Podravka will reduce the number of Supervisory Board members from 11 to seven

The Supervisory Board of the food company Podravka will review the company’s business data for 2009 next week, as well as the proposal to reduce the number of Supervisory Board members.

The Chairman of the Supervisory Board, Ljubo Jurčić, stated that during today’s working meeting, discussions were held regarding the upcoming General Assembly of Podravka shareholders, which is expected to take place in February. He announced the next Supervisory Board meeting for Tuesday, January 19, when the company’s performance in 2009 will be evaluated and, among other things, a decision will be proposed to reduce the number of Supervisory Board members. The reduction in the number of Supervisory Board members at Podravka is proposed for more efficient functioning of that body, and it is discussed to reduce from the current 11 to seven members.

Today, the constitutive meeting of the Podravka Shareholders’ Association with a four-year mandate was held in Koprivnica, which elected a new leadership of the Association, with Davor Švarc, Executive Director of Podravka for the Western European market, elected as president. Jadranka Ivanković, a lecturer at the Vern Polytechnic, was elected as vice president, as announced by the Podravka Shareholders’ Association. The Assembly of the Association made a decision proposing that small shareholders in the Supervisory Board of Podravka continue to be represented by three members and proposed Maria Bareza, Damir Bijač, and Vesna Želježnjak as new representatives of small shareholders.

The new Assembly of the Association, the newly elected leadership, and the proposed members as representatives of small shareholders in the Supervisory Board of Podravka unanimously concluded that they will jointly act for better protection and promotion of the rights and interests of small shareholders of Podravka, as stated in the Association’s announcement. At the very beginning of the Assembly of the Podravka Shareholders’ Association, Ksenija Horvat submitted her irrevocable resignation from membership in the Assembly of the Association, explaining that this body was “formed by a political personnel puzzle” and that it would not fulfill its task, i.e., adequately represent the interests of small shareholders.  (H)