New supervisory board in PKN Orlen

APA - Austria Presse Agentur
opublikowano: 01-02-2006, 16:35

Warsaw (Puls Biznesu) – New supervisory board, dominated by government representatives, may soon change the management of the fuel giant.

Warsaw (Puls Biznesu) – New supervisory board, dominated by government representatives, may soon change the management of the fuel giant.

Yesterday, the Ministry of the Treasure, changed the supervisory board of PKN Orlen, Poland’s fuel giant.

“As we said before, we reduced the number of members of supervisory boards in two fuel companies (PKN Orlen and Lotos). I believe, they will better supervise the companies now. They will review the situation. Possible decisions will be made later on”, Pawel Szalamacha, deputy Minister of the Treasury, responsible for oil sector said.

Also Dariusz Dabski, the new chairman of the board, was very careful.

“We must meet and analyze the situation. We won’t make any decisions in a rush. I represent the Ministry of the Treasure but I’d like to stress that I’m a businessman first of all”, Dariusz Dabski, formerly the CEO of Optimus IT company, said.

The government will have stronger representation in the supervisory board. All four new members were recommended by the Ministry of the Treasure. Out of old members, only Adam Pawlowicz remained in the board, the latter being a direct representative of the Minister of the Treasure. Meanwhile, the board was reduced from 9 to 7 members. It has now only two representatives of pension funds (AIG OFE and Commercial Union OFE).

“Changes in the supervisory board are a sign of possible changes in the management. If they were to be big, the market would not like this as this would mean another changes in the strategy. Besides, the present management seems to be the best in history”, Grzegorz Litynski, KBC Securities commented.

“Fewer members of the supervisory board means cost cutting plus easier decision-making. The market was not surprised with the changes so the share price should not fall. But you cannot exclude changes in the management. It won’t be made before the tender to buy Lithuanian refinery Mozeiki ends. If the result is bad, the board of directors may be changed. Even totally”, Rafal Salwa, an independent analyst said.


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Podpis: APA - Austria Presse Agentur


Inspiracje Pulsu Biznesu

Puls Biznesu

Puls Inwestora / New supervisory board in PKN Orlen