Assembly error for System.Management.Automation in .NET Framework 4.0, but not in .NET Framework 4.5

Question

I have a C# .NET Framework 2 application with the following configuration:

<?xml version="1.0" encoding="utf-8" ?>
<configuration>
  <startup>
    <supportedRuntime version="v4.0"/>
    <supportedRuntime version="v2.0.50727"/>
  </startup>
</configuration>

Using Assembly Binding Log Viewer (fuslogvw.exe) I get failures like this with .NET Framework 4.0:

*** Assembly Binder Log Entry  ***

The operation failed.
Bind result: hr = 0x80070002. The system cannot find the file specified.

Assembly manager loaded from:  C:\Windows\Microsoft.NET\Framework64\v4.0.30319\clr.dll
Running under executable  C:\myprog.exe
--- A detailed error log follows. 

=== Pre-bind state information ===
LOG: User = WINDOWS\Administrator
LOG: DisplayName = System.Management.Automation, Version=1.0.0.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35
 (Fully-specified)
LOG: Appbase = file:///C:/
LOG: Initial PrivatePath = NULL
LOG: Dynamic Base = NULL
LOG: Cache Base = NULL
LOG: AppName = myprog.exe
Calling assembly : myprog, Version=20.0.17510.0, Culture=neutral, PublicKeyToken=null.
===
LOG: Start binding of native image System.Management.Automation, Version=1.0.0.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35.
WRN: No matching native image found.

Using .NET Framework 4.5 the operation is successful.

*** Assembly Binder Log Entry  (2/28/2014 @ 3:35:59 AM) ***

The operation was successful. Bind result: hr = 0x1. Incorrect function.

Assembly manager loaded from:  C:\Windows\Microsoft.NET\Framework64\v4.0.30319\clr.dll Running under executable  C:\myprog.exe

--- A detailed error log follows. 

BEGIN : Native image bind.
END   : Incorrect function. (Exception from HRESULT: 0x00000001 (S_FALSE))


*** Assembly Binder Log Entry  (2/28/2014 @ 3:35:59 AM) ***

The operation was successful.
Bind result: hr = 0x0. The operation completed successfully.

Assembly manager loaded from:  C:\Windows\Microsoft.NET\Framework64\v4.0.30319\clr.dll
Running under executable  C:\myprog.exe
--- A detailed error log follows. 

=== Pre-bind state information ===
LOG: User = WINDOWS2\Administrator
LOG: DisplayName = System.Management.Automation, Version=1.0.0.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35
 (Fully-specified)
LOG: Appbase = file:///C:/
LOG: Initial PrivatePath = NULL
LOG: Dynamic Base = NULL
LOG: Cache Base = NULL
LOG: AppName = myprog.exe
Calling assembly : myprog, Version=20.0.17510.0, Culture=neutral, PublicKeyToken=null.
===
WRN: No matching native image found.


*** Assembly Binder Log Entry  (2/28/2014 @ 3:35:59 AM) ***

The operation was successful.
Bind result: hr = 0x0. The operation completed successfully.

Assembly manager loaded from:  C:\Windows\Microsoft.NET\Framework64\v4.0.30319\clr.dll
Running under executable  C:\myprog.exe
--- A detailed error log follows. 

=== Pre-bind state information ===
LOG: User = WINDOWS2\Administrator
LOG: DisplayName = System.Management.Automation, Version=1.0.0.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35
 (Fully-specified)
LOG: Appbase = file:///C:/
LOG: Initial PrivatePath = NULL
LOG: Dynamic Base = NULL
LOG: Cache Base = NULL
LOG: AppName = myprog.exe
Calling assembly : myprog, Version=20.0.17510.0, Culture=neutral, PublicKeyToken=null.
===
WRN: No matching native image found.

I tried: Adding in the .csproj file.

Adding this entries in the registry: reg add hklm\software\microsoft.netframework /v OnlyUseLatestCLR /t REG_DWORD /d 1 reg add hklm\software\wow6432node\microsoft.netframework /v OnlyUseLatestCLR /t REG_DWORD /d 1

Referencing C:\Program Files (x86)\Reference Assemblies\Microsoft\WindowsPowerShell\v1.0\System.Management.Automation.dll in the project.

Adding

<startup useLegacyV2RuntimeActivationPolicy="true">  

in the application config.

The strange thing is that this happens only with .NET Framework 4.0, 2.0 and 4.5 work.

Any suggestions are appreciated.

Thank you