Warsaw (Puls Biznesu) – The EGSM will withdraw the approval for all the members of the previous management. Cezary Stypulkowski, the former CEO will have to give back his bonus.
“PB” has managed to get the agenda of the EGSM of PZU, Poland’s biggest insurer, to be held on November 10th. The meeting will discuss the management’s plans concerning the long-term incentive program for the management and the advancement of preparations for the IPO. In addition, the management will present the stage of the implementation of corporate governance. The above points have been proposed by Eureko, the Dutch group which has 36.1 percent of votes in PZU. The Ministry of the Treasure, which has 62 percent of votes, has proposed the following points: information concerning foreign investment, the data conveyed from PZU to Eureko in the period of April 2004-July 2006 and the broken cooperation of PZU with Eurocross International Polska, Eureko’s subsidiary.
The present management of PZU believes that due to mistakes made by its predecessors, the subsidiaries in Lithuania and Ukraine must get PLN 200-300m (EUR 51.3m-76.8m) of capital or be sold. Representatives of Eureko were in the management of the foreign subsidiaries. The financial data conveyed to Eureko put the Dutch investor in a better position than the remaining shareholders, which is not legal. Then, the former management members will again be evaluated, and the evaluation will be negative. Cezary Stypulkowski will have to pay back PLN 45,000 of his annual bonus which he has already received.
“No comment”, Cezary Stypulkowski said.
(PLN 1 = EUR 0.256)