The supervisory board of fuel trader Petrol, one of Slovenia's biggest companies, endorsed on Wednesday single tier management. The proposal, given by one of the company's major shareholders, is also supported by the management and will be put to vote at the annual general meeting on 15 May.
The supervisory and management boards believe that single tier management would boost the implementation of Petrol's strategic business plan, allowing for greater flexibility and faster adoption of business decisions, chief Petrol supervisor Viktor Baraga told the press after the session.
The composition of the board of directors will be made public a day after the general meeting, Baraga said. The eleven-member board will be appointed for a six-year term and will include three representatives of workers.
Baraga said he would be ready to accept the post of the chairman and added that the proposal did not mean a vote of no confidence for the management board.
Petrol CEO Marko Kryzanowski agrees with the switch. "The future of Petrol depends on its capacity to develop into a powerful regional supplier of energy and green products in a short time."
According to him, every takeover, even a small-scale one, has to be debated by the supervisory board at least three times. "Two tier management limits Petrol's negotiating flexibility in talks with foreign partners."
Petrol's largest single owner is the state-run Restitution Fund (19.75%), followed by holding Istrabenz (15.87%) and the state-run Pension Management Fund (8.27%).
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