Romania’s Financial Supervisory Authority audited private pension fund management company BRD, part of Societe Generale Group, finding that the company’s managing director and board members violated governance rules business and accounting records.
Fines amounting to more than RON 275,000 (EUR 55,000) were imposed on four board members – three of whom, including chief executive Alina Cecilia Andreescu, had their endorsement in their positions withdrawn, Profit.ro reported. The three other members of the Board sanctioned by ASF are Laurent Simon Doubrovine, Raluca Ioana Moise and Arnaud Charles Marie René Brière de la Hosseraye.
ASF affirms that the facts identified are not related to the management of pension funds.
However, among all the Pillar II pension funds operating in Romania, the one managed by the BRD has the weakest performance. The Unit Value of Net Assets (VUAN) is, in the case of the mandatory private pension fund of the BRD, only 24.11 RON compared to 28.5 RON, the average of all the funds and almost 30 RON, the VUAN of the best performing fund.
The Pillar II pension fund managed by BRD Pensii had total assets of RON 3.33 billion (EUR 673.36 million), up 5.64% from March 31.
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