OMV Petrom : Changes of compliance status with the BSE Code
March 13, 2020 at 09:26 am EDT
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OMV Petrom S.A. - PETB
Changes of compliance status with the BSE Code
Released 13:13 13-Mar-2020
RNS Number : 1313G
OMV Petrom S.A.
13 March 2020
OMV Petrom S.A.
Ad hoc report
In compliance with Law no. 24/2017 on issuers of financial instruments and market operations and Financial Supervisory Authority Regulation no. 5/2018 on issuers of financial instruments and market operations
Date of report: March 13, 2020Name of issuer: OMV Petrom S.A.Headquarters: Bucharest, 22 Coralilor Street, District 1,('Petrom City')Telephone/fax number: +40 372 161930/ +40 372 868518Sole registration number at the Trade Register Office: 1590082Fiscal attribute: ROTrade Register Number: J 40/8302/1997Share capital: 5,664,410,833.5 RONRegulated market on which the issued shares are traded: Bucharest Stock Exchange and London Stock Exchange
Significant event to be reported:
Changes of compliance status with the Bucharest Stock Exchange (BSE) Corporate Governance Code
Following the revocation of Sevil Shhaideh from her position as member of the Supervisory Board as of March 3, 2020 (and consequently the cease of her positions in the Supervisory Board's consultative committees), Niculae Havrileţ was appointed by the Ordinary General Meeting of Shareholders as member of the Supervisory Board as of March 3, 2020 and by the Supervisory Board as member in the Supervisory Board's consultative committees, including the Audit Committee, as of March 13, 2020.Thus, as of March 13, 2020, the Audit Committee is composed of the following four members:
· Jochen Weise - President;
· Reinhard Florey - Deputy President;
· Radu Cojocaru - Member;
· Niculae Havrileţ - Member.
out of which following the evaluation of the independence performed, it resulted that only Jochen Weise and Radu Cojocaru meet all independence criteria provided by the BSE Corporate Governance Code.
Consequently, OMV Petrom S.A. announces the change, effective starting March 13, 2020, of its compliance status with provision B.1 of the BSE Corporate Governance Code, namely 'The Board should set up an audit committee, and at least one member should be an independent non-executive. The majority of members, including the chairman, should have proven an adequate qualification relevant to the functions and responsibilities of the committee. At least one member of the audit committee should have proven and adequate auditing or accounting experience. In the case of Premium Tier companies, the audit committee should be composed of at least three members and the majority of the audit committee should be independent', from 'compliance' to 'partial compliance', as only two out of the four members of the Audit Committee fulfill all independence criteria provided by the BSE Corporate Governance Code.
Christina Verchere Alina Popa
Chief Executive Officer Chief Financial Officer
President of the Executive Board Member of the Executive Board
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Changes of compliance status with the BSE Code - RNS
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OMV Petrom SA published this content on 13 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 March 2020 13:24:07 UTC
OMV Petrom S.A. is one of the Romanian largest oil and gas groups. Net sales break down geographically as follows:
- oil refining and distribution (73.9%): 4.3 Mt of crude oil refined and 5.3 Mt of oil products sold in 2021. At the end of 2021, the group operated a network of 787 service stations located in Romania (561), Bulgaria (94), Moldova (69) and Serbia (63);
- gas refining and distribution (25.4%): 4.5 billion cubic meter sold. OMV Petrom S.A. also develops an activity of electricity distribution;
- exploration and production of hydrocarbons (0.6%): crude oil (23.1 million barrels produced) and natural gas (3.7 billion m3 produced);
- other (0.1%).
Net sales break down geographically as follows: Romania (83.2%), Europe (16.7%) and other (0.1%).