Operational Arrangements between the European Commission and Romania

                                                          Qualitative          Quantitative indicators          Indicative timeline
      Related Measure                                                                                                                                       Further
                           Milestone/                     indicators               (for targets)                  for completion        Responsibility
Num     (Reform or                          Name                                                                                                          specification
                            Target                           (for                                                                     for reporting and                             Verification mechanism
        Investment)                                                                                                                                          (where
                                                          milestones)                                                                  implementation
                                                                          Unit of                                                                          necessary)
                                                                                      Baseline           Goal   Quarter      Year
                                                                          measure

• - description of the appointment and

selection procedures demonstrating the transparency and competitiveness.

• - copy and link to the publication on the

relevant webpage in the Ministry of Energy of the selection and appointment of management board members.

• - copy of the remuneration scheme,

including evidence of the quantitative and qualitative objectives linked to the financial and service performance of the undertaking.

                                                                                                                                                                          This shall apply at least for the following
                                                                                                                                                                          companies under the control of the
                                                                                                                                                                          Ministry of Energy: Romgaz,
                                                                                                                                                                          Hidroelectrica, Nuclearelectrica, CE
                                                                                                                                                                          Oltenia, Oil terminal, Conpet, and SAPE.
122   Reform 2.            Milestone    Listing of at    Completion of                                          Q2          2023      Ministry of                         Summary document duly justifying how
      Improving                         least 15%        the Initial                                                                  Energy                              the milestone (including all the
      corporate                         shares of        Public Offer                                                                                                     constitutive elements) was satisfactorily
      governance of                     Hidroelectrica                                                                                                                    fulfilled. This document shall include as
      state-owned                       completed                                                                                                                         an annex the following documentary
      enterprises in the                                                                                                                                                  evidence:
      energy sector                                                                                                                                                         - copy of the decision by the National

financial supervision regulator on the listing.

• - evidence that a stake of at least 15%

                                                                                                                                                                                 is traded on the exchange.
123   Reform 3. Green      Milestone    Finalising and   Development                                            Q3          2023      Ministry of                         Copy of the publication in the relevant
      budgeting                         applying a       and start of                                                                 Finance                             public website of the planning
                                        green            application of                                                                                                   methodology agreement accompanied by
                                        budgetary        a green                                                                                                          a summary document duly justifying how
                                        planning         budgetary                                                                                                        the milestone was satisfactorily fulfilled.
                                        methodology                                                                                                                       This summary document shall include a

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