On the basis of a nomination from Romania, by common accord with the Kingdom of Denmark, the Hellenic Republic and Ireland, the Board of Directors decided on 8 May 2012 to submit the candidature of Mr Mihai NicolaeTanasescu to the Board of Governors for the post of Vice-President and Member of the Management Committee, to succeed Mr Plutarchos Sakellaris, who had tendered his resignation with effect from 1 August 2012.

The written procedure inviting the Board of Governors to vote on this proposal was launched on 15 May 2012.

The decision to appoint Mr Mihai Nicolae Tanasescu was taken on 4 June 2012, the date on which the requisite majority of votes was reached. Mr Mihai Nicolae Tanasescu has therefore been appointed as Vice-President and Member of the Management Committee, taking up his post with effect from 1 August 2012.

The Board of Governors also conferred the title of Honorary Vice-President on Mr Plutarchos Sakellaris.