The Electric Power Industry of Serbia (EPS) Supervisory Board has given a green light to the company’s new Articles of Association which foresees the transformation of this public company into a joint-stock company, the Ministry of Energy has confirmed.
EPS will become a closed joint-stock company, 100 percent owned by the state. Three members of the Supervisory Board today voted in favour of this decision and one abstained from voting.
The new Articles of Association were adopted after the company re-launched negotiations with trade unions. The document also has a new clause which states that EPS will continue to provide the public with electricity in accordance with the Energy Agency’s license from 2016, which expires in 2026. The new Articles of Association state that EPS’ predominant business activity is the production of electricity while trading in electricity is highlighted as one of the company’s activities.
The trade unions’ request that the employees have their representative in the company’s bodies was accepted, meaning that the representative of EPS’ employees will be appointed a member of the company’s Supervisory Board.
“Having professionals in management will lead to the company having more efficient operations and make EPS a regional energy giant, which is the ultimate goal of the government. This is pursued by the proposed transformation and transition from a public company to a closed joint-stock company, 100 percent owned by the state”, the Ministry of Energy stated.
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