Shareholders Assembly
General Meeting is the supreme corporate body. Authorities belonging to the General meeting are specified in the company Statute. A regular General Meeting is convened once a year, within six months from closing of a financial year and it is called by the Board of Directors. The General Meeting is chaired by the Executive Director.
27-06-2011
Shareholders assembly
- Meeting of Shareholders of EPCG AD Niksic adopted the Report on Business of EPCG AD Niksic for 2010 as well as financial statements with auditor's report.
-Auditor, PricewaterhouseCoopers, gave a positive opinion on the financial statements.
-Board of Directors remained in the same composition, for the President was reelected Srdjan Kovacevic
Today in the Business Center "Sindcel" in Niksic was held Ninth Regular General Meeting of EPCG AD Niksic. Based on the predetermined agenda The Assembly, chaired by Ranko Vojinovic, adopted the following decisions: decisions about adoption of the Business Report EPCG AD Niksic for 2010, Decision on adoption of financial statements of EPCG AD Niksic for 2010 with the auditor's report, Decision on choice of the auditor of EPCG AD Niksic, and the Decision on dismissal and election of members of the Board of Directors of EPCG AD Niksic. Electric Power Industry of Montenegro in 2010 worked in very challenging conditions. It was the second successful year of managerial control by the foreign company A2A as a qualified shareholder and strategic partner in which with total commitment of control and managerial structures and all employees it was achieved a Consolidated business plan and the basic principles of Business Policy, the Electro energetic balance was implemented and a regular supply of all consumers with electricity was ensured. To the maximum extent were achieved the current and strategic corporate and sectorial objectives, business result with a profit of € 16,497,515 was reported, which is particularly pleasing, and reinforces the belief that the company finally emerged from the financial recession, and is now consolidated and enters in a phase of its material strengthening and dynamic development. 2010 was a year of record production results. It was produced 4.021,27 GWh with the overruns of the plan by 28,1% and thus practically fully met the consumption needs of 4021.71 GWh, which is sort of a curiosity, especially when it is known that for years deficit of electricity in Montenegro was around 1/3 of consumption. This production is primarily the result of very favorable weather conditions in the first and fourth quarter and full operational availability of capacity, maximum involvement of staff and skills manifested in the exchange and sale of surplus power generated. Hydro power plants Perucica and Piva and TPP Pljevlja individually achieved record results in their otherwise highly successful long-term work. The realized losses on the distribution level show a tendency of decrease and they fell below 20% which is very encouraging and assures that they can and must reach the target parameters in this area. A level of collection of 93% was reached, with the structure of 98,64% for direct and 91,03% for distributive consumers. In the part of personnel policy the age and the structure of production jobs was improved. Number of permanent employees has been reduced to 2621 on 31.12.2010. That trend continues in this year and the number of permanently employed workers is already down to 2420. During 2010, EPCG managed to completely provide the material and social security of employees as a strong condition of their stronger motivation for quality work. All provisions of the Collective Agreement were duly and timely complied with. The calculation and payment of salaries and other emoluments were carried out mainly within the set deadlines. Current and investment maintenance of facilities and equipment, as the best guarantee of the functioning of the existing electricity system, was done in the maximum extent possible both in the part of the distribution network as well as modernization and training for operating power plants. For these purposes has been allocated €24 million. In the report of independent auditor, PrecewaterhouseCoopers, it says that the financial report in all material aspects shows real and objective financial state of EPCG, business results and a report of cash flows for the year which ended on 31 December 2010, in accordance with the Law on Accounting and Auditing of Montenegro. According to Article 42 Paragraph 5 of Law on Business Companies, the mandate of the members of the Board of Directors expires at the first regular annual meeting of shareholders. As the current members of the Board of Directors of EPCG AD Niksic were elected on the Eighth Assembly on 28.6.2010, on today’s Assembly their mandates expired, and after removal of the existing and voting for the new, a new Board of Directors was elected, in which there has been no changes from the previous convocation. Also, immediately after the Assembly, the constitutional session of the new Board of Directors was held on which was re-elected as President Srdjan Kovacevic.
Additional information:
Directorate for Public Relations
Vuka Karadžica br. 2, 81400 Nikšic
+382 40 204 284 (Tel)
+382 67 681 188 (Mobile)
+382 67 831 713 (Mobile)
