(4,. (>%-),-' 5*-' 4(3)-, -(>%-5*-(* >'-5(+%- +%- &, &*4')*+ /(.)*) 4( 4*-&,-.,+ 4-%&(.,+,' /( 4-'6*)':*-(� �J4(-'(3 (+( +%- *- 4,)(* >,-3':* �%5;3'(' ,3(+( '3/'&* ''
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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*),- �
�-%&(.,+ /( 4-'6*)':*-( * /,. 0' +* % 4-%4-'()*)( (J)-(5 /( /'.4(-.*) 83 *3,5')( .%&'() '� :(&(5'+'%*3( /( -%5;3' *, /(6(3') *& '%3*-'� (0' ����2 * >*&'+')*) % %*-(&*-( &%3&(3)-*-( 4(3)-,*&(+( .%&'() ' &*-( .,3) 83 5%/ -(*+ .%+6*='+(� 5,+)( /'3)-( *&(.)( .%&'() ' 5*' *, 83& ,3 3,5 ->%*-)( 5*-( /( *& '%3*-'� �&(*.) .)-,&),- * 4-%4-'() '' >*&( *4-%*4( '54%.'='+ 5%3')%-':*-(*&%3/,&(-'' .*, * &(+%- &*-( /( '3 &%3)-%+,+� &((* &( /,&( +* ,3 )-*)*5(3) >%*-)( 4-%.) *+ *& '%3*-'+%-5'3%-')*-'� �&(.)( .%&'() ' .( &%3>-,3)* .' &, 4%6*-* */5'3'.)-*)'6* .,4+'5(3)*-* /()(-5'3*)* /(>*4),+ & .,3) +'.)*)(� 4%6*-* &*-( *4-%*4( .'7,- 6%- &-(0)( 4( 5 .,- &( .)*3/*-/(+( 4-'6'3/)-*)*5(3),+ *& '%3*-'+%- 0' &(+( 4-'6'3/ )-*3.4*-(3 * 0' >,-3':*-(* /( '3>%-5* '' /(6'3 5*' 83*+)(��(7+(5(3)*-(* 0' 5%3')%-':*-(* ,3,' 3,5 - *);) /( 5*-( /( .%&'() ' '54,3( % 4%6*-* 0' �%5'.'('* '%3*+( * �*+%-'+%- �%='+'*-( &*-( /(4 0(.)( %-'&( *6*3)*A 4%)(3 '*+�
�(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%-)�
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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,.)'>'&*) �
�4+'&*-(* (>'&'(3) * +(7'' /( & )-( �%5'.'* * '%3*+ * �*+%-'+%- �%='+'*-( 3(&(.') .)*='+')*)(=,7()*- � '3.)-,'-(* -(7,+*) * 4(-.%3*+,+,'� '3&+,.'6 .&<'5= /( (J4(-'(3 &, '3.)'), '' .'5'+*-(-(7'%3*+( 0' '3)(-3* '%3*+(� .*+*-'' &%54()')'6( 0' /%) -' &%-(.4,3: )%*-(� �(5=-'' )-(=,'( . >'(3,5' ' 0' . H0' 83/(4+'3(*.& .*-&'3'+( 4( =*:* 5(-')(+%- 4-%>(.'%3*+( 0' * -(.4(&)*='+') '' +%- 4(4'* (+( >'3*3&'*-(� �%5'.'* )-(=,'( . &(*-* %-7*3'.5(+%- /( *,)%-(7+(5(3)*-( &(+( 5*' 83*+)(.)*3/*-/( ()'&( 0' 4-%>(.'%3*+(� �3 5%/ .4(&'*+� )-(=,'( . >'( 83&,-*A*)* .' .')5,+*)* �.%&'* '** '%3*+ * �%&'() '+%- /( �*+%-' �%='+'*-( 4(3)-, *H.' 85=,3 ) ' 4(->%-5*3 (+( 0' &-(/'='+')*)(**.)>(+ 83&;) . .( 4%*) &*+'>'&* /'3 3%, 4(3)-, .)*),),+ /( %-7*3'.5 /( *,)%-(7+(5(3)*-(� �H*- 4,)(*'3' '* 4-%7-*5( /( *.'.)(3 )(<3'& 83 .&%4,+ /( * '/(3)'>'&* 4,3&)(+( .+*=( 0' 3(&(.') '+(organismelor de autoreglementare.
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-%&(.,+
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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. � ������ � �������� ����� �,������������ ���������
3.1. '�,��� ��� ����������������������� ��� �� ��� �������� �� �� �� ��� ������$�� �� �� �� ��� ������ � ��� � ��� � ������� � � ����� ������������ ��������������� ������ ���� ���� ����� � �� �����companiei.
�*A%- -'+( *=,:'6( /( &*4')*+ .,3) &(6* >%*-)( >-(&6(3) 83 �%5;3'* '*- /-(4),-'+( *& '%3*-'+%- /( **4-%=* *.)>(+ /( .&<'5= -' 0' /( *H0' (J(-&')* /-(4),-'+( /( 4-((5 ',3( *, >%.) /(.(%-' %&%+')(� �H*,>%+%.') 5'A+%*&( /,='%*.( 4(3)-, * .)*='+' 4-( ,+ 3%'+%- *& ',3' 4(3)-, *3,5' ' &,54 - )%-'� &((* &( **6,) /-(4) &%3.(&'3 .+ ='-(* 4%:' '(' *& '%3*-'+%- (J'.)(3 '� �=,:,-'+( &(+( 5*' >-(&6(3)( 0' 5*'7-*6( '3&+,/ ,)'+':*-(* 6*+%-'' &%3)*='+( 3%5'3*+( 83)-H,3 &+'5*) <'4(-'3>+* '%3'.) 0' * &%3)-'=, ''+%- 833*),- +* 6*+%*-' 5,+) .,4-*(6*+,*)(�
� =,3 7,6(-3*3 &%-4%-*)'6 &(-( &* �/,3*-(* �(3(-*+ * �& '%3*-'+%- . *4-%=( %-'&( 5%/'>'&*-(83 .)-,&),-* &*4')*+,+,'� �/,3*-(* )-(=,'( . -(.4(&)( )%*)( 4-%&(/,-'+( 4-(6 :,)(� '3&+,.'6 &(-'3 (+(/( 830)''3 *-( 0' 4-(:(3 * 3(&(.*- 4(3)-, �/,3 -'+( �(3(-*+( *+( �& '%3*-'+%-� �),3&' &;3/ .(*3,3 % �/,3*-( �(3(-*+ � *3,3 ,+ )-(=,'( . .4(&'>'&( &+*- & .( 6* 4,3( 83 /'.&, '( % 5%/'>'&*-(/( &*4')*+ .%&'*+ 4-(&,5 0' &%3/' ''+( *&(.)(' 5%/'>'& -'� ,4 &( .H* *4-%=*) % 5%/'>'&*-(� )-(=,'( .>'( %3%-*)( /-(4),-'+( /( 4-((5 ',3( *+( *& '%3*-'+%-� *& 3, .( >*&( *&(.) +,&-,� 3%,* (5'.',3( *-)-(=,' .* >'( 3,+ .' >*-* (>(&)� �%3)-'=, ''+( 83 3*),- +* &*4')*+,+ .%&'*+ 3, *- )-(=,' *&&(4)*)( '*-.%&'() '+( 4( *& ',3' 3, *- )-(=,' .* ,)'+':(:( 6*+%*-(* &%3)*='+ 3%5'3*+ &* =*:* 4(3)-, .)*='+'-(*4-( ,+,' ,3%- 3%' *& ',3'+%- 83 &%3)(J),+ 5*A%- -'' /( &*4')*+� �3)-,&;) 6*+%*-(* 4( 4'* * =,-.'(- * *.%&'() '+%- -%5;3(0)' (.)( /( 5,+)( %-' ,3 5'A+%& /( (6*+,*-( '3(>'&'(3)� (.)( '54%-)*3) . .(/(:6%+)( 0' . .( (J)'3/ ,)'+':*-(* ,3%- (6*+, -' '3/(4(3/(3)( *+( 6*+%-'' *& ',3'+%- .%&'() '+%-�
3.2. -� ��� �� ��� ���������� �� ������ �� ���������� �������������%�� �� ���� � ��� ������%�� ��������%�� ����� � ������� ����� �������� ���� "
�(' &*-( /( '3 4%:' '' /( &%3)-%+� &,5 .,3) *& '%3*-'' 5*A%-')*-' 0' &%3/,&(-(*� .H*, >%+%.') 83 5%/-(4()*) /( )-*3:*& '' *=,:'6( 4(3)-, * (J)-*7( 6*+%-' /'3 .%&'()*)( 83 /(>*6%*-(* *& '%3*-'+%-5'3%-')*-'� �.)>(+ /( 4-*&)'&' 6'%+(*: >,3/*5(3)*+ 4-'3&'4',+ )-*)*5(3),+,' (&<')*='+ *+ *& '%3*-'+%-�
�(3)-, * .)%4* *&(.)( 4-*&)'&'� )-*3:*& ''+( 5*A%-( &*-( '54+'& % 4*-)( .,=.)*3 '*+ /'3 *&)'6(+(.%&'() '' )-(=,'( 83)%)/(*,3* . >'( *4-%=*)( /( & )-( �/,3*-(* �(3(-*+ * �& '%3*-'+%-� �3 )%*)(&(+(+*+)( )-*3:*& ''� '3/'>(-(3) /( 5*-'5(* +%-� &%3/,&(-(* 0' 5(5=-'' &%3.'+',+,' /( */5'3'.)-* '()-(=,'( . >'( %=+'7* ' . /(:6 +,'( %-'&( 4%.'='+ &%3>+'&) /( '3)(-(.( 83*'3)(* +, -'' ,3(' /(&':''� �3&*:,+ ,3,' &%3>+'&) /( '3)(-(.(� /'-(&)%-,+ .*, */5'3'.)-*)%-,+ 3, )-(=,'( . 4*-)'&'4( +* +,*-(*/(&':'('� �%3>+'&)(+( /( '3)(-(.( 4%) *4 -(* 83 )-*3:*& ''+( &, % 4*-)( &*-( (.)( *>'+'*) ,3,' 5(5=-, *+&%3.'+',+,' /( */5'3'.)-* '(� *+ &%3/,&(-'' 0' -,/(+%- +%- .*, *.%&'* '+%- +%- *4-%4'* '� �%3>+'&)( /(interese este de asemenea probabil sa apara atunci când oficiali alesi sau membri ai cabinetului fac
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4*-)( /'3 &%3.'+''+( ,3%- .%&'() ' &%5(-&'*+(� �& '%3*-'' )-(=,'( . >'( '3>%-5* ' /(.4-( )%*)()-*3:*& ''+( 5*A%-( 4-(&,5 0' /(.4-( )%*)( )-*3:*& ''+( &*-( 4-(.,4,3 &%3>+'&)( /( '3)(-(.(�
3.3. �� �������$� ��������� ��� ��������� ������� ������$� �� ��� � � � �� � ������(� �� � * �� � � ������������� ��������� ����� �!�� ���� ����������� "
�*-(* 5*A%-')*)( * *& '%3*-'+%- 3, A%*& 3'&' ,3 -%+ 83 4-%&(.,+ /( 7,6(-3*3 &%-4%-*)'6 *.%&'() '+%- 4( &*-( +( /( '3� �&(*.)* -(>+(&) *);) 3,5 -,+ >%*-)( 5'& /( *& ',3' /( '3,) /(5*A%-')*)(* *& '%3*-'+%- &;) 0' .)*-(* /( .,=/(:6%+)*-( * ,3(' &,+),-' *&)'%3*-'*+(� �-(.)(-(* 7-*/,+,'/( &%3.)'(3)':*-( * 4,=+'&,+,' +*-7 /( '3 )%- /( *& ',3' (.)( 4-'3 ,-5*-( % &%3/' '( '54%-)*3) 4(3)-,85=,3 ) '-(* 7,6(-3*3 (' &%-4%-*)'6(� �( -(&%5*3/ '3' '(-(* ,3%- 4-%7-*5( (/,&*)'6( 0' /(5(/'*)':*-( 4(3)-, * 4(-5')( % 5*' =,3 83 (+(7(-( * 4-%=+(5(+%- +(7*)( /( 7,6(-3*3 * &%-4%-*)'6 ��3.)'), ''+( '3)(-3* '%3*+( *- 4,)(* A,&* ,3 -%+ '54%-)*3) 4-'3 .,. '3(-(* *&(.)%- 4-%7-*5( &*-( *-)-(=,' . '3&+,/ 0' 4*-)'&'4*-(* *&)'6 * A,-3*+'0)'+%- 0' * -(4-(:(3)*3 '+%- 5(/'*� �3' '*)'6* *- 4,)(*'3&+,/( 0' *&%-/*-(* /( *.'.)(3 .%&'() '+%- 0' '36(.)')%-'+%- 83 %-7*3':*-(* 6%) -'+%- 4-'3împuternicit.
�36(.)')%-'' '3.)'), '%3*+' A%*& ,3 -%+ 5,+) 5*' 4, '3 '54%-)*3) 4( 4'* * -%5;3(*.& /( &*4')*+ >*/( *+)( (&%3%5'' 83 )-*3:' '( &*-( *, )-(&,) 4-'3 4-'6*)':*-(* 83 5*. 4( =*: /( &,4%*3(� �(3)-, *&%3)-'=,' +* 85=,3 ) '-(* &,+),-'' 4-'6'3/ 7,6(-3*3 * &%-4%-*)'6 83 �%5;3'*� '36(.)')%-'''3.)'), '%3*+'� '3&+,.'6 '36(.)')%-'' .)- '3'� )-(=,'( . >'( 83&,-*A* ' . H0' >%-5,+(:( 0' . >*& 4,=+'&4-%4-'* +%- 4%+')'& /( *&)'%3*-'*)� 83 .4(&'*+ 83 &((* &( 4-'6(0)( 6%),+ 83 �/,3*-(* �(3(-*+ *�& '%3*-'+%-� �36(.)')%-'' '3.)'), '%3*+' )-(=,'( /( *.(5(3(* . .( .)- /,'*.& . H0' 4(->(& '%3(:(4-*&)'&'+( 4-%4-'' /( 7,6(-3*3 &%-4%-*)'6 � 5*' *+(. 83 4-'6'3 * )-*3.4*-(3 ('�
3.4. - ,����� ����� ��� �� ������*�� ���� ������ ��� �������� ��������� � ��������� ��+ � ��� ����� ��� � � � �� � � ���� $� � ������� � � ��������� � � ����� ������ � �� ��� � � � �� � ����� � ���� ��%��� ����� ������ ��� �� ��� �������� "
�/,3*-(* �(3(-*+ * �& '%3*-'+%- (.)( %-7*3'.5,+ .,4-(5 /( +,*-( * /(&':''+%- 83)-H% .%&'()*)(�'36(.)') &, *,)%-')*)(* /( * <%) -8 *.,4-* ,3%- 4-%=+(5( >,3/*5(3)*+(� '3&+,.'6 *.,4-* &%54%:' '('�%3.'+',+,' /( �/5'3'.)-* '( 0' * 5%/,+,' /( ,)'+':*-( * 4-%>'),-'+%- .%&'() ''� �(3)-, * >*&'+')*/(.> 0,-*-(* &%-(.4,3: )%*-( * �/,3 -'' �(3(-*+(� .( -(&%5*3/ (+*=%-*-(* ,3,' �<'/ /( ,3(�-*&)'&' &*-( . >'( ,)'+':*) &* 5*3,*+ /( -(>(-'3 4(3)-, .%&'() '+( &%)*)( 0' *& '%3*-'�
�3(+( .%&'() ' -%5;3(0)' *, '54,. &(-'3 ( /( '/(3)'>'&*-( >%*-)( /'>'&'+( 0' .'.)(5( &%54+'&*)( /("83-(7'.)-*-( * *& ',3'+%-# 83 .&%4,+ -(.)-'& '%3 -'' 4*-)'&'4 -'' *& '%3*-'+%- +* �/,3 -'+( �(3(-*+(��.)( *=.%+,) 3(&(.*- &* )%*)( 4-*&)'&'+( &*-( +'5')(*: /-(4),+ +(7*+ *+ *& '%3*-'+%- /( * 4*-)'&'4* +*%-'&*-( �/,3*-( . >'( (+'5'3*)(�
-(4),-'+( *& '%3*-'+%- /( * >' 830)''3 * ' 0' '3>%-5* ' /(.4-( �/,3*-(* �(3(-*+ .,3) 83 7(3(-*+respectate. Cu toate acestea, din cauza perioadei scurte de notificare este foarte dificil pentru*& '%3*-' . .( '3>%-5(:( 0' . .( 4-(7 )(*.& &%-(.4,3: )%- 4(3)-, �/,3*-(� �(3)-, &* *& '%3*-'' .>'( &%-(&) '3>%-5* ' 0' 4-(7 )' '� 4(-'%*/* *&),*+ /( �� :'+( 4(3)-, 3%)'>'&*-( *- )-(=,' . >'( (J)'3.+* &(+ 4, '3 �1 :'+(�
�3 *+) *=,: >-(&6(3) &%3.) 83 3(4+*)* .*, 4+*)* &, 83);-:'(-( * /'6'/(3/(+%- *4-%=*)(� &*-( (.)(*7-*6*) /( -*)* -'/'&*) * '3>+* '(' /'3 �%5;3'*� '6'/(3/(+( )-(=,'( . >'( 4+ )')( 4-%54)� 83 )(-5(3/( E1 :'+(� �* ,3 3'6(+ 5*' 7(3(-*+� )-(=,'( &* *& '%3*-'' . 4%*) '54,3( *4+'&*-(* /(&':''+%-�/,3 -'+%- �(3(-*+( 4-'3 4-%&(/,-' 83 '3.)*3 *&&(+(-*)(� &,5 *- >' 5 .,-'+( '3)(-'5*-(�
4. ������������!���������������� � ��������� ��� ����!�� ���� ������������
4.1. '��� � �� � ���#� ��� �� ��� � � � ��� � ��� ������� �� ������ �� � !�� ���� � ��� � � � ���!�� ���������%�� ����� ��� �� ���� ��� !���� � �������!��� ����������� ������ ���� �� ����!���������interes în societate (stakeholders)
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(0' %>'&'*+ &(3:%-'' *, .*-&'3* /( * 5%3')%-':* 83 7(3(-*+ -(.4(&)*-(* +(7'.+* '(' -%5;3(0)'� 3, (.)(&+*- /*& (' *, -(,0') . H0' 83/(4+'3(*.& *&(.) -%+� (+'5')*-(* - .4,3/(-'' 4(3)-, -(.4(&)*-(*%=+'7* ''+%- .%&'() '' >*)* /( )(-)' )-(=,'( . >'( ='3( /(>'3') � &, -(.4%3.*='+') ' *)-'=,')( &+*-%-7*3(+%- .%&'() ''� �%3.'+',+ /( */5'3'.)-* '( *-( 83 ,+)'5* '3.)*3)* .*-&'3* /( * .( *.'7,-* & .H* 4,.83 4-*&)'& % *.)>(+ /( .)-,&),- � '3 4,3&),+ /( 6(/(-( *+ 7-,4,-'+%- &( *, '3)(-(. 83 .%&'()*)(�(J(54+(+( 4%) '3&+,/( 4(-.%*3( %>'&'*+( /'3 .%&'()*)( &*-( . .( %&,4( /( ,-5 -'-(* -(*+': -'+%- /'3/%5(3'' &,5 *- >' /-(4),-'+( *& '%3*-'+%-� /-(4),-'+( &-(/')%-'+%-� +(7'.+*)'* 5,3&'' .*, +(7'.+*)'*mediului.
De asemenea, în domenii în care drepturile grupurilor de interese în societate nu sunt legiferate ar4,)(* >' ,)'+ 4(3)-, .%&'() ' . *=%-/(:( (J4+'&') &<(.)',3' +(7*)( /( *&(.)( 7-,4,-' &( 4-(%&,4*'36(.)')%-'' '3)(-3*)'%3*+'� �-%=+(5(+( /( 5(/', 0' -(+* ''+( /( 5,3& *+( .%&'() '+%- .,3) /%,/%5(3'' &*-( *- 3(&(.')* % *)(3 '( /(%.(=') �
4.2. -� ��� �� �� ������ ������� � � �������� �������� ����� ��������� ����� ���� �� %� ��� ����������� !�� ��������%�� ��� �������������� ������������� � �������� �������� � ��"
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4.3. � ������ � �� ���������� �� ��� � � � �� � ������ $� ��� �� ����� ��� � �� � � ���� � � ���� ����� � � faliment.
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4.4. -� ��� �� �� ����!�� ���������� ��������� ����� ����������� �� ���� �� ������ ���"
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5. -������� � � ������%�� ��������� �����
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5.2. '������� � � �������� � ���#� ��� �� ��� � � � �� � � �� � ����� � �� � * �� ������� � ����%� ��� � �� '������� � ���� ��� ����� �� ��������� ���������� �.���'/"
�(7'.+* '* -%5;3 4-(6(/( )-(&(-(* +* ���� 4;3 83 *3,+ �11� 83 83)-(4-'3/(-'+( 5*-'� �&(*.))-*3:' '( (.)( (.(3 '*+ *);) /'3 4,&) /( 6(/(-( *+ 85=,3 ) '-'' .)*3/*-/(+%- 7+%=*+( /( )-*3.4*-(3 0'/(.&<'/(-( &;) 0' 4(3)-, *)-*7(-(* '3)(-(.,+,' '36(.)')%-'+%- .)- '3'� �)*3/*-/(+( &%3)*='+( .'54+'>'&*)(4(3)-, 83)-(4-'3/(-' 5'&' 0' 5'A+%&'' )-(=,'( /( *.(5(3(* . .( =*:(:( 4( �����
�3 4-(:(3)� '3>%-5* ''+( >'3*3&'*-( 0' *+)( '3>%-5* '' '54%-)*3)( .,3) /(.(%-' -*4%-)*)( &, 5*-(83);-:'(-( 0' 83)-H% 5*3'(- 3()-*3.4*-(3) � �-*&)'&'+( &%3)*='+( )-(=,'( . >'( 85=,3 ) ')( 83 &((* &(4-'6(0)( &%3 '3,),+ 0' *&),*+')*)(*� ( (J(54+,� 3%)(+( +* .'),* ''+( >'3*3&'*-( )-(=,'( . '3&+,/ +'.)(/( &%3),-' /(=')%*-( 0' &-(/')%*-( 0' 854-,5,),-' 4-'5')( 0' *&%-/*)(� '3/'&;3/,H.( &, &;) .H* /(4 0')/*)* .&*/(3 ('� �3 &*:,+ &%3),-'+%- /(=')%*-( 0' 854-,5,),-'+%- 4-'5')( *- )-(=,' . .( '3/'&( 0'4-%=*='+')*)(* /( * >' 83&*.*)(� �3 &%3>%-5')*)( &, -(&%5*3/*-(* ���� )-*3:*& ''+( &, 4 - ' '54+'&*)()-(=,'( . >'( 4-(:(3)*)( *5 3,3 ') 83 .'),* ''+( >'3*3&'*-(� �3 &*:,+ 83 &*-( 3, (J'.) *.)>(+ /()-*3:*& '' &, 4 - ' '54+'&*)(� &%3/,&(-(* 0' &(3:%-,+ )-(=,'( . '3&+,/ % 3%) &*-( . .4(&'>'&( &+*-*&(.) +,&-,� �%3)*='+')*)(* &%3.%+'/*)* 4(3)-, 7-,4,-'+( /( >'-5( *- )-(=,' . >'( 85=,3 ) ')*�
5.3. '��� � �� � �� ��� �� *��� ��������� ������ % ���� �� ������� ��������������� � ��� ���������� �� ������ ��� � ���������"
�3 4-(:(3) .( *4(+(*: /'3 &( 83 &( 5*' 5,+) +* ,)'+':*-(* ,3%- .%&'() ' /( )'4 <%+/'37 0' %>>.<%-(4(3)-, * 5*.&* */(6 -*),+ /( '3 )%- *+ &%3)-%+,+,' 83)-H% .%&'()*)( 0' 83 )-*3:*& ''� �.)>(+ /(*-*3A*5(3)( .( >%+%.(.& /(.(%-' 83 &%5='3* '( &, )-*3:*& '' *=,:'6( &, 4 - ' M'3' '*)(#� �);)4-%4-'()*-'' =(3(>'&'*-' '3)(-3' &;) 0' &(' %>>.<%-( .*, % &%5='3* '( /( *.)>(+ /( 4-%4-'()*-' &*-( /( '34(.)( �N /'3 *& ',3' )-(=,'( . >'( /(&+*-* ' +* �%5'.'* * '%3*+ * �*+%-'+%- �%='+'*-( 0' *3,3 * '4,=+'& 4-'3 -*4%-),+ *3,*+� �-(=,'( . >'( *4+'&*)( .*3& ',3' 0' 4(3*+': -' 4(3)-, *=*)(-' /( +* *&(*.)-(7,+ �
5.4. '��� � �� ������ ��� ��� �� ������% % �������� ���� ������ ���������� � ��� ���� ������ ������������������������������ � ��� $��� ���������� ����������������!.
�3 4-(:(3)� '3>%-5* ''+( &, 4-'6'-( +* .%&'() ' .,3) > &,)( 4,=+'&( 83 5%/ +'5')*) 0' 3()-*3.4*-(3)��+*='&',3'+( 83 5*)(-'( /( &%3)-%+ >'3*3&'*- '3)(-3 83 .%&'() '+( -%5;3(0)' -'/'& .(53( /( 83)-(=*-(&, 4-'6'-( +* &*+')*)(* '3>%-5* ''+%- %>(-')(� �&(.) +,&-, 3, 3,5*' & *>(&)(*: *& '%3*-'' 0' *+)( 4 - ''3)(-(.*)( &' 4,3( 0' .,= .(53,+ 83)-(= -'' &-(/'='+')*)(* .(&)%-,+,' 83)-(4-'3/(-'+%- 83 7(3(-*+�
�(3)-, * >,-3':* '3>%-5* '' &%-(&)( *);) 4(3)-, ,: '3)(-3 &;) 0' 4(3)-, ,: (J)(-3� 6(-'>'& -'+( '3)(-3()-(=,'( . >'( (>(&),*)( /( & )-( ,3 *,/')%- '3)(-3 0'K.*, ,3 &%+(&)'6 /( *,/')*-( .,= *,)%-')*)(*/'-(&) * &%5'.'(' /( *,/')� 83 &%3>%-5')*)( &, -(&%5*3/*-(* E��� �3>%-5* ''+( >'3*3&'*-( *&),*+':*)(
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0' &%54+()( )-(=,'( . >'( 4-(:(3)*)( 4( '3)(-3() 0' . >'( 4,.( +* /'.4%:' '* 4,=+'&,+,' .'5,+)*3 &,)-'5')(-(* +%- +* �%5'.'* * '%3*+ * �*+%-'+%- �%='+'*-(� �*4%-),+ �3,*+ *+ �%&'() '' )-(=,'( .'3&+,/ )%*)( '3>%-5* ''+( >'3*3&'*-( 0' /( *+) 3*),- -(+(6*3)( 4(3)-, 7,6(-3*3)* &%-4%-*)'6*�
5.5. -� ��� � � � �� ��� � ��� �� � �� � � ����� ����� ��� ������� � ������� � �� ��� � ��� � �� ����������� �� ����� �������� ����!������� � �� � �� ����� !����� ���� �����"
�,/')%-'' 83 �%5;3'* .,3) ,3(%-' 6 :, ' &* 4'%3' *' .%&'() '+%- 4( &*-( +( 6(-'>'& � �&(*.)* -(/,&(&-(/'='+')*)(* 83)-(7'' 4-%>(.'' 0' -'/'& .(53( /( 83)-(=*-( 83 7(3(-*+ /(.4-( 6(-'/'&')*)(*'3>%-5* ''+%- >,-3':*)( /( & )-( .%&'() '�
�*.4,3/(-(* *,/')%-'+%- )-(=,'( . >'( /(>'3') 5*' &+*-� . >'( .4%-')* 0' (>(&)'6 4,. 83 *4+'&*-(��.%&'* ''+( /( *,/') )-(=,'( . 83>''3 (:( &%5'.'' /( 5%3')%-':*-( 0' *4+'&*-( &*-( . &(-&()(:(&*:,-'+( /( &%3/,') 3(&%-(.4,3: )%*-( 0' . '54,3 .*3& ',3' 4(3)-, *=*)(-'+( &%5'.( /( 5(5=-'��J'.)(3 * ,3%- *.(5(3(* &%5'.'' 3, *3,+(*: )%),0' /-(4),+ /( * *4(+* +* A,.)' '( 4(3)-, -(:%+6*-(*+')'7''+%-� �,6(-3,+ )-(=,'( . H0' 4 .)-(:( *,)%-')*)(* 0' . ,-5 -(*.& *&)'6 .%&'() '+( &%5(-&'*+( 0'&(3:%-'' 4(3)-, 83&*+&*-' /( 3*),-* &'6'+* .' 4(3*+* *+( +(7'.+* '(' �
6. � ����������� �� �������������� ����������� �
6.1. 0 !���� ����� ��� �� ������� % ������� ���������������������� ����������� � � �� �� ��� ��� % ������ � �������������� ���������"
�(3)-, >,3& '%3*-(* &%-(.4,3: )%*-( * �%3.'+',+,' /( */5'3'.)-* '(� 5(5=-'' *&(.),'* )-(=,'( .*& '%3(:( 83 '3)(-(.,+ tuturor *& '%3*-'+%-� 0' 3, 83 '3)(-(.,+ ,3,' *& '%3*- &*-( /( '3( &%3)-%+,+ .*, *+,3,' 7-,4 /( *& '%3*-'� *)%-'* */5'3'.)-*)%-'+%- /( * >' +%'*+' ),),-%- *& '%3*-'%- )-(=,'( . >'( ='3(/(>'3') 83 �(7(* 4-'6'3/ .%&'() '+( &%5(-&'*+(� 4-(6 :;3/,H.( .*3& ',3' .4(&'>'&( 4(3)-,nerespectarea acesteia.
� (6*+,*-( 0' % 5%3')%-':*-( (>'&'(3) * *&)'6') '' �%3.'+',+,' /( */5'3'.)-* '( 3(&(.') % .)*='+'-(4-(&'. * -*.4,3/(-'+%- '3/'6'/,*+(� (0' +(7'.+* '* *&),*+ -%5;3 4*-( 4,)(-3'& 83 *&(.) /%5(3',�3*),-* .* &%54+(J '3&+,/( 3,5(-%*.( (J&(4 ''� &((* &( 4(-5')( &* 5(5=-'' �%3.'+',+,' . 3, 4%*)>' )-*0' +* - .4,3/(-( /( & )-( *& '%3*-'� ( (J(54+,� ,3 *& '%3*- 3, 4%*)( '3)(3)* % *& ',3(854%)-'6* ,3,' 5(5=-, *+ �%3.'+',+,' 4;3 &;3/ 3, .H* .)*='+') & �/,3*-(* �(3(-*+ * �& '%3*-'+%-nu 6* '3)(3)* % *& ',3( &%+(&)'6 854%)-'6* 5(5=-,+,' -(.4(&)'6� �(3)-, % 5*' =,3 7,6(-3*3&%-4%-*)'6 � (.)( 3(&(.*- . >'( &+*-'>'&*) - .4,3/(-(* &%+(&)'6 0' '3/'6'/,*+ * 5(5=-'+%- /(�%3.'+', 83 �%5;3'* *.)>(+ 83&;) *& '%3*-'' . .( 4%*) (>(&)'6 83/-(4)* 854%)-'6* */5'3.)-*)%-'+%-�
6.2. � ������ ������������ � � ���������� � � �� ��� � � � ��� � ����������� �� � * �� ��� ���� �������!����� �� ������� � ����� ������ � ������� ���� "
�(3)-, &* 5(5=-'' �%3.'+',+,' . H0' 4%*) 83/(4+'3' .*-&'3'+( 83 5%/ .*)'.> & )%- 0' . 3, *& '%3(:(&* .'54+( '3.)-,5(3)( *+( *& '%3*-,+,' 5*A%-')*- 0'K.*, *+( &%3/,&(-''� (' )-(=,'( . *'= % &*+'>'&*-(&%-(.4,3: )%*-( 0' '3>%-5*)'' */(&6*)( /(.4-( .%&'()*)(� �-(=,'( . .( .)*='+(*.& &+*- &* >,-3':*-(*tuturor informatiilor relevante catre membrii consiliului de administratie este obligatiamanagementului.
'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.
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'3;3/ &%3) /( 3,5(-%*.(+( /%5(3'' /( &%3>+'&) 4%)(3 '*+� .%&'() '+( *- )-(=,' .* (6')( . '3&+,/ 83�%3.'+''+( +%- */5'3'.)-*)%-' &*-( .,3) *+(.' 83 >,3& '' %>'&'*+( .*, &*-( .,3) 5(5=-' *' �,6(-3,+,'�Astfel de practici nu sunt compatibile cu profesionalismul unui Consiliu. Pe termen mai lung, si>,3& '%3*-'' 4,=+'&' )-(=,'( .* >'( 854'(/'&*)' /( * %&,4* >,3& '' /( */5'3'.)-*)%-'� �)*),+ )-(=,'( .3,5(*.& (J4(- ' '3/(4(3/(3 ' (J)(-3' &*-( . .( %&,4( /( '3)(-(.(+( .*+( 83 &*+')*)( /( 4-%4-'()*-� �3%-'&( &*:� -()-'=, '* +%- 4(3)-, (J(-&')*-(* >,3& '(' /( */5'3'.)-*)%- )-(=,'( . >%*-)( 5%/(-*)*4(3)-, * (6')* *4*-')'* ,3%- '3)(-(.( &( 4%) / ,3* 4-'6*)': -'' 0' ,3(' 7,6(-3*3 ( &%-(.4,3:*)%*-( *întreprinderilor cu capital de stat.
6.3. '��� � �� ��� ��� �� ���� ������� �������� ���� ������������������� � �� � �"
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6.4. ���������� �� ������������ � � ���������� � � �� ��� � � � �� � ��� ��� � ����� �����%�� �� ����� ��������� �����%�� $������������������ �� ���������� �� ����������� �� �%����"
�3 �%5;3'* .( >%+%.(.& -*- &%5'.'' .4(&'*+':*)( *+( �%3.'+',+,' /( */5'3'.)-* '(� �&(.) +,&-, )'3/( ./'5'3,(:( *);) -%+,+ &;) 0' &%54()(3 * (>(&)'6 * �%3.'+',+,' 0' &-(0)( /(4(3/(3 * */5'3'.)-*)%-'+%-/( &%3/,&(-(� �- )-(=,' . .( 83>''3 (:( *.)>(+ /( &%5'.'' .4(&'*+':*)(� 83 .4(&'*+ % �%5'.'( /( �,/')0' % �%5'.'( /( �(5,3(-* '(� �&(.)( &%5'.'' )-(=,'( . '3&+,/ % 5*A%-')*)( /( */5'3'.)-*)%-''3/(4(3/(3 '� &*-( . 3, >'( 5(5=-' *' &%5')(),+,' /'-(&)%-� /*& *&(.)* (J'.) �
�%5'.'* /( �(3:%-'� &*-( .( 4-(.,4,3( & )-(=,'( . 83/(4+'3(*.& *3,5')( >,3& '' /( *,/') 0' /(,-5 -'-( * -(.4(&) -'' +(7'.+* '('� (.)( 83 5*-( 5 .,- '3(>'&'(3) 0' * .+ =') 0' 5*' 5,+) �%3.'+',+ 4-'3&-(*-(* ,3%- &%3>,:'' &, 4-'6'-( +* -(.4%3.*='+') '+( &(+%- /%, %-7*3(� �3 &%3)(J),+ 83>''3 -'' ,3('�%5'.'' /( �,/')� )-(=,'( . .( &+*-'>'&( -%+,+ &(3:%-'+%-� � 4%.'='+ .%+, '( *- >' (+'5'3*-(* �%5'.'('/( �(3:%-' 0' 83+%&,'-(* (' &, �%5'.'* /( �,/')� &((* &( *- >' 83 &%3>%-5')*)( &, 4-*&)'&*'3)(-3* '%3*+ -(&(3) �
6.5. ���������� ��� �������������������� ��� �� �� ��� �� ��� ���������� ������*��������������� �� ������������� ��� � ��� ����� ����+ � ��� "��� ����� ������ ������ �� �� �������� ��� ����� � �administratorilor.
(0' +(7'.+* '* -%5;3 *-( 4-(6(/(-' &*-( &(- &* *& '%3*-'' . >'( '3>%-5* ' .' '54+'&*)' 83 3,5'-(* 0'.)*='+'-(* -(5,3(-*)'( */5'3'.)-*)%-'+%-� 4-(&,5 0' /-(4),+ +%- /( * 6(/(* 4-%&(.(+( 6(-=*+( *+(0(/'3 (+%- �%3.'+',+,' 0' *+)( /-(4),-' +(7*)( /( '3>%-5*-(* +%-� 83 4-*&)'& 3, .( >,-3':(*: '3>%-5* ''(.(3 '*+( &, 4-'6'-( +* *&)'6') '+( �%3.'+',+,' '*- ,3(%-' '3)(3 ''+( �/,3 -'' �(3(-*+( .,3) 5%/'>'&*)(�( (J(54+,� /(0' -()-'=, '* */5'3'.)-*)%-'+%- )-(=,'( . >'( *4-%=*) /( & )-( �/,3*-(* �(3(-*+ �.,5* *4-%=*) 4%*)( >' 5 -') 4-'3 *&%-/*-(* /( .)'5,+(3)( >'3*3&'*-( 0' 4-'3 -(*A,.) -' &*-( 3, .,3)*4-%=*)( /( & )-( *& '%3*-'� �-%&(.,+ /( 3,5'-( * 5(5=-'+%- �%3.'+',+,' /( */5'3'.)-* '( (.)( 0' (+ 837(3(-*+ +'4.') /( )-*3.4*-(3 0' *& '%3*-'' -*-(%-' 4-'5(.& '3>%-5* '' &, 4-'6'-( +* &(' 3,5' ' 83*'3)(*�/,3 -'' �(3(-*+(� �.)>(+ .( )-*3.>(- (>(&)'6 4-%&(.,+ /( 3,5'-( /( +* *& '%3*-' +* &%3/,&(-(�
�% ' *& '%3*-'' )-(=,'( . >'( '3>%-5* ' +* )'54� &%-(&) 0' (>'&'(3) /(.4-( 4(-.%*3(+( 4-%4,.( 4(3)-, *>*&( 4*-)( /'3 �%3.'+', 0' /(.4-( &*+'>'&*-(* +%-� �-%&(/,-'+( /( 4-%4,3(-( .4-( 3,5'-( *- )-(=,' . >'('3&+,.( 83 +(7(� �(3)-, * (6')* *=*)(-'+( 3(A,.)'>'&*)(� -()-'=, '* */5'3'.)-*)%-'+%- *0* &,5 * >%.) (*<%) - ) /( & )-( �/,3*-(* �(3(-*+ *- )-(=,' . >'( 6(-'>'&*) /( & )-( *,/')%-' (J)(-3' 0' .4(&'>'&*)83 -*4%-),+ >'3*3&'*- *+ .%&'() ''� -(4),+ *& '%3*-'+%- /( * *6(* *&&(. +* 4-%&(.(+( 6(-=*+( *+(0(/'3 (+%- �%3.'+',+,' 0' +* *+)( '3>%-5* '' -(+(6*3)( *- )-(=,' . >'( *.'7,-*) &, */(6 -*)�
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� ���� ��� �!�� ���� ������������ 1
În prezentul raport, 2!�� ���� ������������ 3 *-( .(53'>'&* '* 4-%4,. 83 �-'3&'4''+( ����0' *3,5(�
� ,3 .() /( -(+* '' 83)-( 5*3*7(5(3),+ .%&'() ''� &%3.'+',+ /( */5'3'.)-* '(� *& '%3*-'' . ' 0'alte grupuri cu interese în societate;
� .)-,&),-* 4-'3 &*-( .( .)*='+(.& %='(&)'6(+( .%&'() '' 0' 5'A+%*&(+( 4(3)-, -(*+':*-(* *&(.)%-%='(&)'6( 0' 4(3)-, 5%3')%-':*-(* 4(->%-5*3 (+%-L
� .'.)(5,+ /( .)'5,+(3)( *&%-/*)( �%3.'+',+,' /( �/5'3'.)-*)'( 0' &%3/,&(-'' 4(3)-, * ,-5 -'%='(&)'6(+( &*-( .,3) 83 '3)(-(.,+ .%&'() '' 0' *+ *& '%3*-'+%- 0' 4(3)-, * >*&'+')*5%3')%-':*-(*� 83&,-*A;3/ 83 *&(.) >(+ >'-5(+( . H0' ,)'+':(:( -(.,-.(+( 83)-H,3 5%/ 5*'eficient.
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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Clasament Scor global (din 36)Grecia 32,5Israel 32,5Ungaria 31,4Turcia 28,2Polonia 26,0Egipt 22,8România 20,6�(4,=+'&* �(< 18,4Maroc 18,4Rusia 14,1
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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.
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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.
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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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�* 3'6(+ 5*&-%(&%3%5'&� .,3) (6'/(3)( % .(-'( /( 5%/'>'& -' .)-,&),-*+(� �3/,.)-'* 0' *7-'&,+),-*� &*-(&%3)-'=,'*, 83*'3)( &, 5*' 5,+) /( �1N +* �� � -(4-(:'3) *&,5 5*' 4, '3 /( �1N /'3 4-%/,.,+ 3* '%3*+��(&)%-,+ /( .(-6'&'' %&,4 +%&,+ >-,3)*0� &%3)-'=, '* .* +* �� >''3/ /( 4(.)( ��N 83 *3,+ �111 F ,3 .*+) /(/%, :(&' /( 4-%&(3)( >* /( *3,+ �BB1�
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9":"� '-�6�-6��� '��-��606�� �� 7-��������� ;�� ��� �0�� �� ����-�0� �ROMÂNIA
1.2.1. SECTORUL INTREPRINDERILOR
�* �� /(&(5=-'( �111� (J'.)*, C�B��BG *7(3 ' (&%3%5'&' 83-(7'.)-* ' +* �(7'.)-,+ �%5(- ,+,'� /'3 &*-(C����C� (-*, *&)'6' /'3 4,3&) /( 6(/(-( +(7*+� �*A%-')*)(* /'3)-( *&(0)'* (-*, >'( 4-%/,& )%-' '3/(4(3/(3 ' .*,*.%&'* '' >*5'+'*+( >'( .%&'() ' >%*-)( 5'&'� '3 &(+( EC���E� (3)')*)' 83>''3 *)( &* >'-5(� /%*- �N (-*,%-7*3':*)( &* .%&'() ' 4( *& ',3' ?�*=(+ ��@�
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�'4 /( >'-5 ,5 -Total, din care:�3)-(4-'3: )%-' '3/'6'/,*+' ?3, .%&'()*)(@Societate în nume colectiv�%&'()*)( 83 &%5*3/')�%&'()*)( 83 &%5*3/') 4( *& ',3'�%&'()*)( &, - .4,3/(-( +'5')*)�%&'()*)( 4( *& ',3'Regii autonomeCooperative
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� ��� $�����������"�� �������� �Total0-9 10-49 50-249 >250
�%&'() '� /'3 &*-( 330276 295028 25626 7034 2588Exploatari agricole 11059 8215 1857 832 155�3/,.)-'(� &%3.)-,& ''�&%5(- 0' *+)( .(-6'&''
318376 286265 23565 3140 2406
�(&)%-,+ >'3*3&'*- 0' *+*.'7,- -'+%-
841 548 204 62 27
��������������� ����� ��������������� '������������������������� "$$$ �!(##
E�N /'3 .%&'() '+( 5*-' ?4(.)( ��1 .*+*-'* '@ *&)'6( /'3 '3/,.)-'(� &%3.)-,& '' 0' &%5(- .,3) &%3&(3)-*)( 83.(&)%-,+ 5*3,>*&),-'(-� 83 )'54 &( >'-5(+( 5'&' 0' 5'A+%&'' .,3) &%3&(3)-*)( '3 &%5(-) .' .(-6'&''� �3 A,- /(�111 >'-5( 5'&' .' 5'AA+%&'' .,3) %-7*3':*)( .,= >%-5 /( .%&'() ' &%5(-&'*+( 4( *& ',3'�
�(&)%-,+ 4-'6*)� &*-( +* %-* *&),*+ &%3)-'=,'( &, 5*' 5,+) /( E�N /'3 �� � (.)( /%5'3*3) 83 &((* &( 4-'6(0)(3,5 -,+� ����EG .%&'() ' .,3) 4-'6*)( 0' 83 *+)( �BB1 .)*),+ /( '3( 5*' 4, '3 /( �1N /'3 &*4')*+� �3 *&(+*0')'54� .(&)%-,+ /( .)*)� &, &(+( 5*' 5,+)( 83)-(4-'3/(-' 5*-'� &%3)-%+(*: &(* 5*' 5*-( 4*-)( * &*4')*+,+,'.%&'*+ /'3 *- ?�*=(+ �@� �3)-H*/(6 -� >'-5(+( 4-'6*)( &%3)-%+(*: 3,5*' �1N /'3 &*4')*+,+ .%&'*+ /'3 *- 0'>*& ��N /'3 '36(.)' ''+( =-,)(� �3 &',/* -(.,-.(+%- +'5')*)(� .(&)%-,+ 4-'6*) * -(*+':*) ECN /'3 &'>-* /( *>*&(-'��*' 5,+)� .(&)%-,+ 4-'6*) &%54(3.(*: 4'(-/(-'+( ?H���E 5'+'*-/( +('@ 4-%/,.( /( 5*-'+( 83)-(4-'3/(-' /( .)*)�
6�&RPLVLD�1D LRQDO �SHQWUX�6WDWLVWLF ��Anuarul Statistic al României, 1999.
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-�� ��@4������������������������ ������������ �� ��� ������ � ��A� ��������� ������� ��� ���������9>>?
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Capitalsocial
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Cifra deafaceri
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Rezultatbrut
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Total, din care: 318376 208301 594973 140643 338
- cu capital majoritar privat 313157 61820 405508 50035 8680
�%&'() ' 5*-' ?4(.)( ��1.*+*-'* '@� /'3 &*-(�
2406 173307 285694 110510 -5436
- cu capital privat 37079 106377 23136 2335
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)������ ������������� �������� �� ����� %���������
� 4-'5 &%3&+,:'( 4-%6':%-'( &*-( -(:,+) /'3 .)*)'.)'&' (.)( *&((* & 3,5*' ,3 5'& 4-%&(3) /'3 &('*4-%J'5*)'6 ���111 *7(3 ' (&%3%5'&' 83-(7'.)-* ' &* .%&'() ' &%5(-&'*+( 4( *& ',3' >*& 83 5%/ 4%)(3 '*+ 4*-)(/'3 ",3'6(-.,+ &%-4%-*)'6# /,4 5 -'5(� >%-5 /( 4-%4-'()*)( 0' )'4 /( %-7*3':*-(�
( >*4)� ,3* /'3)-( &(+( 5*' >-*4*3)( &*-*&)(-'.)'&' *+( .%&'() '+%- /'3 �%5;3'* (.)( *&((* & 5*A%-')*)(*acestora, chiar dintre cele mai mari, au o structura de proprietate “directa”, fiind proprietatea unuia sau a doar&; '6* '36(.)')%-'� &((* &( +( .&%*)( '3 =,3* 5*.,-* /'3 .>(-* /( '3)(-(. * 7,6(-3*3)(' &%-4%-*)'6(� �( 4-'5(+(+%&,-'� &%3>%-5 &'>-(' /( *>*&(-'� .,3) .%&'() '+( /( >,-3':*-( /( (3(-7'( 0' &(+( /( ,)'+') ' 4,=+'&( &, &*4')*+/( .)*)� ������ �� ?.%&'()*)(* /( 4()-%+@L ���� �� ?(3(-7'( (+(&)-'& @L �������������� ��?4-%/,& )%- /( (3(-7'( )(-5'& @L ���� "��� ���� # 0' ���� "��� � � ����# �� ?)-*3.4%-),-'>(-%6'*-(@L ������ �� ?(J)-*& '( 0' /'.)-'=, '( 7*:(@7� ,5*' ,3* /'3)-( 4-'5(+( :(&( .%&'() '?�,)%5%='+( ���� ��@ (.)( +'.)*) 4( 4'* * ,-.(' /( �*+%-' ,&,-(0)' ? � @�
�'),* '* 3, (.)( 5,+) 5*' /'>(-') *),3&' &;3/ .( '* 83 &%3.'/(-* '( ,3 (.*3)'%3 5*' 5*-( /( .%&'() '� (0'.%&'() '+( -%5;3(0)' &*-( .( .'),(*: 4( 4-'5(+( �11 +%&,-' 83 &+*.*5(3),+ /,4 &'>-* /( *>*&(-' .,3) 83prezent mai ales firme private8, multe dintre cele mai prospere au tot o structura de proprietate “directa”, cu,3,+ .*, >%*-)( 4, '3' 4-%4-'()*-'� �4-%J'5*)'6 A,5 )*)( /'3 4-'5(+( �11 /( .%&'() ' 4-'6*)( .,3)&*-*&)(-':*)( /( *&(*.) 4-%4-'()*)( "/'-(&)*# 0' 3,5*' �� /'3 4-'5(+( �11 .,3) +'.)*)( +* =,-. � �)-,&),-'+( /(4-%4-'()*)( &, ,3 3,5 - 5'& /( 4-%4-'()*-' .,3) 83 5%/ &+*- 4-(>(-*)( /( & )-( &*4')*+,+ .)- '3 F 5,+)( /'3)-(.%&'() '+( &(+( 5*' 5*-' *4*- '3 �11N ,3,' .'37,- '36(.)')%- .)- '3 .*, ,3(' &%5='3* '' 83)-( ,3 '36(.)')%-.)- '3 0' ,3 '36(.)')%- *,)%<)%3� �.)( /( *.(5(3(* '54%-)*3) . .( %=.(-6( & '36(.)' ''+( /( )'4 S7-((3>'(+/S?'36(.)')'' 4%-3')( /( +* :(-%@� -%5;3(0)' .*, .)- '3(� *, % 4-%=*='+')*)( 5*' 5*-( /( * *6(* % .)-,&),-"/'-(&)*# * 4-%4-'() ''� 83 )'54 &( .%&'() '+( &, % 4-%4-'()*)( 5*' /'6(-.'>'&*) .,3) *4-%*4( 83)%)/(*,3* &(+(-(:,+)*)( 83 ,-5* 4-'6*)': -'' 83)-(4-'3/(-'+%- /( .)*)�
�3 >'3*+� .( 4*-( & 3'&' 5 -'5(* .%&'() '+%- 0' 3'&' >%-5* +%- A,-'/'& /( %-7*3':*-( 3, .,3) >*&)%-'/()(-5'3*3 ' 83 /(>'3'-(* .(&)%-,+,' "&%-4%-*)'6# /'3 �%5;3'*� �3 (.(3 � ",3'6(-.,+ &%-4%-*)'6# &%3.) 834-'3&'4*+ /'3 &(+( *4-%J'5*)'6 E111 /( >'-5( 5'&'� 5'A+%&'' 0' 5*-' &*-( *, )-(&,) 4-'3 4-%&(.,+ /( 4-'6*)':*-(
7�723�7(1��FRQIRUP�&RPLVLHL�1D LRQDOH�GH�6WDWLVWLF ��8QLW L�FX�DFWLYLWDWH�HFRQRPLF ��������SXEOLFDW�vQ�������8QHOH�GLQWUH�VRFLHW LOH�FHOH�PDL�PDULau fost reorganizate între timp dar sunt în continuare sub controlul statului.
8������D�IRVW�SULPXO�DQ�FkQG�QXP UXO�VRFLHW LORU�SULYDWH�D�GHS úLW�QXP UXO�XQLW LORU�FX�FDSLWDO�GH�VWDW� vQ�FODVDPHQWXO�FHORU�����VRFLHW L�FRQIRUPcifrei de afaceri.
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0'� &* ,-5*-(� *, % .)-,&),- /( 4-%4-'()*)( /'6(-.'>'&*) � �%&'() '+( &(+( 5*' 5*-' /'3 *- *, 83& %4-%4-'()*)( "/'-(&)*#� 83 &*-( 4-%4-'()*-,+ (.)( >'( .)*),+ >'( '36(.)')%-' -%5;3' .*, .)- '3'�
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.
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(-*, -(+*)'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)*)(� �%*)
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+,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)*-(* .*�
�3 /*)* /( �1 3%'(5=-'( �BB�� ���� � ������ �������� 0'H* -(+,*) *&)'6')*)(*11 ca un organism de*,)%-(7+(5(3)*-( .,= .,4-*6(7<(-(* �%5'.'(' *)'%3*+( * �*+%-'+%- �%='+'*-(� ,-.* /( �*+%-' ,&,-(0)' *-()%*)( /(4*-)*5(3)(+( )-*/' '%3*+( *+( '3.)'), ''+%- .'5'+*-( F )-*3:*& '%3*-(� +'.)*-( 0' 5(5=-'� �3 4+,.� � *-(/(4*-)*5(3)( &*-( .( %&,4 /( .(-6'&'' *,J'+'*-( '3&+,:;3/ -(7'.)-,� &%54(3.*-( 0' /(&%3)*-(� � .%&'()*)( (.)(+'.)*) +* � +* &(-(-(� &, &%3/' '* . .*)'.>*& *3,5')( &-')(-''� �H*, .)*='+') /%, .(),-' /( &-')(-'' /( +'.)*-(�4(3)-, .%&'() '+( /( &(* 5*' =,3* &*+')*)(� +'.)*)( +* &*)(7%-'* � * ,-.(' 0' 4(3)-, &(+(+*+)( .%&'() '� +'.)*)( +*&*)(7%-'* �� * =,-.('� �J'.) � /( *.(5(3(*� % &*)(7%-'( "3(&%)*)(#� �%&'() '+( /'3 &*)(7%-'* � 4%) >'considerate cele mai importante din România12� � - .4,3/( /( 5%3')%-':*-(* ),),-%- *&)'6') '+%- 4'( ('4(3)-, * *.'7,-* &%3>%-5')*)(* &, +(7'.+* '* 0' -(7+(5(3) -'+(� 4(3)-, * -(/,&( '3.)*='+')*)(* 4'( (' 0' 4(3)-, *4-%)(A* '36(.)')%-''� �(3)-, * '3)-%/,&( /'.&'4+'3* 0' 4(3)-, * *.'7,-* 4-%)(& '* '36(.)')%-'+%-� � 4%*)(/(7-*/* 0' /(+'.)* .%&'() ' 0' 4%*)( .,.4(3/* =-%I(-' /'3 *&)'6')*)(* /( )-*3:*& '%3*-(� �;3 -(&(3)� ,-.* *>%.) (:')*3)* 83 * '54,3( .*3& ',3' 0' 5,+)( *=*)(-' /( +* -(7,+*5(3)( 0' -(7+(5(3) -' (-*, )-(&,)( &, 6(/(-(*�*- /,4 &( % .(-'( /( >-*,/( 7-*6( *, '(.') +* '6(*+*� �%5')(),+ �J(&,)'6 *+ � * */%4)*) % 4%:' '( 5*'/,- �
�3 /(&(5=-'( �111� &*4')*+':*-(* ,-.(' /( �*+%-' ,&,-(0)' ? � @ (-* /( ��BN /'3 �� � 4-'3)-( &(+( 5*'.& :,)( /'3 -'+( �,-%4(' �(3)-*+( 0' /( �.)13� ,+7*-'*� &, % &*4')*+':*-( /( ���N /'3 �� � (.)( .'37,-* *-/'3 -(7',3( &%54*-*='+ &, �%5;3'*� ( +* 83>''3 *-(* .*� � * 4-%7-(.*) 83 &((* &( 4-'6(0)( 6%+,5,+ /(*&)'6')*)(� 3,5 -,+ .%&'() '+%- +'.)*)( * &-(.&,) /( +* E '3')'*+ +* ��G +* .>;-0'),+ *3,+,' �BBB '*- 3,5 -,+*& ',3'+%- )-*3:*& '%3*)( 83 *3,+ �111 * >%.) /( ���11 /( %-' 5*' 5*-( /(&;) 3,5 -,+ *& ',3'+%- )-*3:*& '%3*)(83 *3,+ �BBE� �%+,5,+ )-*3:*&)''+%- - 5;3( )%),0' .& :,) +* CE 5'+'%*3( �� 83 *3,+ �11114. Evaluarea*& ',3'+%- +* ,-.* /( �*+%-' ,&,-(0)' 4*-( /( *.(5(3(* .& :,) 83 &%54*-* '( &, *+)( 4'( (�
( +* 83>''3 *-(* .*� =,-.* * >%.) 83 .4(&'*+ ,3 +%& /( )-*3:*& '%3*-( .(&,3/*-* 0' 3, ,3 '3.)-,5(3) /( *&&(. +*&*4')*+� ( *.(5(3(*� � * A,&*) ,3 -%+ 0' 83 4-%&(.,+ /( 4-'6*)':*-( 83)-,&;) �%3/,+ �-%4-'() '' /( �)*)�*,)%-')*)(* /( 4-'6*)':*-(� * ,)'+':*) =,-.* 4(3)-, * 4+*.* ,3(+( 4*&<()( -(:'/,*+( /( *& ',3' 4( &*-( +( /( '3(*�
11�3ULPD�%XUV �GLQ�5RPkQLD�D�IRVW�vQILLQ DW �vQ�������GDU�D�IRVW�vQFKLV �vQ������
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.
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��� .%&'() ' *, >%.) +'.)*)( +* ,-.* /( �*+%-' ,&,-(0)' 83 4-'5* A,5 )*)( * *3,+,' �11�� �� +* �*)(7%-'* � 0'91 la Categoria II, cu o capitalizare medie de 7,5 milioane USD pe societate15� �, )%*)( *&(.)(*� 4'* * (.)(>%*-)( &%3&(3)-*) � 4-'5(+( :(&( 5*-' .%&'() ' /( '3 C1N /'3 &*4')*+':*-(* 4'( ('�
�(&)%-,+ >'3*3&'*- (.)( &+*- /%5'3*3) +* =,-. � %, = 3&' 0' &(+( &'3&' ������ � � ������ ���������� ?���@ .,3) 4-'3)-( &(+( 5*' 5*-' 0' &(+( 5*' )-*3:*& '%3*)( .%&'() ' /( 4( 4'* * =,-.'(- �
SIF-urile sunt rezultatul 4-%7-*5,+,' /( 4-'6*)':*-( 83 5*. -%5;3(.&� &*-( * 4-(6 :,) /'.)-'=, '* 7-*),') *�1N /'3 &*4')*+,+ .%&'*+ *+ 83)-(4-'3/(-'+%- /( .)*) ),),-%- &() (3'+%- */,+ '16� �* .>;-0'),+ *3,+,' �111� >'(&*-(/'3 &(+( &'3&' ���H,-' *6(* 4(.)( B 5'+'%*3( /( *& '%3*-'� �3 *&(+*0' )'54� >'(&*-( ��� *6(* *&)'6( '3&+,:;3/.%&'() ' +'.)*)( 0' 3(+'.)*)( 4-(&,5 0' 4+*.*5(3)( >'3*3&'*-( ?/(4%:')( =*3&*-(� ()&�@ ?6(:' �*=(+ �@�
�3* /'3)-( &*-*&)(-'.)'&'+( /'.)'3&)( *+( ���H,-'+%- (.)( *&((* & (+( 4+ )(.& /'6'/(3/( 83 5%/ -(7,+*)� (4+*)*/'6'/(3/(+%- (.)( ,3,+ /'3 5%)'6(+( &(+( 5*' >-(&6(3)( /( 3(5,+ ,5'-( *+( '36(.)')%-'+%-� �J&(4);3/ &*:,-'+(/( *=,:,-'� .%&'() '+( .,3) 83 5%/ >-(&6(3) 6'&)'5(+( .'.)(5,+,' /( &%3)*='+')*)( -%5;3(.&� &*-( &-((*:profituri iluzorii.
15� ÌQ�DQXO������XQHOH�VRFLHW L�DX� IRVW�GHOLVWDWH�FD�XUPDUH�D�LQWURGXFHULL�XQRU�VWDQGDUGH�PDL� LQDOWH�GH�FRWDUH�� ÌQ�1RLHPEULH������HDUX� OLVWDWH����GHVRFLHWDWL�����OD�&DWHJRULD�,�úL����OD�FDWHJRULD�,,��SOXV�6,)�XULOH�16 Pentru detalii, vezi Capitolul 1.3.2. de mai jos.
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(miliarde lei la 31.12.2000),
din care
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19�/DXUHQ LX�*KHRUJKH��5HIRUPDUHD�5$6'$4�HVWH�GRDU�vQ�ID] �GH�LQWHQ LH��în Capital nr. 16/2001
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1.2.3. STRUCTURI DE PROPRIETATE IN INTREPRINDERILE MARI
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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
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F ��� F 0' BANCA TRANSILVANIA).
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� 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&<'.(�
� ������ ��� �������� �����.��'/�&*-( 0'H*, /%=;3/') *& ',3'+( 83 &%3/' ''+( .4(&'*+( &( +(H*, >%.) *&%-/*)( 83&*/-,+ 4-%&(.,+,' /( 4-'6*)':*-(� '3 *3,5')( 4,3&)( /( 6(/(-(� .*+*-'* '' &*-( /( '3 ,3 4*&<() /( &%3)-%+83 .%&'()*)(* +%- 4%) >' 0' (' &%3.'/(-* ' "'36(.)')%-' .)-*)(7'&'# /*- %='(&)'6(+( +%- .,3) /(.(%-' /'>(-')(�4,3;3/ *&&(3),+ 4( .)*='+')*)( 0' 4( 4-%)(& '* +%&,-'+%- /( 5,3& 5*' 5,+) /(&;) 4( 4-%>')*='+')*)( 0'/(:6%+)*-( 4( )(-5(3 +,37� �J'.) 0*4)(.4-(:(&( .%&'() ' +'.)*)( +* � 83 &*-( .*+*-'* '' /( '3 ,3 4*&<()5*A%-')*-� �( (.)'5(*: & 5,+)( /'3)-( *&(.)( *.%&'* '' 6%- 83&()* . (J'.)( *),3&' &;3/ *& ',3'+( 6%- >'4+ )')( '3)(7-*+ 0' 5,+ ' .*+*-'* ' 6%- /(&'/( . 0' +( 6;3/ �
� ��� ��������� ������� ������� .,3) >'( '3.)'), '' >'3*3&'*-( .4(&'*+':*)( &,5 *- >' >%3/,-'+( 5,),*+( .*,>%3/,-'+( &, &*4')*+ /( -'.& >'( .)-,&),-'+( /( )'4 <%+/'37� (0' '3.)'), ''+( >'3*3&'*-( 83 7(3(-*+ 3, %&,44%:' '' 5*A%-')*-(� +* 4*)-, /'3)-( .%&'() '+( +'.)*)( +* � /'6(-.( >%3/,-' /( '36(.)' '( .)- '3( /( '34*&<()( /( 5*' 5,+) /( �1N� �+)( 3%, .%&'() ' .,3) &%3)-%+*)( /( 7-,4,-' <%+/'37�
� '������ D� � �� % ����� ��� ���� ������ � � � ��������� �� � ����� �������%�� � �� ����������� ���������� ������'��������.����'/ &%3)'3, . >'( 4-(:(3) &, 5*' 5,+) /( �1N /'3 *& ',3' 83 �E /'3)-(.%&'() '+( +'.)*)( +* � � /*- .'),* '* .( .&<'5= /( +* % +,3 +* *+)*�
� �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.
�)-,&),-* /( 4-%4-'()*)( +* .%&'() '+( +'.)*)( 4( 4'* * ����2 (.)( /(.),+ /( *.(5 3 )%- &, &(+ /( +* � �/*& +, 5 83 &%3.'/(-* '( .%&'() '+( &(+( 5*' )-*3:*& '%3*)(� �( 4%*)( %=.(-6* *&((*0' )(3/'3 /(&%3&(3)-*-( * 4-%4-'() '' 83 5;'3'+( '36(.)')%-'+%- .)-*)(7'&' 0' '3.)'), '%3*+' F ����2 (.)( ='3( &,3%.&,) &*% 4'* /( 4-(+, -'� �*' 5,+) /( A,5 )*)( /'3 4-'5(+( �11 /( .%&'() ' /( 4( 4'* * ����2 *, ,3 *& '%3*-5*A%-')*-� >'( .)-*)(7'& >'( '3.)'), '%3*+� �3 5%/ >-(&6(3)� *&((*0' '36(.)')%-' '3.)'), '%3*+' '/(3)'>'&* ' +* � .,3) +* >(+ /( *&)'6' 4( 4'* * ����2�
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*- .'),* '* .( .&<'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)-%+* % .%&'()*)(�
'��� � �� �� �����,�����!�������#���
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�
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"!+!(!&�* �,&,�&&��,&,- &�'.&
�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'& �
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�( +;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
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-�� ��?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
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�3 *3,+ �111� *&)'6'.5,+ *& '%3*-'+%- .H* '3)(3.'>'&*) %/*) &, 83>''3 *-(* "�.%&'* '(' �& '%3*-'+%- /'3�%5;3'*# ?����@ '3' '*) /( & )-( &(+( &'3&' ���H,-' 4+,. % 4(-.%*3* '3/'6'/,*+*� (&+*-* '* /( '3)(3 '( *���� .4(&'>'& � ".&%4,+ 3%.)-, (.)( . '3)-%/,&(5 0' . *4+'& 5 4-'3&'4''+( /( 7,6(-3*3 &%-4%-*)'6(+*=%-*)( /( ��� 83 5(/',+ (&%3%5'& -%5;3(.&�# �*:,+ *& '%3*-'+%- 5'3%-')*-' * >%.) 4-(:(3)*) 83 /()*+', 0'5,+) /'.&,)*) 83 4-(. �
21� 'U�� ,RQ�$QWRQ��9DOHQWLQ�0�� ,RQHVFX� úL�'HVSLQD� 3DVFDO� DX� ILQDOL]DW� ³&RGXO´� DGRSWDW� GH� F WUH� DVRFLD LLOH� GH� DIDFHUL� vQ� GDWD� GH� ���PDUWLH� �����incluzând concluziile atelierelor de lucru.
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� *+) -(*+':*-( -(5*-&*='+ (.)( &-(.)(-(* *&)'6'.5,+,' *& '%3*-'+%- ���H,-'+%-� �-'3 /(>'3' '(� *& '%3*-'' ���H,-'+%- .,3) 5'&' 0' >%*-)( /'.4(-.* ' ?,3 .'37,- *& '%3*- 3, 4%*)( *6(* 5*' 5,+) /( 1��N /'3 *& ',3'@� �, )%*)(*&(.)(*� *& '%3*-'' *, -(,0') . '54,3 % .&<'5=*-( 83 �%3.'+',+ /( */5'3'.)-* '( *+ ��� �+)(3'* 83 %&)%5=-'(�111 F 83*'3)(* (J4'- -'' 5*3/*),+,' &%3.'+',+,'� �3 *3,+ �11�� ,3 *& '%3*- *+ ��� �-*3.'+6*3'* * '3' '*) %&*54*3'( 83 4-(. 854%)-'6* /(&':''+%- �%3.'+',+,' 4( &*-( (+ +( &%3.'/(-* '+(7*+(� �%:')'* .* * >%.) .4-'A'3')*/( <%) -;-' A,/(& )%-(0)'�
�& ',3'+( 83 A,.)' '( .,3) /( >*4) &(* 5*' (6'/(3) 5*3'>(.)*-( * *&)'6'.5,+,' *& '%3*-'+%-� �-%=*='+ & >'(&*-(.%&'()*)( *-( .*, * *6,) ,3 4-%&(. 83 &*-( *, >%.) '54+'&* ' *& '%3*-'� (0' 4-%&(.,+ (.)( +(3)� .( *&,5,+(*:*)%) 5*' 5,+) (J4(-'(3 �
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�3 �%5;3'*� &* 0' 83 *+)( (&%3%5'' 83 )-*3:' '(� .&<'5= -'+( /'3 4('.*A,+ 7,6(-3*3 (' &%-4%-*)'6( .H*, 4-%/,.3, *);) &* -(:,+)*) *+ ,3%- (>%-),-' /( -(>%-5* .4(&'*+ &%3&(4,)( '3 *&(*.)* /'-(&)'( &;) 5*' /(7-*= &* ,34-%/,. .(&,3/*- *+ -(>%-5(+%- 5*' +*-7' 5(3')( . )-3*.>%-5( .'.)(5,+ (&%3%5'& 83 *3.*5=+,� �,6(-3*3 *&%-4%-*)'6 .H* '54,. *='* -(&(3) &* % 4-%=+(5 /'.)'3&)* /( 4%+')'& (&%3%5'&*� Reforma întreprinderii,'54,.* /( 4- =,0'-(* .'.)(5,+,' /( &%3)-%+ */5'3'.)-*)'6 .4(&'>'& -(7'5,+,' &%5,3'.)� * 4,. =*:(+(întreprinderii private. � �������� ����� �������� * 4(-5'. )-*3:*&)''+( &, *& ',3' 4(3)-, 4-'5* /*) /,4câteva decenii. Privatizarea 3, 3,5*' & * )-*3.>(-*) *&)'6(+( .)*),+,' & )-( .(&)%-,+ 4-'6*) /*- * 0' /,. +*83>''3 *-(* * 5'' /( .%&'() ' +'.)*)( 4,=+'& /( '3,)( /( *& '%3*-'� �&(.)( -(>%-5( .,3) &(+( &*-( >*& &* (J4-(.'*"7,6(-3*3 * &%-4%-*)'6 # .* *'=* ,3 83 (+(. 83 �%5;3'*�
"!1!"!� 2�0' ��0&� 3&,�'�4& &'.' ��0&'� �&'
�3 ,+)'5,+ /(&(3',� 6'* * 4%+')'& � (&%3%5'& 0' .%&'*+ * �%5;3'(' * >%.) .,=%-/%3*) ,3,' %='(&)'6 5*A%- F)-*3:' '* /( +* .'.)(5,+ (&%3%5'(' 4+*3'>'&*)( &(3)-*+':*) /( /'3*'3)( /( �BB1 +* % (&%3%5'( /( 4'* � (0' .H*=*:*) 4-*&)'& 4( *&(+(*0' 5 .,-' &*-( *, >%.) >%+%.')( 83 )%*)( -'+( &*-( *, */%4)*) -(>%-5( .'5'+*-( /'3�,-%4* /( �.)� )-*3:' '* & )-( % (&%3%5'( /( 4'* /'3 �%5;3'* .H* -(5*-&*) 4-'3 -')5,+ 0' .,&&(.',3(**&(.)%- 5 .,-'� �-%>'+,+ -(>%-5(' -(:,+)*)( -(>+(&) 3, 3,5*' /(&':''+( /( 5%5(3) &' 0'� 83 5*-( 5 .,- �&%3.)-837(-'+( '54,.( /( &%3/' ''+( '3' '*+(� �3)-H*/(6 -� 83*'3)( /( �BB1� �%5;3'* * *6,) ,3* /'3)-( &(+( 5*'.)-;3. &%3)-%+*)( (&%3%5'' 4+*3'>'&*)( &(3)-*+':*)� �4-( /(%.(='-( /( *+)( -' (.)H(,-%4(3(� *'&' 3, .H*,(J4(-'5(3)*) "-(>%-5( 5%/(-*)(#� �'%+(3 * -(6%+, '(' /'3 /(&(5=-'( �BCB * >%- *) % 4- =,0'-( =-,.& *'3.)'), ''+%- /( =*: 0' * .,=5'3*) .,-.(+( )-*/' '%3*+( /( *,)%-')*)(� �3 +%& . .( =,&,-( /( % 4(-'%*/4-(+'5'3*- /( "&%3.)-,'-( * &%3.(3.,+,'#� *,)%-') '+( -(>%-5'.)( -%5;3(0)' *, >%.) &%3>-,3)*)( /( +* =,383&(4,) &, ,3 &+'5*) )(3.'%3*)� /( .,.4'&',3( 0' ,3(%-' %.)'+')*)(� & -,'* *, )-(=,') . H' - .4,3/ &, /(&':'' 0'5 .,-' +,*)( 83 7-*= �
Din punct de vedere economic, România s-a confruntat cu dezechilibre macroeconomice grave, în principal cu,3 5*-( (J&&(. *+ &(-(-''� 4-( ,-' /'.)%-.'%3*)( 0' &%54()')'6')*)( .& :,) /*)%-') &%54-'5 -'' >%- *)( *'54%-),-'+%- /( =*: /'3 *3'' RC1� &;3/ .H*, > &,) (>%-),-' ,-'*0( 4(3)-, * *&<')* /*)%-'* (J)(-3 � �&(.)(/(:(&<'+'=-( .H*, *7-*6*) 83 �BB1 4-'3 4- =,0'-(* 4-%/,& '(' &%5='3*) &, 4%+')'&* /( &-(0)(-( * 6(3'),-'+%- -(*+(4(3)-, * 85=,3 ) ' 3'6(+,+ /( )-*' &* % &%54(3.* '( 4(3)-, *3'' 4-(&(/(3 ' /( .,>(-'3 �
���!������ �� ������� ����� 0' dezechilibrele grave din sistemul economic au complicat foarte mult sarcina*,)%-') '+%- /'3 �%5;3'* 0' *, *6,) % '3>+,(3 /( +,37 /,-*) *.,4-* &,-.,+,' -(>%-5(' (&%3%5'&(� (0'4-%7-*5(+( /( -(>%-5 (&%3%5'& *, (6%+,*) /(H* +,37,+ )'54,+,'� '3>+,(3 *)( /( >*&)%-' '3)(-3' 0' (J)(-3'4-(&,5 0' /( (J4(-'(3 * 0' 5*' =,3* 83 (+(7(-( *&,5,+*)( 83 )'54,+ 4-%&(.,+,'� (+( *, )-(=,') . .( +,4)( )%))'54,+ &, *&(+(*0' /%, 4-%=+(5(� >-*7'+')*)(* '3.)'), '%3*+ 0' /(:(&<'+'=-(+( 5*&-%(&%3%5'&(�
R������ ������ ����
Reconstructia întregii infrastructuri legale a fost principalul instrument utilizat pentru a reconstrui sistemul'3.)'), '%3*+� �( 4%) /'.)'37( /%, ()*4( *+( -(&%3.)-,&)'(' '3.)'),)'%3*+(� 4(-'%*/* �BB1 F �BBE� 83 )'54,+ & -('*'3.)'), ''+( >,3/*5(3)*+( *, >%.) &%3.)'),')(� 0' 4(-'%*/* /( /,4 �BBG� &;3/ *)(3 '* .H* &%3&(3)-*) *.,4-*(J)'3/(-''� 85=,3 ) '-'' 0' */*4) -'' '3.)'), ''+%- (J'.)(3)(�
����� ��������� � �a fost adoptata prin referendum în decembrie 1991, care a pus bazele unui sistem politic/(5%&-*)'&� �,)(-(* +(7'.+*)'6 .,4-(5 (.)( &%3.)'),')* /( ,3 �*-+*5(3) ='&*5(-*+ ?�*5(-* (4,)* '+%- 0'�(3*),+@� 5(5=-'' �*-+*5(3),+,' .,3) *+(0' 4(3)-, ,3 5*3/*) /( 4*)-, *3' 4-'3 6%) ,3'6(-.*+ /'-(&)� �-(0(/'3)(+((.)( /( *.(5(3(* *+(. 4-'3 6%) /'-(&)� �-(0(/'3)(+( /(.(53(*: ,3 &*3/'/*) 4(3)-, >,3& '* /( �-'5 �'3'.)-, /,4&%3.,+)*-(* 4*-)'/,+,' 4%+')'& &*-( * %= '3,) 5*A%-')*)(* 83 �*-+*5(3)� �3 )(-5(3 /( :(&( :'+( /( +* /(.(53*-(�&*3/'/*),+ )-(=,'( . 4-'5(*.& 6%),+ /( 83&-(/(-( *+ �*-+*5(3),+,' 4(3)-, 4-%7-*5,+ . , /( 7,6(-3*-( 0' 4(3)-,&*='3()� �,6(-3,+ *-( .*-&'3* /( * 4,3( 83 4-*&)'& 4%+')'&* '3)(-3 0' (J)(-3 83 &%3>%-5')*)( &, 4-%7-*5,+*&&(4)*) /( �*-+*5(3) 0' &, &%3/,&(-(* */5'3'.)-* '(' 4,=+'&(�
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�%3.)'), '* *>'-5 83 5%/ (J4+'&') & "�&%3%5'* �%5;3'(' (.)( (&%3%5'( /( 4'* # ?*-)� ���@� *- 4(3)-, &**&(*.) 4-%&+*5* '( . /(6'3 -(*+')*)(� )-(=,'( . >'( 4,.( 83 4-*&)'& -(>%-5( &%54+(J(� �,)( /( +(7' 0' 5'' /(*+)( *&)( 3%-5*)'6( *, .&<'5=*) &%54+() &*/-,+ '3.)'), '%3*+ *+ (&%3%5'('�
�'.)(5,+ A,-'/'& -%5;3 -('* % )-*/' '( &%3)'3(3)*+ *3)(=(+'& � 4( +;37 6(&<',+ �%/ �%5(-&'*+ �%5;3 ?,3 *&)+(7'.+*)'6 '3.4'-*) +* -;3/,+ +,' /'3 &%/,+ >-*3&(: 0' /'3 &(+ ')*+'*3� &*-( 3, * >%.) 3'&'%/*) *=-%7*) %>'&'*+@� +(7'+(3%' .H*, '3.4'-*) 83 .4(&'*+ /'3 -(7+(5(3) -'+( -'+%- 5(5=-( *+( ����
� .,&&(.',3( 3*),-*+ * >%.) '54,. /( 4-'%-') '+( 5%5(3),+,'�
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
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&*,: & 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 &,
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'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.
�( 4%) /'.)'37( 4*)-, 4(-'%*/( 83 4%+')'&'+( /( -(>%-5 *+( �%5;3'('24:
“�-'5* -(&(.',3( )-*3.>%-5* '%3*+ ” din primii ani (1990 – 1993) s-a caracterizat printr-un declin puternic al*&)'6') '' (&%3%5'&( ?% & /(-( &, 5*' 5,+) /( �EN * �� @ 0' % '3>+* '( (J)-(5 /( -'/'&*) ?�11N 83 �BB�@��3&%(-(3 * 4%+')'&'+%- (&%3%5'&(� 4-(:(3);3/ 4-'5(+( .(53( /( "7-*/,*+'.5 4*)%+%7'&# 4-(&,5 0' .'),* '* /("'3)(--(73,5 '3.)'), '%3*+# *, &%3)-'=,') +* &-(*-(* ,3,' &+'5*) (&%3%5'& '3&(-) 0' '3.)*='+� �&%3%5'* .(/()(-'%-* -*4'/ &;3/ .H* */%4)*) 83 �BB� ,3 4+*3 /( .)*='+':*-( .,. '3,) /( �%3/,+ �%3()*- �3)(-3* '%3*+� *-*=%-/*-(* 7-*/,*+* * 4-%7-*5,+,' 3, * -(,0') . %4-(*.& '3>+* '* 0' . -(.)*='+(*.& (&<'+'=-,+ 5*&-%(&%3%5'&�
22�'XS �,OLH�ùHUE QHVFX��Poate fi spart cercul vicios? 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�5RPkQ�SHQWUX�3ROLWLFL�(FRQRPLFH�������
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24�'XS �'DQLHO�' 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.
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“�%&,+ -*)(' /%=;3:'+%-# ?�BB� F �BB�@� �3>+* '* 83 &-(0)(-( * >%- *) % -(&%3.'/(-*-( * 4%+')'&'+%-L +* .>;-0'),+*3,+,' �BB�� *3&* * '%3*+ * &-(.&,) -*)* /( -(>'3*3 *-( /( 5*' 5,+) /( /%, %-'� */,&;3/ 4(3)-, 4-'5* /*)ratele dobânzilor din economie la niveluri pozitive. Efectele au devenit imediat vizibile: s-a stopat fuga de5%3(/ � &((* &( * 4(-5'. % /(6*+%-':*-( .,=.)*3 '*+ * -*)(' /( .&<'5= "%>'&'*+(# +* 3'6(+,-' *4-%4'*)( /( &(+(*+( 4'( ('� �3 *3,+ �BB�� '3>+* '* * .& :,) +* E�N '*- /(>'&'),+ &%5(-&'*+ .H* -(/,. .,=.)*3 '*+�
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“� /%,* -(&(.',3( )-*3.>%-5* '%3*+ # ?�BBGH�BBB@� �* -(:,+)*) *+ +'=(-*+': -'' 4'( (' 6*+,)*-( 0' * *+)%- 4-( ,-'?*+'5(3)(� (3(-7'( F *+ & -(' 4-( >,.(.( /( >*4) *A,.)*) */5'3'.)-*)'6 & )-( 3'6(+,-' /( 4'* @ '3' '*) /( 3%,+7,6(-3 /,4 *+(7(-'+( /'3 �BBE� 83 �BBG '3>+* '* * > &,) ,3 .*+) /'3 3%, +* ���N� �%-(& ''+( *, *6,) ,3(+(&%3.(&'3 ( 4%:')'6( '5(/'*)( F /(>'&'),+ =,7()*- .H* -(/,.� &* 0' /(>'&'),+ /( &%3) &,-(3)� '*- -(:(-6(+( 6*+,)*-(*+( 3&'' * '%3*+( *, &-(.&,) +* &'-&* ��E 5'+'*-/( ��� �%),0' �� * .& :,) &, E�EN 83 *3,+ �BBG 0' 0'H*&%3)'3,*) )(3/'3 * /(.&(3/(3) 4;3 83 *3,+ �111� �3)-,&;) 4%+')'&* 5%3()*- * >%.) -(+*J*) 4-(5*),- .4-(.>;-0'),+ *3,+,' �BBG '*- -(.)-,&),-*-(* /'3 .(&)%-,+ -(*+ (-* +(3) 0' 3(&%-(.4,3: )%*-(� 4(-.4(&)'6(+( 4(3)-,*3,+ �BBC 3, (-*, =,3(� (0' /(>'&'),+ =,7()*- * - 5*. .& :,) '*- '3>+* '* * &%3)'3,*) . .&*/ � /(>'&'),+&%5(- ,+,' (J)(-'%- (-* 5*' 5*-( &* 3'&'%/*) '*- -(:(-6(+( 3&'' * '%3*+( .& /(*, /'3 3%,� �&(*.)* * > &,). &-(*.& .(-'%. -'.&,+ '3&*4*&')*)'' /( 4+*)* (J)(-3( 83 �BBB� &;3/ *A,37(*, +* .&*/(3 4(.)( ��B 5'+'*-/(��� 83 .4(&'*+ 83 &%3/' ''+( 83 &*-(� /,4 &-':* /'3 �.'* 0' /'3 �,.'*� *)'),/'3(* 4'( (+%- /( &*4')*+'3)(-3* '%3*+( >* /( �%5;3'* (-* >%*-)( .(6(- �
�,)%-') '+( -%5;3( 3, 5*' 4,)(*, >*&( 5*-( +,&-, /*-� /,4 (6')*-(* '3)- -'' 83 83&()*-( /( 4+ ' 83 *3,+ �BBB�.'),* '* * 83&(4,) . .( 85=,3 ) (*.& 83 *3,+ �111� �J4%-),-'+( .H*, -'/'&*) +* &(+( 5*' 83*+)( 3'6(+,-' *+(/(&(3',+,'� -(:(-6(+( 3&'' * '%3*+( .H*, -(.)*='+') 0'� 5*' 4-(.,. /( )%*)(� .H* -(*+':*) % &-(0)(-( 5%/(-*) *4-%/,& '(' /( ��EN H 83 &',/* ,3,' *3 >%*-)( 4-%.) 4(3)-, *7-'&,+),- � �3>+* '* (-* 83& -'/'&*) � /( 4(.)( �1N�dar deficitul bugetar era sub 3,5%.
�3 &((* &( 4-'6(0)( 83/(4+'3'-(* %='(&)'6(+%- &%36(3')( 4-'3 *&%-/,-'+( 83&<('*)( &, '3.)'), ''+( >'3*3&'*-('3)(-3* '%3*+( H ��� 0' *3&* �%3/'*+ � �%5;3'* * *6,) % (6%+, '( '3(7*+ � (0' /'3 4,3&) /( 6(/(-( )(<3'&3'&' ,3,+ /'3)-( *&%-/,-'+( 83&<('*)( 83 )'54,+ /(&(3',+,' )-(&,) 3, * >%.) >'3*+':*)� (+( *, *6,) % '54%-)*3/(%.(=') /( 5*-( 4(3)-, *- � %>(-'3/ &;)(6* *6*3)*A( '54%-)*3)(�
� >'3*3)*-' F 83)-H% 4(-'%*/* 83 &*-( 3, *- >' >%.) /'.4%3'='+( *+)( .,-.( /( >'3*3 *-( (J)(-3 L
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� &-(/'='+')*)( 5*' 5*-( 4( 4'( (+( '3)(-3* '%3*+( /( &*4')*+L
� % *)'),/'3( 5*' >(-5 83 4-'6'3 * /(&':''+%- /( 4%+')'& 5*&-%(&%3%5'& &*-( * *A,)*) +* 5(3 '3(-(* 4(/'-(& '( * ,3%- 4-%7-*5( /( .)*='+':*-( 0' /( *A,.)*-( .)-,&),-*+ �
,4 *3,+ �BBB� &;3/ �%5;3'* * >%.) '36')*) %>'&'*+ . 83&(*4 3(7%&'(-'+( 4(3)-, */(-*-(� '3>+,(3 * �� *.,4-*&<(.)',3'+%- /( 4%+')'& (&%3%5'& * 83&(4,) . &-(*.& � �3 *3,+ �111 .H* (+*=%-*) % "�)-*)(7'( 4(3)-, '3)(7-*-(* 83�3',3(* �,-%4(*3 # &*-( '3&+,/( ,3 4+*3 /()*+'*) /( *& ',3(� �%*)( 4*-)'/(+( 4%+')'&( *, .,. '3,) .)-*)(7'*�/%6(/'3/ & '/((* (,-%4(*3 (.)( ,3,+ /'3)-( %='(&)'6(+( 4%+')'&( &*-( .( =,&,- /( &(+ 5*' 4,)(-3'& &%3.(3.politic în prezent.
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1.3.2 PROCESUL DE PRIVATIZARE
�3 *3,+ �111� 4(.)( E1N /'3 �� H,+ �%5;3'(' (-* 4-%/,. /( .(&)%-,+ 4-'6*)� �3 )'54 &( 83 *7-'&,+),- �&%3.)-,& '' 0' .(-6'&'' .(&)%-,+ 4-'6*) 7(3(-(*: 4(.)( B1N� -(.4(&)'6 G�N 0' G�N /'3 6*+%*-(* */ ,7*) �'3/,.)-'* &%3)'3, . >'( /%5'3*) /( .%&'() '+( &, &*4')*+ /( .)*) &*-( 4-%/,& ��N /'3 6*+%*-(* */ ,7*) ��-(0)(-(* .(&)%-,+,' 4-'6*) .H* -(*+':*) 4( /%, & ' 4-'3&'4*+(� &-(*-(* 3%'+%- ,3') ' (&%3%5'&( 0' )-*3.>(-,+& )-( 4-%4-'()*)(* 4-'6*) * *&)'6(+%- .)*),+,' 4-'3 4-'6*)':*-(�
�3 �%5;3'*� '54%-)*3 * 4-'6*)': -'' * >%.) >%*-)( -*4'/ -(&,3%.&,) 83 /(:=*)(-'+( 4-'6'3/ -(>%-5* (&%3%5'& �"�-%'(&),+ ,3(' .)-*)(7'' /( )-*3:' '( +* (&%3%5'* /( 4'* 83 �%5;3'*#� 4-'5* .&<' /( -(>%-5 4,=+'&*) /(*,)%-') '+( 4-%6':%-'' 83 5*' �BB1� 5(3 '%3* 3, 3,5*' 3(&(.')*)(* 4-'6*)': -'' /*- 0' .&<' * ,3 &*+(3/*-*5=' '%.� �3 )'54 &( 4-'6*)':*-(* (-* 7(3(-*+ *&&(4)*) � *, (J'.)*) /'.4,)( 4*.'%3*)( &, 4-'6'-( +* "&(* 5*' =,35()%/ /( 4-'6*)':*-(#� �(7(* 3-� ��K�BB1 &, 4-'6'-( +* -(%-7*3':*-(* 83)-(4-'3/(-'+%- /( .)*) 83 .%&'() '&%5(-&'*+( 0' -(7'' *,)%3%5( * *)'3. 4-%=+(5* 0' * .&<')*) % .&<(5* /( 4-'6*)':*-( &*-( &%5='3* ,3 4-%7-*5/( /'.)-'=, '( 7-*),') &, 5()%/* 5*' &%36(3 '%3*+ * 6;3:*-'' *&)'6(+%- 0' *&)',3'+%-�
�-(7 )'-(* �(7'' �-'6*)': -'' 3-� �CK�BB� * 5*' /,-*) ,3 *3L +(7(* * >%.) */%4)*) /( �*-+*5(3) 83 ',3'( �BB�� /,4&%3)-%6(-.( 0' &%3)(.)* '' *4-'7(� �3)-( )'54� .( '3' '*.(- /(A* ,3(+( 5 .,-' &%+*)(-*+( /( 4-'6*)':*-(�
� 6;3:*-(* +%&,'3 (+%- 3, * >%.) &%3.'/(-*) &* % 5 .,- /( "4-'6*)':*-(# &' 5*' 5,+) &* %4-%)(& '(K&%54(3.* '( .%&'*+ F *4-%=*) +* 83&(4,),+ *3,+,' �BB1 0' (J)'3. 83 *3,+ �BB� +* +%&,'3 (+( 834-%4-'()*)(* .%&'() '+%- /( .)*)L
� -(.)'),'-(* )(-(3,+,' *7-'&%+ ?�(7(* 3-� �CK�BB�@ &*-( * /,. +* 4- =,0'-(* .'.)(5,+,' &%%4(-*)'6(+%-*7-'&%+(� �(.)( C1N /'3 )(-(3,+ *-*='+ * >%.) -(.)'),') >%0)'+%- 4-%4-'()*-' 0' 5%0)(3')%-'+%- +%-�
Privatizarea întreprinderilor de stat * >%.) 83. 4'(.* /( -(:'.)(3 * 4-%7-*5,+,' /( 4-'6*)':*-(� (0'.&<(5* '3')'*+* /( 4-'6*)':*-( * >%.) 5%/'>'&*)* 83 )'54� (* - 5;3( (.(3 '*+* 4(3)-, 83 (+(7(-(* -(:,+)*)(+%- 0'&%3>'7,-* '(' *&),*+( * 4'( (+%- /( &*4')*+�
SCHEMA DE PRIVATIZARE INITIALA
�3 (.(3 � 4-%7-*5,+ -%5;3(.& /( 4-'6*)':*-( 4-%4,. /( �(7(* 3-� �CK�BB� (-* % &%5='3* '( * /%,* .&<(5(�un ���!����� ��������� � �!������ � *6;3/ &* .&%4 *&&(+(-*-(* 4-%&(.,+,' 0' 83/(4+'3'-(* ,3%- %='(&)'6(4%+')'&( 0' ,3 4-%7-*5 5*' &%36(3 '%3*+ /( �#�%�� � �� ����� ���� �� ����������, cu scopul de a asiguracontrolul efectiv asupra activelor productive. �! � ���� ����� �� ��������%�� >,.(.( /(A* 83>''3 *) 4-'3�(7(* 3-� ��K�BB1 4(3)-, * 4-(7 )'� &%%-/%3* 0' &%3)-%+* 4-%7-*5,+ /( 4-'6*)':*-(�
�(7(* 4-'6*)': -'' (-* *4+'&*='+ &(+%- *4-%J'5*)'6 E�11 .%&'() ' &%5(-&'*+( &*-( -(:,+)*.(- 83 ,-5*-(%-7*3': -'' 83)-(4-'3/(-'+%- .%&'*+'.)( 83 =*:* �(7'' 3-� ��K�BB1� �( (.)'5*.( & *&(.)( .%&'() ' /( '3(*,&'-&* ��N /'3 *&)'6(+( /( 4-%/,& '( /'3 (&%3%5'( F &(+(+*+)( >''3/ 4-%4-'()*)(* -(7''+%- *,)%3%5( 0' /(&'excluse de la procesul de privatizare.
�*A%-')*)(* .%&'() '+%- &%5(-&'*+( &*-( '3)-*, .,= '3&'/(3)* +(7'' 4-'6*)': -'' (-*, %-7*3':*)( &* .%&'() ' 4(*& ',3' '3' '*+ &, ,3 .'37,- *& '%3*- F .)*),+� �(7(* 4-'6*)': -'' .)'4,+* & .)%&,+ /( *& ',3' /'3 >'(&*-( /'3)-(*&(.)( .%&'() ' ,-5* . >'( )-*3.>(-*) & )-( /%, )'4,-' /( (3)') ' 3%, &-(*)(� �%3/,+ �-%4-'() '' /( �)*)�& -,'* ' .H*, *+%&*) G1N /'3 *& ',3'+( >'(& -(' .%&'() ' &%5(-&'*+(� 0' &'3&' �%3/,-' *+( �-%4-'()*)'' �-'6*)(care au primit celelalte 30%.
������������� � ���� �'��� ?���@ * >%.) &-(*) &* % "'3.)'), '( 4,=+'& *& '%3;3/ 83 .&%4,-' &%5(-&'*+(#� �-*.,=%-/%3*) /'-(&) �*-+*5(3),+,' 0' &%3)-%+*) /( ,3 �%3.'+', /( */5'3'.)-* '( &, �G 5(5=-' 3,5' ' /( 7,6(-3�/( &(+( /%, &*5(-( *+( �*-+*5(3),+,' 0' /( & )-( �-(0(/'3)(� �-'3&'4*+* .*-&'3 * ��� (-* -(/,&(-(*4%-)%>%+',+,' . , 4-'3 6;3:*-(* /( *& ',3' 83)-H,3 -')5 4+*3'>'&*) /( �1N 4( *3� 83 0*4)( *3' )-(=,'* . 6;3/.)%&,+ '3' '*+ /( G1N /( *& ',3' *+( >'(& -(' .%&'() ' 0' . /'.4*- � �3 >'(&*-( *3 ,-5* . .( 4-(:'3)(�*-+*5(3),+,' ,3 �-%7-*5 /( �-'6*)':*-( &, 5 .,-' &%3&-()( 4-%4,.( 83 6(/(-(* *.'7,- -'' *)'37(-'' '3)('propuse de 10%.
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��� *6(* ,3 =,7() '3/(4(3/(3) 0' 4,)(* . >%+%.(*.& &;0)'7,-'+( 4-%6(3')( /'3 6;3: -' 4(3)-, 4-(7 )'-(**+)%- .%&'() ' 83 6(/(-(* 4-'6*)': -''L 83 *&(.) &%3)(J) ��� *6(* 0' -(.4%3.*='+') ' +(7*)( /( -(.)-,&),-*-(*.%&'() '+%- &%5(-&'*+(�
Cele cinci Fonduri ale Proprietatii Private ?���@ *, >%.) 83>''3 *)( &* .%&'() ' &%5(-&'*+( &, "&*-*&)(->'3*3&'*-# &*-( 83 4-'5'' +%- &'3&' *3' /( (J'.)(3 )-(=,'*, . >,3& '%3(:( 83 =*:* 4-(6(/(-'+%- .4(&'*+( *+(�(7'' 3-� �CK�BB�L /,4 *&((*� (+( ,-5*, . /(6'3 ">%3/,-' 5,),*+(# %='03,')(25. Fiecare FPP era condus de,3 �%3.'+', /( */5'3'.)-* '( *+& ),') /'3 G 5(5=-'� 3,5' ' /( �*-+*5(3) 4(3)-, 4-'5'' &'3&' *3'�
�'(&*-( ��� (-* 83:(.)-*) &, �1N /'3 *& ',3'+( .%&'() '+%- *+%&*)( +,' ?*4-%J'5*)'6 ��11 .%&'() ' 4(3)-,>'(&*-( ���@� �3 *&(+*0' )'54� >'(&*-( ��� )-(=,'* . (+'=(-(:( Certificate de proprietate ?��@ &*-( ,-5*, .>'( /'.)-'=,')( 7-*),') &() (3'+%- -%5;3' &*-( 83)-,3(*, *33,5')( &(-'3 (L *.)>(+� >'(&*-( &() (*3 -%5;3 &*-(*6(* 4(.)( �C *3' +* .>;-0'),+ *3,+,' �BB1 * 4-'5') &'3&' &(-)'>'&*)( F &;)( ,3,+ 4(3)-, >'(&*-( /'3 &(+( &'3&'��� F 0' * /(6(3') *& '%3*- +* ����
( '3 )%-'' /( &(-)'>'&*)( *6(*, &;)(6* %4)',3'� . H0' 6;3/ &(-)'>'&*)(+( *+)%- &() (3' -%5;3' ?.)- '3'' 3,*6(*, /-(4),+ . 4%.(/( ��H,-'@L . &,54(-(� 83 .&<'5=,+ &(-)'>'&*)(+%- +%-� *& ',3' +* .%&'() '+( &%5(-&'*+(.&%*.( +* 6;3:*-( /( & )-( ���H,+ -(.4(&)'6L . .%+'&')( &%36(-.'* &(-)'>'&*)(+%- 83 *& ',3' *+( ���H,-'+%- *),3&'&;3/ *&(.)(* ,-5*, . .( )-*3.>%-5( 83 >%3/,-' 5,),*+( %='03,')(� �* %-'&( *& ',3(� &(-)'>'&*),+ / /(* 0'/-(4),+ /( * 4-'5' /'6'/(3/( /( +* ���H,-' 4-(&,5 0' ?)(%-()'&@ /-(4),+ /( * ,-5*-' *& ',3'+( �%3.'+',+,' /(*/5'3'.)-* '(�
�%3/,-'+%- �-%4-'()*)'' �-'6*)( .H*, *+%&*) .%&'() ' 83 *3,5')( .(&)%*-( '3/,.)-'*+( 0' 4-%>'+,+ '3/,.)-'*+%-'7'3*+ (.)( 83& 6':'='+ 83 4%-)%>%+',+ /(.&(3/(3 '+%- +%-� &(+( &'3&' �%&'() ' /( �36(.)' '' �'3*3&'*-( ?���@�
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/'>'&,+) ' .(-'%*.( 0' & *6*3.* 5,+) 5*' 83&() /(&;) .( (.)'5*.(� %*- ,3* /'3)-( 5()%/(+( /( 4-'6*)':*-( *>%.) ,3 .,&&(. 3(*0)(4)*) F 6;3:*-(* & )-( &%3/,&(-'+( 83)-(4-'3/(-'+%- 0' .*+*-'* '� �3' '*+ &%3&(4,) &* %4-%&(/,- .)*3/*-/ *4+'&*='+ 3,5*' .%&'() '+%- 5'&'� �� � * /(6(3') 5()%/* 4-(/%5'3*3) /( 4-'6*)':*-(*),3&' &;3/ % +(7( .4(&'*+ ?3-� GGK�BB�@ * *&%-/*) >*&'+') ' .,=.)*3 '*+( .*+*-'* '+%- *.%&'* ' 83 .&%4,+&,54 - -'' /( *& ',3'� �&(*.)* (J4+'& 3,5 -,+ -(+*)'6 5*-( /( ��� ?*.%&'* '' *+( .*+*-'* '+%-@ &*-( .,3)+'.)*)( 4-'3)-( *& '%3*-'' '54%-)*3 ' +* ,-. 0' 83 .4(&'*+ +* ����2�
Tabel 9: ����� ������� ������� ��������%��
1993 1994 1995 1996 1997 1998 1999 2000
,5 -,+ .%&'() '+%- /'3portofoliul FPS, început dean 5937 6291 7602 9010 5554 4330 3149
,5 -,+ .%&'() '+%-privatizate în timpul anului,din care:� MEBO� Negocieri directe� �'&')* ''� �;3: -' 4( 4'* * /(
capital
265261
4
60451985
64843
605
138814
1006455
1304
1064231
9
1267
244991
32
1772
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1341
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> &,) /'6(-.(+( "&%54(3. -'# 0' -(7,+*-': -' 0' >'(&*-( �%&'()*)( /( �36(.)' '' �'3*3&'*-( ?���@ * %=)'3,) % +'.)&%54+() &, )% ' &(' �1 5'+'%*3( /( *& '%3*-'U
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� �,4-'3/(-(* 4-%&(.,+,' /( 4-'6*)':*-( * >%.) (J)'3. .,=.)*3 '*+ 4-'3 -(%-7*3':*-(* -(7''+%- *,)%3%5(3(4-'6*)':*='+( &* .%&'() ' 3* '%3*+( 4-'6*)':*='+(� �-*3.>%-5*-(* 83 .%&'() ' * 83)-(4-'3/(-'+%- 5*-' /(,)'+') ' 4,=+'&( * /(.&<'. 3%' 4%.'='+') ' /( 4-'6*)':*-(� �3 *3,+ �BBC� ,3 4-%&(3) /( ��N /'3���������� F .%&'()*)(* 3* '%3*+ /( )(+(>%3'( F * >%.) &,54 -*) /( %4(-*)%-,+ 7-(& �����%3%4%+,-'+( /( 7*: 0' (+(&)-'&')*)( *, >%.) /'6':*)( 83 5*' 5,+)( ,3') ' %4(-* '%3*+( 0' *, 83&(4,) . >'(%-7*3':*)( 4'( ( -(7+(5(3)*)( &* ,3 4*. & )-( 4-'6*)':*-(* *&(.)%- ,)'+') ' 4,=+'&(�
� �' *+)( .(&)%*-( &%3.'/(-*)( ")*=,# *3)(-'%- *, >%.) *>(&)*)(� ANCA R��� � DEZVOLTARE a fost6;3/,) >'-5(' >-*3&(:( SOCIÉTÉ GÉNÉRALE iar BANCPOST * >%.) 6;3/,) ,3,' &%3.%- ', >%-5*) /'3 GECAPITAL 0' BANCO PORTUGESE� �3 *3,+ �BBB *, 83&(4,) 0' 6;3: -'+( >(-5(+%- 5*-' /( .)*)�
� � &-(.&,) 3,5 -,+ .%&'() '+%- 5*-' 4-'6*)':*)(�
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� �3 &%3.(&'3 � 4-%&(3),+ /'3 &*4')*+,+ 83 *& ',3' 6;3/,) * >%.) 5*' 5,+) /(&;) /,=+,+ &(+,' -(*+':*) 83 *3''anteriori.
� �()%/(+( /( 4-'6*)':*-( .H*, /'6(-.'>'&*)� '3&+,:;3/ 0' 6;3: -'+( 4( 4'( (+( /( &*4')*+� �%),0'� 4'( (+( /(&*4')*+ *, >%.) >%+%.')( 83 4-'3&'4*+ 4(3)-, 6;3: -' /( 4*-)'&'4* '' "-(:'/,*+(# &, &*-( ��� - 5 .(.( /,4�-%7-*5,+ /( �-'6*)':*-( 83 �*. �
� ��� 3, 5*' (-* .'37,-* '3.)'), '( -(.4%3.*='+ &, 4-'6*)':*-(* F 5*A%-')*)(* ".%&'() '+%- 3* '%3*+(# *,ajuns în responsabilitatea ministerelor.
�* 83&(4,),+ *3,+,' �11�� �%3/,+ �-%4-'() '' /( �)*) ?)-*3.>%-5*) 83 �,)%-')*)(* 4(3)-, �-'6*)':*-( 0'�/5'3'.)-*-(* �*-)'&'4* ''+%- �)*),+,'@ &%3)'3,* . /( '3 ���� .%&'() ' 83 4%-)%>%+',+ . , 0' *6(* &;)(6*4-%'(&)( 83 &,-. /( /(-,+*-(� �3 7-,4 /( E� .%&'() ' * >%.) .(+(&)*) 4(3)-, 4-'6*)':*-(* &, = 3&' /( '36(.)' '' 83&*/-,+ *&%-/,+,' ���� &, *3&* �%3/'*+ �
� �*)-, .%&'() ' '3/'6'/,*+( 5*-'� ����� ?+'3'' *(-'(3(@� ���$ ?% (+@� ����KALPROM (aluminiu).
� �'3&' .%&'() ' 5'A+%&''� /'3)-( &*-( &(* 5*' '54%-)*3) (.)( .%&'()*)(* >*-5*&(,)'& ANTIBIOTICE.
� �'3&':(&' 83)-(4-'3/(-' 5'&' 0' 5'A+%&'' &+*.'>'&*)( 83 � 7-,4,-' /( &;)( �1�
�3 &',/* ,3%- 83);-:'(-' /'3 *3,+ �111� .( 4*-( & 4-%7-*5,+ 6* /(5*-* 83 &,-;3/� (7%&'(-'+( 4(3)-, ���$�&(* 5*' 5*-( .%&'()*)( /'3 �%5;3'* 0' % )-*3:*& '( >%*-)( /'>'&'+ � .,3) /(.),+ /( *6*3.*)(� &, 7-,4,+ �����care este singurul ofertant27� �-'6*)':*-(* ��� ��������� &*-( * )-(3*) /( 5*' 5,+) /( ,3 *3� .H*83&<('*) 83 *4-'+'( �11�� *& .( 5(3 '3( *&(+*0' -')5� 4-'6*)':*-(* 83 .(3.,+ &+*.'& *+ +(7'' %-'7'3*+( 3-��CK�BB� ,-5(*: . .( 83&<('( 83 *3,+ �11� F 3, >%*-)( /(4*-)( /( '3)* '3' '*+ U �-'6*)':*-(* ,3%- ".%&'() '3* '%3*+(# 5*-' &,5 *- >' .%&'()*)(* 4()-%+'(- ������ ��� .%&'()*)(* /( ),),3 ���� +'3''+( *(-'(3(
27 Tranzactia a fost intre timp finalizata.
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�* ,3 3'6(+ /( E�� 5'+'*-/( ��� '36(.)' ''+( .)- '3( /'3 �%5;3'* .,3) -(/,.( 83 &%54*-* '( &, �%+%3'*� &*-(* *)-*. 5*' 5,+) /( �1 5'+'*-/( �� '36(.)' '' .)- '3(� .*, &<'*- &, -' 5*' 5'&' &,5 .,3) �37*-'* 0'�(4,=+'&* �(< � &*-( *, >'(&*-( *4-%J'5*)'6 �1 5'+'*-/( �� '36(.)' '' .)- '3(�
�36(.)' ''+( /'-(&)( .)- '3( /( )'4 S7-((3>'(+/S *, &%3)-'=,') &, C1N +* 83)-(7,+ .)%& /( &*4')*+ .)- '3 /'3�%5;3'* ?�*=(+ �1@L 4-'6*)': -'+( *&%4(- *+)( �GN 83 )'54 &( '36(.)' ''+( /(.),+ /( 6%+*)'+( /( 4%-)%>%+', 4(4'( (+( /( &*4')*+ .,3) 83 4-(:(3) /( 4(.)( �11 5'+'%*3( ��� �-(=,'( 3%)*) & '54%-)*3 * 4-'6*)': -'' 834-'6'3 * *)-*7(-'' '36(.)')%-'+%- .)- '3' * /(6(3') -(+(6*3) 3,5*' /,4 �BBG� 83 )'54 &( 83 *+)( -' /'3 �,-%4*�(3)-*+ 0' /( �.) (* * >%.) 5%)%-,+ .&<'5= -'+%- .)-,&),-*+( /'3 (&%3%5'(�
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�"����� � ��������������� ��� ��
������������������������� $milioane USD
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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�3);-:'(-(* -(>%-5(+%- 0' 4(->%-5*3 (+( 5*&-%(&%3%5'&( .+*=(� ,3 &*/-, +(7'.+*)'6 '3.)*='+ 0' &%3>,: 83.4(&'*+ 83 /%5(3',+ '54%:')(+%-� % ='-%&-* '( (J&(.'6 0' 83);-:'(-(* 4-'6*)': -'' .,3) 4-'3&'4*+'' >*&)%-' &*-( *,descurajat investitiile straine.
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1990-1996. �-'6*)':*-(* .H* +'5')*) +* 83)-(4-'3/(-'+( 5'&' 0' 5'A+%&''L '36(.)')%-'' .)- '3'� &%3.);3/ 83 .4(&'*+/'3 .%&'() ' 5'&' .*, 4(-.%*3( >':'&(� *, */,. >'3*3)*-' /( *4-%J'5*)'6 �� 5'+'%*3( ��� �'37,-(+( '36(.)' ''.)- '3( /'-(&)( /'3 *&(*.) 4(-'%*/ *, >%.) &(+( 83 4-%'(&)( +(7*)( /( '3>-*.)-,&),- ?(3(-7'( H � �)(+(&%5,3'&* '' H �'(5(3.@� .*, &(+( '54,+.'%3*)( /( 5 -'5(* 4'( (' /( =,3,-' /( +*-7 &%3.,5 ?�%&* �%+*�Colgate Palmolive) sau de stimulentele speciale oferite unor investitori mari (Daewoo, Unilever, KraftJacobs Suchard).
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:
q 5��������#� �� � %������ � �3' '*+� ��� * 6;3/,) ,3 4*&<() /( ����N & )-( �%&'V)V �V3V-*+( 4(3)-,.,5* /( ��� 5'+'%*3( �� .*, �1��� ��K*& ',3(*� � ,-5*) % 5*A%-*-( /( &*4')*+ .%&'*+ /( �1N*/,&;3/ 4*&<(),+ �� +* ��N +* ,3 &%.) )%)*+ /( �11 5'+'%*3( ��� C���N /'3 *& ',3' *, >%.) &,54 -*)(/( .*+*-'* '' 0' &%3/,&(-(* = 3&'' '*- ��BBN .H*, 6;3/,) ��� �3 4*&<() /( B�CEN * >%.) .&%. +* %>(-)4,=+'& � /'3 &*-( ���GN * >%.) .,=.&-'.� >*&83/ 4%.'='+* ,+)(-'%- +'.)*-(* +* � ?83 �� '*3,*-'( �111@�
q Banc Post� �*+%*-(* 4*&<(),+,' /( ��N *& ',3' .H* -'/'&*) +* ���G 5'+'%*3( ��� +* &*-( .H*, */ ,7*) �15'+'%*3( �� &* '36(.)' '' /'-(&)(� �+)( CN .H*, 6;3/,) .*+*-'* '+%- 0' &%3/,&(-'' '*- =*3&* (.)( 833(7%&'(-' *.,4-* &%3/' ''+%- ,3(' 6;3: -' /( &*4')*+ 83 *& ',3' 83 &%3),+ -*5=,-. -'' &(+%- /%,854-,5,),-' .,=%-/%3*)( *+( .*+( /( +* �� 0' ���� �& ',3'+( - 5*.( ,-5(*: . >'( 6;3/,)( 4-'3)-H,3plasament privat urmând o listare la BVB.
q Dacia. La data de 2 iulie 1999 s-a semnat un acord de privatizare pentru 269,7 milioane USD, din care�1 5'+'%*3( �� *, -(4-(:(3)*) 4-( ,+ ,3,' 4*&<() /( �1�BEN *& ',3' ?1��� ��K*& ',3(@� % 5*A%-*-( /(&*4')*+ .%&'*+ /( EC�� 5'+'%*3( �� ?%=+'7* '* >'-5(' ������@ 0' ����� 5'+'%*3( �� '36(.)' '' &*-(,-5(*: . >'( > &,)( /( �(3*,+) 83 ,-5 )%-'' � *3'�
-�� ��994�6� � ���� ��� ������ �� ���(�� �������������%��
Denumire societate Investitor Pachet(%)
Valoare (milioaneUSD)
Automobile Craiova Daewoo 51% 150 *3&* �%5;3 /(Dezvoltare
Société Générale 51% 200
Banc Post General Electric 35% 92,7
As ia10%
Amer icade Nord
8%
Altele1%
Amer icade Sud1%
Europa80%
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51
Banco Portugues deInvestimento
10%
Dacia Renault 51% 269,7Astra Vagoane Arad Trinity Industries 81,9% 50�*3)'(-,+ *6*+ �*+* ' Grup de patru investitori 40,9% 25�'+&%),= �*+ , Tubman International Ltd 71,96% 6,8Artrom Slatina Staro Stahl- Und
Rohrenhandel Gmbh57,82% 6,2
*3&* �7-'&%+ Raiffeisen BankRomanian AmericanInvestment Fund
90% 15+37
%) � �6*+,*-(* '36(.)' ''+%- '3&+,/( 0' '36(.)' ''+( *37*A*)(�
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Sursa: Invest România
1.4. ���06F��4�������-���-60��-��������0��$���� �����;�RESTRUCTURAREA
�%3>%-5 .)*)'.)'&'+%- &%3)*='+')*)'' 3* '%3*+(29� .(&)%-,+ 83)-(4-'3/(-'+%- -%5;3(0)' * -(*+':*) 83 �BBG ,3.,-4+,. /( (J4+%*)*-( /( ��N /'3 6*+%*-(* */ ,7*) =-,) � �G�BN /'3 .,-4+,.,+ =-,) /( (J4+%*)*-( * >%.)/'-(& '%3*) & )-( (&%3%5'.'-(L &%(>'&'(3),+ /( *,)%>'3*3 *-( ?(&%3%5'.'-( =-,)*K>%-5*-(* =-,)* /( &*4')*+,+>'J@ * >%.) 4-'3 ,-5*-( /( �C��N .*,� /*& .( '3&+,/ )-*3.>(-,-'+( /( &*4')*+ 3() 0' 5%/'>'& -'+( /( '36(3)*-�&%(>'&'(3),+ /( *,)%>'3*3 *-( (.)( /( E��EN� �&(*.)* 83.(*53 & .%&'() '+( -%5;3(0)' ,)'+':(*: .,-.((J)(-3( 4(3)-, >'3*3 *-(* * ��H�1N /'3 3(&(.') '+( +%- /( &*4')*+� �54-,5,),-'+( 3()( *+( .(&)%-,+,'întreprinderilor se ridicau în 1997 la 15.663,5 miliarde lei.
29�&RPLVLD�1D LRQDO �SHQWUX�6WDWLVWLF �%DQFD�1D LRQDO �D�5RPkQLHL��&RQWXULOH�QD LRQDOH������±�������august 2000.
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52
Creditul în România
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53
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54
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2.1.1. LEGEA S�& , &.�COMERCIALE
�(7(* .%&'() '+%- &%5(-&'*+( (.)( ,3 *&) 3%-5*)'6 &,4-'3:*)%-� (+*=%-*) 4(3)-, * -(*+':* ,3 &%-4,. *,)%3%5/( -(7+(5(3) -' 4-'6')%*-( +* &%3.)'),'-(*� %-7*3':*-(* 0' >,3& '%3*-(*� 5%/'>'&*-(* 0' +'&<'/*-(* ),),-%-)'4,-'+%- /( .%&'() ' &%5(-&'*+(� (0' 4(3)-, ,3(+( '3)(-4-() -' *+( 4-(6(/(-'+%- +(7'' .,3) 3(&(.*-( )-'5')(-' +*�%/,+ �%5(-&'*+� &(+( �CG /( *-)'&%+( *+( �(7'' 3-� ��K�BB1 -(4-(:'3) .,-.* /( =*: 4(3)-, +(7'.+* '* 4-'6'3/.%&'() '+( &%5(-&'*+( /'3 �%5;3'*� �J'.) 4-(6(/(-' .4(&'*+( &*-( .( *4+'& .%&'() '+%- &, *&)'6') '&%5(-&'*+( .4(&'>'&( ?= 3&'� .%&'() ' /( *.'7,-*-(� >%3/,-' /( '36(.)' ''� ()&�@ .*, .%&'() '+%- 83 &%3/' ''
36 Elena Cârcei, 6RFLHW LOH�FRPHUFLDOH�SH�DF LXQL��7KH�-RLQW�6WRFN�&RPSDQLHV���ALL BECK Publishing House, 1999.
37 SG Emerging Markets Research – Standards of Corporate Governance, Londra, februarie 2000, pag. 2.
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� .%&'()*)( &, - .4,3/(-( +'5')*) F ��� F 83 &*-( *.%&'* '' .,3) - .4,3: )%-' 3,5*' 83 +'5')* *4%-),+,' +%-la capitalul social.
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�(3)-, ,3(+( >%-5( /( .%&'()*)( &%5(-&'*+ .( '54,3( ,3 3'6(+ 5'3'5 /( &*4')*+ ?*-)� �1 0' ��@L 83 4-(:(3)�+'5')* (.)( /( � 5'+'%*3( +(' 4(3)-, .%&'() '+( &, - .4,3/(-( +'5')*) 0' �� 5'+'%*3( +(' ?*4-%J� C11 ��@4(3)-, .%&'() '+( 4( *& ',3' 0' 4(3)-, .%&'() '+( 83 &%5*3/') 4( *& ',3'� �( *&&(4) *4%-),+ 83 3,5(-*- 0'*4%-),+ 83 3*),- � /*- &(+ 4, '3 % 4*-)( /'3 *4%-) )-(=,'( . >'( 83 3,5(-*-�
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�(7'.)-,+ �%5(- ,+,' (.)( '3.)'), '* &<('( 4(3)-, 4-%&(.,+ /( &%3.)'),'-(� �-7*3':*) 83 =*:* �(7'' 3-� �EK�BB1��(7'.)-,+ �%5(- ,+,' (.)( *>'+'*) �*5(-(' /( �%5(- 0' �3/,.)-'(� �%+,+ . , (.)( . '3 (6'/(3 * ),),-%-.%&'() '+%- &%5(-&'*+(� �3>%-5* ''+( 83-(7'.)-*)( /( �(7'.)-,+ �%5(- ,+,' .,3) &,4-'3: )%*-( 0' %7+'3/(.&'3>%-5* ''+( &*-( )-(=,'( . >'( .4(&'>'&*)( 83 .)*),)38� /*)( /( '/(3)'>'&*-( /(.4-( )% ' *.%&'* '' .*, >%3/*)%-''L'3>%-5* '' &, 4-'6'-( +* .%&'()*)( ?/(3,5'-(� .(/',� >'+'*+( .*, .,&,-.*+(� >%-5* A,-'/'& � %='(&),+ /( *&)'6')*)(@L'3>%-5* '' /(.4-( &*4')*+ ?&*4')*+,+ .%&'*+� &%3)-'=, '* *.%&'* '+%-� &*4')*+ 83 3*),- � 6*+%*-(* 3%5'3*+ **& ',3'+%- 0' /'.)-'=, '* *& ',3'+%- 83)-( *.%&'* '� )'4,-' /( *& ',3'@L '3>%-5* '' &, 4-'6'-( +**/5'3'.)-*)%-'K5(5=-' *' �%3.'+',+,' /( */5'3'.)-* '( 0' &(3:%-'L &%3/' ''+( 3(&(.*-( 4(3)-, 6*+*='+')*)(*�/,3 -'+%- �(3(-*+( *+( *& '%3*-'+%-L *37*A*5(3)(+( *.,5*)( /( >%3/*)%-'L &+*,:( 4-'6'3/ /':%+6*-(* 0'+'&<'/*-(* .%&'() ''� �%/'>'&*-(* %-'& -,'* /'3)-( *&(.)( (+(5(3)( 4( /,-*)* /( >,3& '%3*-( * .%&'() '' )-(=,'(/( *.(5(3(* . >'( 83-(7'.)-*) +* �(7'.)-,+ �%5(- ,+,'� �3-(7'.)-*-'+( .,3) /(.&<'.( 4,=+'&,+,' F &%3)-* ,3(')*J(� %-'&'3( 4%*)( %= '3( '3>%-5* '' &, 4-'6'-( +* % *3,5') .%&'()*)(�
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�*4')*+,+ ,3(' .%&'() ' -%5;3(0)' (.)( 854 - ') 83 "*& ',3'# ?4(3)-, .%&'()*)(* &%5(-&'*+ 4( *& ',3' 0' 4(3)-,.%&'()*)(* 83 &%5*3/') 4( *& ',3'@ .*, "4 - ' .%&'*+(# ?4(3)-, .%&'() '+( &, - .4,3/(-( +'5')*) @� �3 (.(3 �*);) *& ',3'+( &;) 0' 4 - '+( .%&'*+( %>(- *&(+(*0' /-(4),-' )'),+*-'+%- +%-� '3&+,.'6 /-(4),+ +* /'6'/(3/( 0' /-(4)/( 6%)� > - * .( +'5')* +* *&(.)(*� �J'.) )%),0' ,3(+( /'>(-(3 (�
�%*)( *& ',3'+( *, 6*+%*-( (7*+ ?3%5'3*+ @ 0' *&%-/ /-(4),-' (7*+( )'),+*-'+%- +%-� �'(&*-( *& ',3( / /-(4) +*,3 6%) F +(7'.+* '* -%5;3 3, 4(-5')( *& ',3' &, /-(4) /( 6%) 5,+)'4+,� �%),0'� *.%&'* '' 4%) <%) -8� 4-'3 .)*),)�. (5') �� ����6 � ����������?&*-( %>(- /'6'/(3/(4-(>(-(3)'*+(@�
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SISTEMUL BANCAR
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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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VOTUL CUMULATIV
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� �3 4-(:(3)� +(7(* 4(-5')( *&<':' '* ,3,' 4*&<() 5*A%-')*- /( *& ',3' 3,5*' 4-'3 %>(-) 4,=+'& � �-/%3*3 ** 4-%4,. *,)%-':*-(* &,54 - -'' ,3,' 4*&<() 5*A%-')*- /( *& ',3' +* .%&'() '+( )-*3:*& '%3*)( 4,=+'& 0'4-'3 *+)( 5'A+%*&( 83 *>*- /( %>(-)* 4,=+'& � &, &%3/' '* &* % *.)>(+ /( *&<':' '( . >'( ,-5*) /( % %>(-)4,=+'& 83 )(-5(3 /( 0*':(&' /( :'+( 4(3)-, )%*)( *& ',3'+( - 5*.(�
MAJORAREA CAPITALULUI
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ALTE P����� ��
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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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�%3.'+',+ /( */5'3'.)-* '( -(4-(:'3) 4'*)-* /( )(5(+'( * .'.)(5,+,' /( 7,6(-3*3 &%-4%-*)'6 � �3 5*A%-')*)(*+(7'.+* ''+%-� �%3.'+',+ (.)( '3)(->* * /'3)-( *& '%3*-' 0' /'-(&)%-'' (J(&,)'6' *' .%&'() '' &*-( .( %&,4 &,*&)'6')*)(* /( :' &, :'� �(7(* .%&'() '+%- &%5(-&'*+( /'3 �%5;3'* .)*='+(.)( .%+, '' 4(3)-, 3,5'-(* �%3.'+',+,'/( */5'3'.)-* '( 0' 4(3)-, %-7*3':*-(* 0' >,3& '%3*-(* +,' (>(&)'6 � .%+, '' &*-( .,3) 83 &%3>%-5')*)( &, )-*/' '*�,-%4(*3 /( /-(4) &%3)'3(3)*+� �3* /'3)-( &*-*&)(-'.)'&'+( &(+( 5*' &-')'&*)( *+( *&(.),' .'.)(5 83 �%5;3'*(.)( 4-(:(3 * ,3,' 3,5 - >%*-)( 5*-( /( 5(5=-' 3,5' ' 4( &%3.'/(-(3)( 4%+')'&(� ,4 *+(7(-'+(4*-+*5(3)*-(� ,3 6*+ /( .&<'5= -' *>(&)(*: .'.)(5*)'& 5'' /( .%&'() '� -(4-(:(3)*3 '' 3%'' 5*A%-') ' 4%+')'&(83+%&,'3/ 4( *&(' */5'3'.)-*)%-' &*-( 3, .( 5*' =,&,- /( .,4%-) 4%+')'&56� �%&'() '+( /( �36(.)' '' �'3*3&'*-(?���H,-'+(@� /(0' 4-'6*)(� &%3)'3, . *'= �%3.'+'' &, 3,5(-%*.( >'7,-' 4%+')'&( F 0*4)( /'3 &(' ,3.4-(:(&(5(5=-' *' �%3.'+',+,' /( */5'3'.)-* '( 3%, *+(. +* ��� �� �,3)(3'* .,3) 5(5=-' *' �*-+*5(3),+,'� �( ( 5*'&,-'%. (.)( >*4),+ & ,3(%-' .%&'() ' &, */(6 -*) 4-'6*)( '36') 4%+')'&'(3' . >*& 4*-)( /'3 �%3.'+''+( +%-�.%&'()*)(* *(X%% �*37*+'* !(*6P �3/,.)-'(. ?,3 0*3)'(- 3*6*+ &%3)-%+*) /( *(X%%@ * 3,5') -(&(3) /%'4*-+*5(3)*-' ��� 83 �%3.'+',+ . , /( */5'3'.)-* '( F 0' &*:,+ 3, (.)( .'37,+*-�
+!(!"!�-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.
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60 Art. 136 alin. (2) din Legea nr. 31/1990.
61 Art. 136 alin. (2) din Legea nr. 31/1990.
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80
�(7(* -%5;3 4-(6(/( &* */5'3'.)-*)%-,+ ,3'& .*, &(+ 4, '3 A,5 )*)( /'3 */5'3'.)-*)%-' . >'( &() (3'români62� /*& 3, .( 4-(6(/( *+)>(+ 83 .)*),),+ .%&'() ''63� �, *+)( &,6'3)(� +(7(* .( &%3>%-5(*: 4-'3&'4',+,'+'=(-) '' &%3)-*&),*+( 0' / *& '%3*-'+%- /-(4),+ /( * /(&'/( *.,4-* 3,5'-'' /( &() (3' .)- '3' 83 �%3.'+',+ /(*/5'3'.)-* '(64.
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������� ��
�3 &((* &( 4-'6(0)( &-')(-''+( /( .(+(& '( 4(3)-, */5'3'.)-*)%-'� �(7(* 3-� ��K�BB1 '54,3( ,3 -(7'5 /(.),+ /(-(.)-'&)'6 F /(0' *&(.) -(7'5 3, (.)( 83)%)/(*,3* .,. '3,) /( .*3& ',3' .(6(-(� �(-'3 (+( .4(&'>'&*)( /( +(7( .(-(>(- +* -(.4(&)*='+')*)( 0' &*4*&')*)( +(7*+*� �%3>+'&)(+( /( '3)(-(.( 4%) 0' (+( -(4-(:(3)* ,3 5%)'6 /(/(.&*+'>'&*-( 83 *+(7(-(* */5'3'.)-*)%-'+%-� �3(+( &(-'3 ( .,4+'5(3)*-( .( -(>(- +* */5'3'.)-*)%-'' = 3&'+%- 0'*' *+)%- '3.)'), '' >'3*3&'*-(�
� 4-'5 &*)(7%-'( /( &(-'3 ( 7(3(-*+( .( -(>(- +* -(.4(&)*='+')*)( .*, +* &*4*&')*)(* +(7*+*� �3 *&(*.)4-'6'3 � �(7(* 3-� ��K�BB1 .)'4,+(*: & 4(-.%*3(+( &*-( 3, 4%) >' >%3/*)%-' 3, 4%) >' 3'&' */5'3'.)-*)%-'�Persoanele care nu pot fi fondatori sunt persoanele care, potrivit legii, sunt incapabile sau au fost condamnate4(3)-, 7(.)',3( >-*,/,+%*. � *=,: /( 83&-(/(-(� >*+.� ,: /( >*+.� 830(+ &',3(� /(+*4'/*-(� 5 -),-'( 5'3&'3%*. �/*-( .*, +,*-( /( 5') � 4-(&,5 0' 4(3)-, *+)( '3>-*& ',3' .4(&'>'&*)( /( �(7(* 3-� ��K�BB165.
� /%,* &*)(7%-'( /( &(-'3 ( .( -(>(- +* &*:,-'+( /( &%3>+'&)( /( '3)(-(.(� �(7(* 3-� ��K�BB1 4-(6(/( &*/5'3'.)-*)%-'' 3, 4%) >' &(3:%-'� �&(*.) '3)(-/'& '( .( '54,3( /'3 &*,: & 4-'3 &,5,+*-(* >,3& ''+%- .H*-(+'5'3* /'.)'3& '* 83)-( &%3)-%+,+ >'3*3&'*- (J)(-3 0' &(+ '3)(-3� �3 *&(+*0' )'54� +(7(* 4-(6(/( & % 4(-.%*3 3,4%*)( >*&( 4*-)( /'3 5*' 5,+) /( )-(' �%3.'+'' /( */5'3'.)-* '( 83 *&(+*0' )'5466, nu poate fi administrator,&(3:%- .*, *& '%3*-K*.%&'*) 7(3(-*+ 83)-H% .%&'()*)( &%3&,-(3) 0' 3, 4%*)( . /(.> 0%*-( *&(+*0' )'4 /(*&)'6') ' 4( &%3) 4-%4-',67.
�(3)-, &* 3,5'-(* 83)-H,3 �%3.'+', /( */5'3'.)-* '( . /(6'3 6*+*='+ /'3 4,3&) /( 6(/(-( +(7*+�*/5'3'.)-*)%-,+ )-(=,'( . &%3.)'),'( % 7*-*3 '( F >'( /,=+,+ -()-'=, '(' .*+( +,3*-( >'( 6*+%*-(* 3%5'3*+ * :(&(*& ',3'68� �/5'3'.)-*)%-'' )-(=,'( /( *.(5(3(* . H0' 83-(7'.)-(:( .4(&'5(3,+ /( .(53 ),- +* �(7'.)-,+�%5(- ,+,'�
62�&HW HQLD�vQ�FD]XO�SHUVRDQHORU�IL]LFH�úL�QD LRQDOLWDWHD�vQ�FD]XO�SHUVRDQHORU�MXULGLFH�
63 Art. 134 alin. (3) din Legea nr. 31/1990.
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68 Art. 137 alin. (1) din Legea nr. 31/1990.
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81
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R�������� ��� ����� ���������� � �������� ��
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�3 &*:,+ = 3&'+%- &*-( *, 4-%=+(5(� �%3.'+',+ 3&'' * '%3*+( *-( /-(4),+ /( * 83+%&,' �%3.'+',+ /(*/5'3'.)-* '( (J'.)(3) &, ,3 "*/5'3'.)-*)%- .4(&'*+#70 0' ,3 -(7'5 .4(&'*+ /( &%3/,&(-(� �( /,-*)* *&(.),'-(7'5 .4(&'*+� *& '%3*-'' = 3&'' 3, 4%) 3,5' *+ ' */5'3'.)-*)%-'�
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2.4.3. RELATIA CU MANAGEMENTUL
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2.4.5. ROLUL CENZORILOR
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�-(=,'( %=.(-6*) & +* .%&'() '+( /(.&<'.( .'.)(5,+ &, &(3:%-' '3)(-3' (.)( .,4+'5(3)*) &, &(3:%-' (J)(-3'��*4%*-)(+( >'3*3&'*-( *+( .%&'() '+%- 4,=+'&( )-(=,'( . >'( &(-)'>'&*)( /( &(3:%-' (J)(-3' *,)%-':* ' /( �%5'.'** '%3*+ * �*+%-'+%- �%='+'*-(�
76 Art. 154 din legea nr. 31/1990.
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d) -(7'.)-,+ 0(/'3 (+%- �%5')(),+,' /( /'-(& '( F &%3 '3;3/ 4-%&(.(+( 6(-=*+( *+( /(:=*)(-'+%- &%5')(),+,' /(/'-(& '(L
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f) -(7'.)-,+ /( %=+'7* ',3'� .'5'+*- &, -(7'.)-,+ *& '%3*-'+%-� 83 &*-( .( 83-(7'.)-(*: )%*)( %=+'7* ',3'+( (5'.(0' *&<')*)( 4-(&,5 0' /*)( /( '/(3)'>'&*-( * /( '3 )%-'+%- /( %=+'7* ',3' F *),3&' &;3/ %=+'7* ',3'+( .,3)3%5'3*+(� �(7'.)-,+ 4(3)-, %=+'7* ',3' /(5*)(-'*+':*)( 0' 4(3)-, )')+,-' +'.)*)( +* =,-. .( .,4,3(prevederilor Legii nr. 52/1994.
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� Valori mobiliare emise de persoane juridice române.
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, .H*, 83-(7'.)-*) 3'&'%/*) 83.&-'(-' +* &%) 4(3)-, .(&)%*-(+( %=+'7* ',3'+%- /( .)*) 0' 6*+%-'+%- 5%='+'*-(.)- '3(� �%)*-(* =%3,-'+%- /( )(:*,- (.)( /( 5,+) 6-(5( *0)(4)*) � *3)'&'4;3/,H.( & 6%+,5,+ )-*3:*& ''+%- 0'*+ +'&<'/') '' /( 4( 4'* 6* &-(0)( >%*-)( 5,+)� �%),0'� �'3'.)(-,+ /( �'3*3 ( * *6,) -( '3(-' 83 &((* &( 4-'6(0)()-*3:*& '%3*-(* =%3,-'+%- /( )(:*,- +* =,-. 0' *='* 83 4-(:(3) .( 4*-( & .H* 7 .') % .%+, '( 4(3)-, * &-(* %4'* * =%3,-'+%- /( )(:*,-�
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�(3)-, * ,-5 -' 4(->%-5*3 (+( 4'( ('� ,-.* /( �*+%-' ,&,-(0)' * 83)%&5') ,3 .() /( '3/'&'88. Indicele BET? ,&<*-(.) �J&<*37( �-*/'37@ * >%.) +*3.*) +* /*)* /( �� .(4)(5=-'( �BBG 0' .( =*:(*: 4( :(&( /'3 &(+( 5*'+'&<'/( 6*+%-' 5%='+'*-( &%)*)( +* �*)(7%-'* � * � � '3 .(4)(5=-'( �111� .H* '3)-%/,. % +'5') 4(3)-,ponderea pe care o pot avea actiunile unui singur emitent în indice, aceasta neputând fi mai mare de 25%;ALRO 0' BANCA R��� � DEZVOLTARE sunt în prezent supuse pragului de 25%.
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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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98
-�� ���:4������������� �� ������� �����5��� ��� �)������5���� ��
Indicator 1995 1996 1997 1998 1999 2000
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
�6*+,*-(* *& ',3'+%- +* ,-.* /( �*+%-' ,&,-(0)' 4*-( .& :,) 83 &%54*-* '( &, *+)( 4'( (� &(+ 4, '3 /'3*3,5')( 4,3&)( /( 6(/(-(� -*4%-),+ 4-( K6*+%*-( &%3)*='+ (.)( 5*' 5'& /( 1��N� 83 )'54 &( 83 �%+%3'**& ',3'+( .,3) )-*3:*& '%3*)( +* ��� F ��E /'3 6*+%*-(* +%- &%3)*='+ � 83 �37*-'* +* ��� .*, 83 �-(&'* +* ��C��*4%-),+ 4-( K&;0)'7,-'� &'>-*) +* � 83 �111� (.)( /( /(4*-)( &(+ 5*' .& :,) /'3 -(7',3( ?�1�B 83 �%+%3'*� �1�� 83�37*-'*� �1 83 �,-&'* 0' ���� 83 �-(&'*@ 0' -*3/*5(3),+ /'6'/(3/,+,' (.)( /( G��N +* � >* /( ��CN 83�-(&'*� �3 *&(+*0' )'54� *);) &*4')*+':*-(* 4'( (' &;) 0' +'&<'/')*)(* .,3) 5*' -(/,.( +* � /(&;) 4( 4'( (+(6(&'3(� �*' 5,+)� )(3/'3)* 4-(/%5'3*3) * 4'( (' * >%.) /( .& /(-( 83 ,+)'5'' &; '6* *3'� /,4 &,5 *-*) '3/'&''4'()('� �*3.*) +* �111� '3/'&(+( �� (.)( 83 4-(:(3) 83 A,- /( ��1L 83 /%+*-'� .& /(-(* (.)( 0' 5*' *&&(3),*) Findicele actual BET/USD este de 143 puncte.
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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( ���
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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
�3*+'0)''93 /'.)'37 )-(' >*:( 83 (6%+, '* ,-.('� �-'5*� 83)-( )%*53* *3,+,' �BB� 0' 4-'5 6*-* *3,+,' �BBG� .H*&*-*&)(-':*) 4-'3)-H% &-(0)(-( +(3) 0' (:')*3) � �%&'() '+( &%)*)( (-*, 4, '3( 0' &*+')*)(* +%- 3, (-* /(%.(=') ��3)-,&;) &-(/'),+ (-* '(>)'3� *)-*7(-(* /( &*4')*+ /( 4( 4'* * =,-.'(- 3, -(4-(:(3)* % *+)(-3*)'6 *)- 7 )%*-(4(3)-, .%&'() '�
�*:* * /%,* * >%.) 5*' .4(&)*&,+%*. 0' 4+'3 /( 4-%5'.',3' /*- * /,-*) 3,5*' /%, )-'5(.)-( 83 �BBG��-%7-*5,+ -*/'&*+ /( -(>%-5 (&%3%5'& *3,3 *) 83 >(=-,*-'( /( & )-( 3%,+ 7,6(-3 /,4 *+(7(-' 0' .4-'A'3,+4,)(-3'& 5*3'>(.)*) /( '3.)'), ''+( >'3*3&'*-( '3)(-3* '%3*+( *, -(4-(:(3)*) ,3 5%)'6 .,>'&'(3) 4(3)-, &*'36(.)')%-'' '3.)'), '%3*+' .)- '3' . &,54(-( *& ',3' &*-( 4 -(*, .,=(6*+,*)( 0' &, ,3 4%)(3 '*+ ,-'*0 /(&-(0)(-(� �);) 6%+,5,+ /( )-*3:*&)'' &;) 0' &*4')*+':*-(* =,-.'(-* *, 83-(7'.)-*) ,3 .*+) .4(&)*&,+%.�
�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)-, =,-. �
�111 * >%.) *3,+ 83 &*-( .H* 4-%/,. 4-'5* = ) +'( +(7*) /( % 4-(+,*-( 4( 4'* * � � �& '%3*-,+ 5*A%-')*-�*5.,37 (,).&<+*3/ 0' �%3/,+ �'3/.(++ �3)(-4-'.(. .H*, +,4)*) 4(3)-, � ����$ �;-7%6'0)(� &((* &( */,. +* % &-(0)(-( * 4-( ,+,' *& ',3'+%- *&(.),'* &, 5*' 5,+) /( C1N 83 /%, +,3'�
�3 4*. 5*-( 83*'3)( * >%.) > &,) 83 *3,+ �111 &, &(+( /%, (5'.',3' /( %=+'7* ',3' &*-( .H*, > &,) +* =,-. ��3*� > &,) /( ���������� ������� * *6,) ,3 .,&&(. )%)*+ 83 )'54 &( &(*+*+) � > &,) /( ��!�� ,: ,� * >%.) 83 &(+( /'3 ,-5 *3,+*) 4(3)-, & 3, .H* .,=.&-'. 5'3'5,+ /( E1N /'3 6*+%*-(* )%)*+ ��%+'&')*-(* ���������� ������ &* %=+'7* ',3'+( (5'.( . >'( &%)*)( * >%.) -(>,:*) � *0* & 83 &(+(/'3 ,-5 3, (J'.) %=+'7* ',3' &%)*)( +* � �
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.
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100
�3 4-(:(3) ?*4-'+'( �11�@ .,3) &%)*)( ��� .%&'() ' +* ,-.* /( �*+%-' ,&,-(0)'� �3* /'3)-( (+( ? �� F *3&*�,-&%H�%5;3 @ * >%.) .,.4(3/*) /( +* )-*3:*& '%3*-( /'3 3%'(5=-'( �11194� *0* 83&;) .)*)'.)'&'+( � '3&+,//( >*4) /%*- ��� .%&'() '� �� +* �*)(7%-'* � ?"=+,( &<'4.#@ 0' B� +* �*)(7%-'* ���
�*4')*+':*-(* 5(/'( * 4'( (' (.)( /( G�� 5'+'%*3( �� 4(- .%&'()*)(� /*- 4'* * (.)( >%*-)( &%3&(3)-*) � &(+(5*' 5*-' :(&( .%&'() ' *&%4(- C1N /'3 &*4')*+':*-(* 4'( ('� 83 )'54 &( ,+)'5(+( :(&( -(4-(:'3) /%*- 1��N/'3 &*4')*+':*-( F 5*' *+(. /'3 &*,:* 3&'' �%5;3( /( (:6%+)*-(� &*-( *&%4(- 3,5*' (* A,5 )*)( /'3capitalizare95� �'>-* /( *>*&(-' (.)( 0' (* >%*-)( '3(7*+ /'.)-'=,') F &(+( 5*' )-*3:*& '%3*)( :(&( .%&'() '-(4-(:'3) G�N /'3 &'>-* /( *>*&(-' /( 4( 4'* �
�, % (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'&( ?���@�
�-%/,&*)%-,+ /( *+,5'3', ����� /%, .%&'() ' >*-5*&(,)'&( ?������� 0' ������@ 0' 4-%/,& )%-,+ /(*,)%5%='+( ���� .,3) .'37,-(+( .%&'() ' 3(H>'3*3&'*-( &%)*)( 83 4-'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
�(&)%*-(+( /( (&<'4*5(3)( ?�� .%&'() '@ 0' =,3,-' /( +*-7 &%3.,5 ?�E .%&'() '@ .,3) &(+( 5*' ='3(-(4-(:(3)*)( +* =,-. L 83 4-'6'3 * &*4')*+': -'' =,-.'(-(� 4-(:(3 * &(* 5*' 4,)(-3'& % *, .(&)%*-(+( /(5*)(-'*+( 0' >'3*3&'*-( ?�*=(+ ��@� �.)( (6'/(3) & .)-,&),-* .%&'() '+%- &%)*)( +* =,-. 3, %7+'3/(0)(structura economiei în ansamblu, în special daca se considera capitalizarea. Este de asemenea interesant de%=.(-6*) & (J'.) 6*-'* '' 5*-' 83 "&*+')*)(*# .%&'() '+%- &%)*)( F -*4%-),+ 4-( K&;0)'7,-' ?���@ 6*-'*: /( +* �?.%&'() '+( /'3 .(&)%-,+ &<'5'&@ +* C�EG ?.%&'() '+( /( .(-6'&''@� �%&'() '+( &<'5'&( .,3) )%),0' >%*-)(83/*)%-*)( F -*4%-),+ /*)%-''K&*4')*+,-' 4-%-4-'' (.)( /( ��1N 83 )'54 &( /*)%-''+( .%&'() '+%- >*-5*&(,)'&(-(4-(:'3) 3,5*' GN /'3 &*4')*+,-'+( 4-%4-''� �(&)%-,+ (3(-7()'& 4-(:'3) % 4(->%-5*3 ,3'& F ,3 -*4%-) /(83/*)%-*-(K&*4')*+ 83 *& ',3' 3(7*)'6� /'3 &*,:* >*4),+,' & � .%&'() ' /'3 .(&)%- *, ,3 &*4')*+ 4-%4-', 3(7*)'6?���� �3(0)' 83 4-'5,+ -;3/@U
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Sector / nr..%&'() '
Capitalizarebursiera
Cea maimare
Cea maimic
Media PER Datorie/capitalpropiu
94�ÌQ�PDL������V�D�UHOXDW�WUDQ]DF LRQDUHD�DF LXQLORU�%75��GDU�OD�FDWHJRULD�QHOLVWDW �D�%XUVHL�
95�ÌQ�XOWLPHOH�FkWHYD�V SW PkQL��SUH XO�DF LXQLORU�%5'�D�VF ]XW�OD�MXP WDWH�ID �GH�YDORDUHD�LQL LDO ��&D�XUPDUH��FDSLWDOL]DUHD�SLH HL�V�D�UHGXV�GUDVWLF�úLXQHOH�GLQWUH�FDOFXOHOH�ED]DWH�SH�GDWH�DQWHULRDUH�DU�WUHEXL�UHYL]XLWH�vQ�PRG�FRUHVSXQ] WRU�
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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
*
110
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�(&)%-,+ >'3*3&'*- (.)( &+*- /%5'3*3) 4( 4'* * =,-.'(- � %, = 3&' 0' &(+( &'3&' �%&'() ' /( �36(.)' ''�'3*3&'*-( ?���H,-'@ .,3) 4-'3)-( &(+( 5*' 5*-' 0' &(+( 5*' )-*3:*& '%3*)( .%&'() ' /( +* =,-. � �3 )'54 &(BRD (BANCA R��� � DEZVOLTARE@ *-( ,3 4-%&(3) /'3 *& ',3' )-*3:*& '%3*)( +'=(- ?>-(( >+%*)@ /(3,5*' *4-%J'5*)'6 �1N ?*& ',3' &,54 -*)( /( .*+*-'* ' 0' &(+( ���N 4+*.*)( 4-'3 %>(-) 4,=+'& @� BANCA
TRANSILVANIA 0' ���H,-'+(� &*-( .,3) 0' (+( 4-'3)-( 6*+%-'+( 5%='+*-( &(+( 5*' +'&<'/( F *, ,3 4-%&(3) /'3*& ',3' )-*3:*& '%3*)( +'=(- /( *4-%*4( �11N� '3 &*,:* 4-(6(/(-'+%- .4(&'*+( /'3 .)*),)(+( +%-� &*-( +'5')(*:3,5 -,+ /( *& ',3' /( '3,)( /( & )-( ,3 .'37,- '36(.)')%- +* �N /'3 )%)*+,+ *& ',3'+%- 83 &*:,+ B ���TRANSILVANIA 0' +* 1��N 83 &*:,+ ���H,-'+%-� *&(.)( .%&'() ' *, % 4-%4-'()*)( /'.4(-.*) &*-( >*6%-':(*: %+'&<'/')*)( -'/'&*) �
( >*4)� &(+( &'3&' ���H,-' .,3) 4-'3)-( &(' 5*' '54%-)*3 ' *&)%-' /( 4( 4'* * ,-.(' /( �*+%-' ,&,-(0)'� *);)&* *& '%3*-' .(53'>'&*)'6' +* 5,+)( /'3)-( .%&'() '+( &%)*)( &;) 0' &* .%&'() ' &%)*)( (+( 83.(+( F ,3(+( /'3)-(4+*.*5(3)(+( &(+( 5*' 5*-'� 5*' +'&<'/( 0' 5*' *)- 7 )%*-(� '3 3%'(5=-'( �BBB� &;3/ &(+( &'3&' ���H,-' *,>%.) &%)*)( +* �*)(7%-'* � * � � &*4')*+':*-(* 0' +'&<'/')*)(* 4'( (' .H* 85=,3 ) ') .,=.)*3 '*+L *4-%*4(A,5 )*)( /'3 3,5 -,+ *& ',3'+%- )-*3:*& '%3*)( +* � 83 *3,+ �111 *, >%.) *& ',3' ���� &%3)-'=,'3/ &, ��Nla volumul de tranzactii.
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�3'' '3)(-5(/'*-' *, 4-%>')*) /( *5='7,')*)(* -(7,+*5(3),+,'� )-*3:*& ''+( &, 4(-'%*/( /( /(&%3)*-( 5*' +,37'/( &(* %='03,') �[� *, /(6(3') %4(-* ',3' /( 854-,5,) 5*.&*) 83)-( 4*-)'&'4*3 ' ?&%3)-*&)( -(4%� /( 6*3:*-(H&,54 -*-( &, &+*,: /( - .&,54 -*-(@� &*-( /'.)%-.'%3(*: 4-( ,-'+( 0' &%3&,-(3 * 4( 4'* /*& 3, .,3)-(7+*)(� �*' 5,+)( .%&'() ' /( '3)(-5(/'(-( .H*, &%3>-,3)*) &, 4-%=+(5( >'3*3&'*-( .(-'%*.( 0' ,3(+( *, >%.)suspendate în ultima parte a anului 2000, când Comisia Valorilor Mobiliare a interzis în mod explicit astfel/( %4(-* ''100.
'3 &*,:* 3,5 -,+,' /'3 &( 83 &( 5*' 5*-( /( 4-%=+(5( &, &*-( .( &%3>-,3) ����2� �%5'.'* * '%3*+ *�*+%-'+%- �%='+'*-( * /(&'. . -(6%&( )(54%-*- .)*),),+ ���� /( �-7*3'.5 /( �,)%-(7+*-(� �-(/%5'3 ,3.(3)'5(3) /( "&-': #101 0' 5(5=-'' ���� 4*- '3&*4*='+' . 7 .(*.& % .%+, '(� �* �/,3*-(* �(3(-*+ *���� /'3 *4-'+'( �11�� .H*, 4-(:(3)*) %4) 4-%4,3(-' /( -(.)-,&),-*-( /*- 3, .H* +,*) 3'&' % <%) -;-(102.�,:'%3*-( ,-.(' /( �*+%-' ,&,-(0)' &, 4'* * ����2 (.)( ,3* /'3 '/('+( /( -(>%-5 &(+( 5*' -*/'&*+(� /*-
99 Carol POPA, ANSVM a majorat taxele pe piata RASDAQ, în Capital, no.17/2001
100�9H]L�*HRUJH�9XOF QHVFX��&190�D�VWRSDW�WUDQ]DF LLOH�OD�WHUPHQ�SH�SLD D�H[WUDEXUVLHU ��3LD D�)LQDQFLDU �QU���������
101�5$6'$4�HVWH� ³vQ� FUL] �GH� WLPS�� LGHL� úL� EDQL´� GXS � FXP�GHVFULH� VLWXD LD� XQ� MXUQDOLVW� ±� YH]L� /DXUHQ LX� ,VSLU��3LD D� 5$6'$4� vúL� FDXW � SHUOHOHîngropate, în Ziarul Financiar din 3 aprilie 2001
102�/DXUHQ LX�*KHRUJKH��5HIRUPDUHD�5$6'$4�HVWH�GRDU�vQ�ID] �GH�LQWHQ LH��în Capital nr. 16/2001
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1997 447.099 796.387.743 2.830 386.099.048 2.427 127
1998 542.026 1.400.620.770 3.790 419.296.270 3.337 197
1999 272.276 2.133.810.745 3.620 242.225.310 3.267 184
2000 122.462 943.196.609 2.360 116.597.930 2.978 150
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109
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",4 .&*3/*+,+ ��105� 83&-(/(-(* 83 4'* * /( &*4')*+� 83 ����2� * .& :,) >%*-)( 5,+)� �.)( /( /*)%-'*3%*.)- . 7 .'5 .%+, ''� �.)( &+*- & > - % /(&':'( +(7'.+*)'6 83&-(/(-(* 3, 4%*)( >' -(.)*='+') �#106 În&%3)(J),+ 3(7%&'(-'+%- 4-(6 :,)( &, *3&* �%3/'*+ 4(3)-, ,3 3%, *&%-/ ���� ?�-'6*)( �(&)%- �/A,.)5(3)�%*3@� .( *&%-/ % *)(3 '( /(%.(=') 85=,3 ) '-'' &*/-,+,' A,-'/'& 0' /( -(7+(5(3)*-( 4(3)-, 4'( (+( /( &*4')*+�3* �*=-'(+* ��!����!�� 4-(0(/'3)* �%5'.'(' * '%3*+( * �*+%-'+%- �%='+'*-(� * 5(3 '%3*) & .( 6*(+*=%-* % +(7'.+* '( 3%, � ,3')*- � *+'3'*) +* /'-(&)'6(+( ��� 4;3 +* �� %&)%5=-'(107. În martie 2001 a fost.,4,. �(3*),+,' % '3' '*)'6 +(7'.+*)'6 /'3 4*-)(* 4*-)'/,+,' +'=(-*+ &*-( 4-%4,3( % -(6':,'-( &%54+() * �(7''3-� ��K�BB� 4-'6'3/ 6*+%-'+( 5%='+'*-( 0' =,-.(+( /( 6*+%-'108.
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A. �%3&(3)-*-(* *&),*+ * *,)%-') '+%- -%5;3(0)' *.,4-* 85=,3 ) '-'' &*/-,+,' +(7'.+*)'6 *+ 4'( (' /( &*4')*+.( =*:(*: 4( 4-(.,4,3(-(* ?'54+'&') @ & '54(->(& ',3'+( /'3 ���� ����� �����%�� ����� �sunt principala&*,: * /(&+'3,+,' 4'( ('� �*+')*)(* .'.)(5,+,' /( )-*3:*& '%3*-( (.)( '54%-)*3) 4(3)-, & (* /()(-5'3�������� �� �����%�� ����� F .'.)(5(+( /( )-*3:*& '%3*-( 5*' =,3( /()(-5'3 4-( ,-' /( )-*3:*& '%3*-(5*' .& :,)(� 4(-5' ;3/ 4'( (+%- . >,3& '%3(:( 5*' (>'&'(3)� �.)( '54%-)*3) /( .,=+'3'*) & *&(.)( "&%.),-'*+( )-*3:*& '%3 -''# 3, .( +'5')(*: +* &%.),-' /'-(&)( ?&,5 *- >' )*J(+( 4+ )')( 4(3)-, (>(&),*-(* ,3(')-*3:*& '' +* =,-. @ &' '3&+,/ 0' &%.),-' '3/'-(&)( &,5 *- >' &<(+),'(+'+( 3(&(.*-( %= '3(-'' /( '3>%-5* ''4(3)-, * 4,)(* +,* % /(&':'( &, 4-'6'-( +* % '36(.)' '(� &%.),+ 5%3')%-': -'' ,3(' '36(.)' ''� &%.),-'+(suportate când se produc pierderi, etc.
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B. Cererea de capital (.)( (6'/(3) &(* 5*' .+*= 6(-'7 /( 4( 4'* * -%5;3(*.& /( &*4')*+ 0' (.)(.,-4-'3: )%- &;) /( 5,+ ' *3*+'0)' '73%- % -(*+')*)( *);) /( ,0%- /( %=.(-6*)� �%)*-(* +* =,-. * 5*' 5,+)%-.%&'() ' .*, * ,3%- .%&'() ' /( 5*' =,3 &*+')*)( 3, 4%*)( -(:%+6* 4-%=+(5*110. Economia româneasca s-* &%3>-,3)*) &, % -(&(.',3( 83/(+,37*) 0' .(6(- 83)-( �BBG 0' �111� 4-%/,& '* '3/,.)-'*+ .& :;3/ &, 5*'5,+) /( �1N� �3 )'54,+ -(&(.',3'+%-� .%&'() '+( )'3/ . .( &%3&(3)-(:( *.,4-* 5 .,-'+%- /( -(.)-,&),-*-( F'36(.)' '* 0' &(-(-(* /( &*4')*+ .( -(/,&� �-',3/( 83 +,5(� % -(&(.',3( (&%3%5'& /()(-5'3 % .& /(-( *4'( (+%- /( &*4')*+ 0' 3, (J'.) 3'&' ,3 5%)'6 . 3( *0)(4) 5 &* 4'* * /( &*4')*+ * �%5;3'(' . .( &%54%-)(mai bine decât economia în general.
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C. Oferta de capital 83 7(3(-*+ .H* */*4)*) 4,- 0' .'54+, &%3/' ''+%- (&%3%5'&( F &(-(-(* -(/,. /( &*4')*+/'3 4*-)(* .(&)%-,+,' &%-4%-*)'6 0' (>(&),+ /( (6'&)',3( *+ /(>'&'),+,' =,7()*-112� �, (J&(4 '* ,3('/(3*),- -' 4-%6%&*)( /( .'.)(5,+ /( '54%:')*-( 83 *3,+ �111 ?&;3/ .H* *4+'&*) % )*J /( -( '3(-( /( �1N*.,4-* )-*3:*& '%3 -'+%- +* =,-. +* 6*+%*-(* )-*3:*& '(' 0' 3, +* &;0)'7,+ /( &*4')*+@� 3, *, (J'.)*) *+)(%=.)*&%+( '3.)'), '%3*+( 5*A%-( &*-( . *>(&)(:( %>(-)* /( &*4')*+� �&*3/*+,+ +(7*) /( 4- =,0'-(* >%3/,+,'/( '36(.)' '' �� 83 *3,+ �111 (.)( &(+ 5*' '54%-)*3) (6(3'5(3) &*-( * '3>+,(3 *) 83 5%/ .(53'>'&*)'6%>(-)* /( &*4')*+� �3&-(/(-(* '36(.)')%-'+%- * .& :,) +* ,3 3'6(+ -(&%-/ '*- 4'( (+( /( &*4')*+ *, *6,) /'3 3%,/( .,>(-')� (>(&) /%*- 4*- '*+ &%54(3.*) /( ,0%*-* -(6(3'-( (&%3%5'& �
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��I��9�'��� � ������� ����5������ �)������5���� ��
#������������� �����������������������
Martie 2001
Simbol Denumire societate �� ��������� �� ����
Capitalsocial
-milioane lei
Capitalizarebursiera
- USD
Sector
BRD ��� ���� �DEZVOLTARE
348.450.670 1.742.253 394.252.751 �'3*3 (
ALR* ALRO SLATINA 158.458.182 792.290 114.482.197 Materiale
DAC ������ ��� ���� ������� 1.919.755.874 685.139 52.857.911 Bunuri de largconsum
BTR ��� �����H���� ��������
345.600.000 345.600 29.002.558 �'3*3 (
TER* TERAPIA CLUJ NAPOCA 306.613.680 306.614 20.134.063 Farmaceutic
TLV* BANCA TRANSILVANIA CLUJNAPOCA
173.696.726 173.697 16.935.316 �'3*3 (
SCD ������ �������� 138.987.050 138.987 15.716.184 Farmaceutic
SIF3 S.I.F. TRANSILVANIA �����
546.071.666 546.072 15.653.244 �'3*3 (
SIF1 ������ ���H������ ��� 548.849.268 548.849 14.097.475 �'3*3 (
SIF4 ������ ������ �������� 628.485.262 628.485 13.914.715 �'3*3 (
SIF5 S.I.F. OLTENIA CRAIOVA 580.165.714 580.166 12.910.564 �'3*3 (
INX � ����$ ���������� 6.100.246 152.506 12.654.680 Materiale
ASP* RAFINARIA ASTRA ROMÂNA��������
219.650.344 132.470 11.167.679 Energetic
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
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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
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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
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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
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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
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consum
ECT ELECTROCONTACT ������
258.010 8.479 14.412 Echipamente
Total 9.571.187.663 13.560.936 854.423.759
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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
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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
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��I��<�-���9==��0�'����- �0�����-�-�������� ����'�K
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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
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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
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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
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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 �-%/,& '( /( .)'&+
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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%='+
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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
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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.
�)*='+(0)( -(7,+'+( 4(3)-, %-7*3':*-(* 0' >,3& '%3*-(*�%5'.'(' * '%3*+( * �*+%-'+%- �%='+'*-(� 4(3)-, *7(3 ''+(/( '3)(-5(/'(-( * 6*+%-'+%- 5%='+'*-(� =,-.(+( /( 6*+%-' 0'%4(-* ''+( =,-.(+%- /( 6*+%-'� 4-(6(/( .)*3/*-/( 4(3)-,4-%)(& '* '36(.)')%-'+%- 0' -(&%5*3/ -' 4(3)-, %-7*3':*-(*.'.)(5(+%- /( &%54(3.*-( 0' /(4%:')*-(�
• Legea nr. 15/1990 privind-(%-7*3':*-(* ,3') '+%-economice în regii autonome.' .%&'() ' &%5(-&'*+(�
�3&(4,),+ -(>%-5(' 83)-(4-'3/(-'+%-� �)*='+(0)( -(7,+'.4(&'*+( 4(3)-, 7,6(-3*3 * &%-4%-*)'6 83 ,3') '+( &,capital de stat.
• �-/%3*3 * 3-� �BK�BBBprivind conducerea.%&'() '+%- 83 &*-( .)*),+ .*,*/5'3'.)-* '* +%&*+ /( '3 %4%:' '( 5*A%-')*- ?83+%&,'(0)(Legea nr. 66/1993 privindcontractul de management).
�-(6(/(-' .4(&'*+( 4-'6'3/ 7,6(-3*3 * &%-4%-*)'6 83.%&'() '+( &, &*4')*+ /( .)*)�
� !� � �� ����������� ��� ������� ��� ����� ���)�����������������
�(7,+*5(3),+ 3-� GK�111 4-'6'3/ %-7*3':*-(* �%5'.'(' * '%3*+( * �*+%-'+%- �%='+'*-(�
�(7,+*5(3),+ 3-� �K�111 &, 4-'6'-( +* &%54(3.*-(* )-*3:*& ''+%- /( 6*+%-' 5%='+'*-( 4( 4'( (+(organizate.
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�(7,+*5(3),+ 3-� ��K�BBB 4-'6'3/ +'&')* ''+( (+(&)-%3'&( 4( 4'* * ����2�
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�(7,+*5(3),+ 3-� EK�BBC &, 4-'6'-( +* %-7*3':*-(* 0' >,3& '%3*-(* %-7*3'.5(+%- /( *,)%-(7+*-(4(3)-, 4'( (+( /( 6*+%-' 5%='+'*-( -(7+(5(3)*)(�
�(7,+*5(3),+ 3-� �K�BBC &, 4-'6'-( +* *,)%-':*-(* 0' %4(-* ''+( *7(3 ''+%- /( '3)(-5(/'(-( *valorilor mobiliare.
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�(7,+*5(3),+ 3-� BK�BBG &, 4-'6'-( +* &(-'3 (+(� &-')(-''+( /( 83-(7'.)-*-( 0' 4-%&(/,-'+( /(autorizare pentru registrele independente.
Regulamentul nr. 1/1996 cu privire la statutul comisarului general al Bursei de Valori.
�(7,+*5(3),+ 3-� �K�BBE &, 4-'6'-( +* '3>%-5*-(* 4(-'%/'& 0' &%3)'3, 4( &*-( )-(=,'( . %-(.4(&)( (5')(3 '' /( 6*+%-' 5%='+'*-(�
Regulamentul nr. 15/1996 cu privire la plasamentul privat.
�(7,+*5(3),+ 3-� �EK�BBE &, 4-'6'-( +* %>(-)* 4,=+'& /( 6;3:*-( * 6*+%-'+%- 5%='+'*-(�
�(7,+*5(3),+ 3-� �K�BB� &, 4-'6'-( +* *&)'6')*)(* &(3:%-'+%- (J)(-3' '3/(4(3/(3 '�
�(7,+*5(3),+ 3-� �K�BB� &, 4-'6'-( +* *&)'6')*)(* &%3.,+)*3 '+%- /( 4+*.*5(3)( 83 6*+%-'mobiliare.
�(7,+*5(3),+ 3-� �K�BB� 4-'6'3/ &%/,+ /( ()'& 0' &%3/,') *+ 5(5=-'+%- 0' 4(-.%3*+,+,'�%5'.'(' * '%3*+( * �*+%-'+%- �%='+'*-(�
�(7,+*5(3),+ 3-� EK�BB� &, 4-'6'-( +* %>(-)* 4,=+'& 4(3)-, 6;3:*-(* 6*+%-'+%- 5%='+'*-(�
0 !���� � ��� ����
• Legea nr. 58/1998. Legea4-'6'3/ *&)'6')*)(* =*3&*-din România (reactualizarea�(7'' '3' '*+( 3-� ��K�BB�@
�-(6(/( &%3/' '' .4(&'*+( 4(3)-, %-7*3':*-(* 0' >,3& '%3*-(*= 3&'+%-� '3&+,:;3/ 4-(6(/(-' +(7*)( /( 7,6(-3*3 *&%-4%-*)'6 �
• Legea nr. 32/2000 privind.%&'() '+( /( *.'7,-*-( 0'.,4-*6(7<(-(* *.'7,- -'+%-(reactualizarea Legii nr.47/1991)
�-(6(/( &%3/' '' .4(&'*+( 4(3)-, %-7*3':*-(* 0' >,3& '%3*-(*.%&'() '+%- /( *.'7,- -'�
• �-/%3*3 * 3-� ��K�BB�privind reglementarea&%3.)'),'-'' 0' >,3& '%3 -''fondurilor deschise de'36(.)' '' 0' * .%&'() '+%- /('36(.)' '' &* '3.)'), '' /('3)(-5(/'(-( >'3*3&'*-
�-7*3':*-(*� >,3& '%3*-(* 0' .,4-*6(7<(-(* >%3/,-'+%- /('36(.)' ''�
• Legea nr. 64/1995 privind4-%&(/,-* -(%-7*3': -''A,/'&'*-( 0' * >*+'5(3),+,'�
�(7,+' .4(&'*+( &, 4-'6'-( +* 7,6(-3*3 * &%-4%-*)'6 83)'54,+ 4-%&(/,-'+%- /( +'&<'/*-( 0' >*+'5(3)�
• Legea nr. 133/1996 pentrutransformarea Fondurilor de�-%4-'()*)( �-'6*) 83�%&'() ' /( �36(.)' ''Financiare.
�(-)'>'&*),+ /( 3*0)(-( *+ ���H,-'+%-�
• �-/%3*3 * 3-� �1K�BBC4-'6'3/ &%3.)'),'-(* 0'>,3& '%3*-(* >%3/,-'+%- &,capital de risc.
�+) 7-,4 /( *&)%-' 4( 4'( (+( /( &*4')*+�
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129
• Legea nr. 36/1991 privind.%&'() '+( *7-'&%+( 0' *+)(forme de asociere în*7-'&,+),- �
�(7,+' .4(&'*+( 4(3)-, %-7*3':*-(* 0' >,3& '%3*-(* ,3') '+%-agricole.
0 !���� ������������ �����
• Legea nr. 58/1991 privind4-'6*)':*-(* .%&'() '+%-comerciale
�-'5* +(7( &*-( .)*='+(0)( &*/-,+ 4-%&(.,+,' /( 4-'6*)':*-(�
• Legea nr. 77/1994 privind*.%&'* ''+( .*+*-'* '+%- 0'membrilor conducerii.%&'() '+%- &%5(-&'*+( &*-(.( 4-'6*)':(*:
Legea MEBO, care are un impact semnificativ asupra.)-,&),-'' 4-%4-'() '' .%&'() '+%- &%)*)(�
• Legea nr. 55/1995 privindaccelerarea procesului deprivatizare.
�(7(* 4,3( 83 5'0&*-( 4-%7-*5,+ /( 4-'6*)':*-( 83 5*. L ,3(>(&) 4( )(-5(3 +,37 *.,4-* .)-,&),-'' 4-%4-'() ''�
• �-/%3*3 * /( �-7(3 3-�88/1997
�(* 5*' -(&(3) -(6':,'-( 5*A%- * +(7'.+* '(' 4-'6*)': -''�
• Legea nr. 18/1991, Legeafondului funciar
(.>''3 *-(* .'.)(5,+,' &%%4(-*)'6(+%- *7-'&%+( 0' -(.)'),'-(*)(-(3,-'+%- 4-%4-'()*-'+%- +%- 4-'6* '�
• Legea nr. 82/1991, Legea&%3)*='+') ''L �-/%3*3 * 3-�50/1997 privind organizarea*&)'6') '' /( (J4(-)':&%3)*='+ 0' * &%3)*='+'+%-*,)%-':* '�
(>'3(0)( &*/-,+ &%3)*='+ 0' /( -*4%-)*-( >'3*3&'*- 0'standardele pentru profesiunea de contabil.
• �-/%3*3 * 3-� G�K�BBBprivind activitatea de audit.
�,/'),+ /(6'3( %=+'7*)%-', 4(3)-, .%&'() '+( 4,=+'&(�
• Legea nr. 13/1991, privind&%3)-*&),+ &%+(&)'6 /( 5,3& LLegea nr. 15/1991 privind.%+, '%3*-(* &%3>+'&)(+%-&%+(&)'6( /( 5,3& �
�3(+( /'3)-( /-(4),-'+( /( =*: *+( .*+*-'* '+%-�
• �-/%3*3 * /( �-7(3 3-�230/2000 privind organizarea0' >,3& '%3*-(* >%3/,-'+%-universale de pensii.
� '3>+,(3 4%)(3 '*+ '54%-)*3) *.,4-* 4'( (+%- /( &*4')*+în viitor.