Market News


Approval of the renewal of SNN CEO mandate

Release Date: 8/10/2022 7:22:27 PM

IRIS Code: 744EF

Current report in compliance with art. 234 letter g) of FSA Regulation no 5/2018 regarding issuers of financial instruments and market operations

Reporting date: 10.08.2022

Name of the issuing entity: Societatea Nationala NUCLEARELECTRICA S.A.

Registered office: 65 Polona St., district 1, Bucharest

Phone/fax number: 021-203.82.00 / 021 – 316.94.00

Sole Registration Code with the Trade Register Office: 10874881

Registration number in the Trade Register: J40/7403/1998

Subscribed and paid-up share capital: 3.016.438.940Lei

Regulated market on which the issued securities are traded: Bucharest Stock Exchange


To:                       Bucharest Stock Exchange

                            Financial Supervisory Authority


Significant event to report : Approval of the renewal of SNN’s CEO mandate, Mr Cosmin Ghita, for a period of 4 years starting from 12.02.2023

SN Nuclearelectrica SA informs shareholders and investors that based on the AGOA Resolution no. 6/10.08.2022, by which SNN shareholders approved the renewal of the mandate of Mr. Cosmin Ghita as member of the Board of Directors of SN Nuclearelectrica SA for a period of 4 years starting from 29.09.2022, in accordance with the provisions of art. 28, para. (7) and art. 29, para. (14) of GEO no. 109/2011, the Board of Directors of SNN approved in the meeting of 10.08.2022, based on the recommendation of the Nomination and Remuneration Committee, the renewal of the mandate of CEO of Mr. Cosmin Ghita for a period of 4 years starting from 12.02.2023 (the expiry date of the current mandate being 11.02.2023).

The renewal of Mr Cosmin Ghita's mandate was carried out in accordance with:

  • The provisions of GEO no. 109/2011;
  • The Nomination and Remuneration Committee (NRC) Recommendation no. 7381/27.06.2022, according to which the NRC members took note of the individual activity reports for the mandate period prepared by the members of the Board of Directors and recommended to submit to a vote at the General Meeting of Shareholders on 10.08.2022 the renewal of the current mandates for 5 members of the Board of Directors, starting from 29.09.2022, for a 4-year mandate, in accordance with the provisions of art. 28, para. (7) and art. 29, para. (14) of GEO no. 109/2011. In the activity report for the mandate period, SNN’s Executive member of the Board also included the activity with regard to the mandate as CEO.
  • The Boards of Directors decision no. 125/30.06.2022 according to which the members of the Board have taken note of the individual activity reports for the mandate period prepared by the members of the Board;
  • The fact that the current CEO of SNN, in office until 11.02.2023, holds a license issued by CNCAN, valid until 26.06.2024, in accordance with the provisions of NSS- 23 rev. 1 (Nuclear Safety Standard of 2021 on the selection, training, qualification and licensing of personnel of organizations responsible for the design, siting, construction and assembly, commissioning, operation and decommissioning of nuclear installations, issued by CNCAN);
  • The provisions of art. 20 para. (5) of NSS-23 rev. 1, according to which "For filling the positions of general manager, deputy general manager, branch manager, director, deputy director and equivalent positions in the organizational scheme of the licensee, who perform functions important for nuclear safety, having the tasks of drafting, verifying, endorsing or approving the documentation underlying the obtaining and maintenance of authorizations issued by CNCAN, in particular the nuclear safety documentation, and/or who are involved in the strategic decision-making process with an impact on ensuring compliance with the limits and conditions of the licenses issued by CNCAN, only personnel who have previously held, for a continuous period of at least 4 years, management, coordination and supervision positions for activities important to nuclear safety in the license holder's organization or in an organization managing similar or more complex nuclear projects and installations should be selected.

As of 2019, Mr. Cosmin Ghita is the first and only Romanian member of the World Association of Nuclear Operators (WANO) Main Governing Board, contributing to the objectives of this international association to strengthen nuclear safety and nuclear safety culture, impacting all nuclear power plants worldwide.

As CEO of Nuclearelectrica, Mr. Cosmin Ghita has contributed during his current mandate to the achievement of Romania's energy safety and sustainability objectives through the carrying out and development of SNN's strategic investment projects, Unit 1 Refurbishment, Units 3 and 4 Project, Small Modular Reactors Project, started under Mr. Ghita's leadership. Through these investment projects, Nuclearelectrica will double its capacity after 2031 and its contribution to Romania's total CO2-free energy production will increase from 33% today to 66% in 2031.

In addition to these investment objectives, there are the company's financial results, capital market positioning; inclusion in the FTSE Russel emerging market indices and inclusion in the FTSE Russel midcap category; increase of SNN's share price from 7 lei/share in 2018 to 47 lei/share in 2022, which means an increase of 571%; increase of the market capitalization from 2,460,353,024 lei in 2018 to 14,252,673,991. 50 lei in 2022, which represents a percentage increase of 479%, i.e. from approximately 500 million Euro in 2018 to 2.9 billion Euro in 2022; implementation in March 2020 of the ISO 37001/2016 standard - Anti-bribery management system, SNN being the first state company to implement this standard; achievement of all performance indicators related to the mandate contract, development of the human resources strategy and growth of a new generation of specialists through recruitment, ESG development, development of the raw material procurement strategy, takeover of Feldioara's raw material processing assets, takeover of the operating license of the Tulghes-Grinties perimeter in order to maintain and develop the integrated fuel cycle at national level.

Mr. Cosmin Ghita began his career in the US at Chevron, Washington, contributing to Chevron initiatives in Romania and Eastern Europe. From 2015 to 2017, Mr. Cosmin Ghita was a partner at New York-based Amerocap, supporting transactions and capital raising initiatives in the energy and mineral resources sector in Romania, Ukraine and UK. Subsequently, he held the position of advisor to the Prime Minister of Romania on energy security and energy policy. Mr. Ghita was also involved in the establishment of Aspire Academy, a leadership and business summer school led by Harvard and Ivy League professors in Romania. Cosmin Ghita is a graduate of Bates College, Maine, USA, with a degree in international political economy.  Mr. Cosmin Ghita is also a member of the Board of Trustees of the American School of Bucharest.

His expertise covers areas such as economic strategies, international business, energy markets, development of major investment projects, risk analysis, international relations, public-private partnerships, etc.


Cosmin Ghita

Director General


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