Announcement following a Supervisory Board meeting
Ljubljana, 10 January 2011 At its meeting today, the Supervisory Board of Petrol d.d., Ljubljana discussed materials concerning business decisions and business relations between Petrol d.d., Ljubljana and the construction company SCT. The Management Board presented detailed information to the Supervisory Board about its overall activities and all business transactions between Petrol and SCT, highlighting methods used to manage receivables and decrease exposure to the said construction company.
After carefully examining the materials presented, the Supervisory Board tasked its audit committee with carrying out an audit to verify the management and efficiency of Petrol's transactions with SCT and attorney Dušan Korošec. Supervisory Board members expect to receive the final report and audit findings by the end of February 2011.
At today's meeting, Aleksander Svetelšek, the president of the Management Board, tendered his resignation regardless of the final outcome of the audit, which was accepted by the Supervisory Board. Mr Svetelšek was convinced that due to recent events his leadership of Petrol would put a strain on the company's future operations and therefore decided to hand in his resignation for the companys sake. As agreed with the Supervisory Board, Mr Svetelšek shall remain with the company for another six months as a consultant to the Management Board.
The Supervisory Board deemed that under Mr Svetelšek's leadership the Management Board consolidated Petrol's position in the international and domestic competitive business environment. What is more, appropriate internal reorganisation processes were put in place to provide Petrol with necessary agility in ever more demanding markets in all areas of energy activity.
The Supervisory Board appointed the current Management Board member, Rok Vodnik, MSc, as president of the Management Board until the new Management Board president assumes his duties.
The Supervisory Board appointed Tomaž Berločnik, MSc, the current president of the Management Board of Istrabenz d.d., as new president of Petrol's Management Board, whose five-year term shall begin on 1 February 2011. Mr Berločnik is a previous member of Petrol's Supervisory Board and is therefore already familiar with the company. In addition, he is an established businessman with a wealth of experience, which is why the Supervisory Board considered him to be the right choice for Petrol's leadership and be able to manage Slovenia's largest energy company in an active and development-oriented manner.
Tomaž Berločnik (born in 1968) has a master's degree in economics (MBA). His was also president of the Management Board of Donit Tesnit d.o.o., member of Petrol's Supervisory Board, member of the Supervisory Board of Skimar d.o.o., and is the current president of the Management Board of Istrabenz d.d.
Tomaž KuntaričPresident of the Supervisory Board
After carefully examining the materials presented, the Supervisory Board tasked its audit committee with carrying out an audit to verify the management and efficiency of Petrol's transactions with SCT and attorney Dušan Korošec. Supervisory Board members expect to receive the final report and audit findings by the end of February 2011.
At today's meeting, Aleksander Svetelšek, the president of the Management Board, tendered his resignation regardless of the final outcome of the audit, which was accepted by the Supervisory Board. Mr Svetelšek was convinced that due to recent events his leadership of Petrol would put a strain on the company's future operations and therefore decided to hand in his resignation for the companys sake. As agreed with the Supervisory Board, Mr Svetelšek shall remain with the company for another six months as a consultant to the Management Board.
The Supervisory Board deemed that under Mr Svetelšek's leadership the Management Board consolidated Petrol's position in the international and domestic competitive business environment. What is more, appropriate internal reorganisation processes were put in place to provide Petrol with necessary agility in ever more demanding markets in all areas of energy activity.
The Supervisory Board appointed the current Management Board member, Rok Vodnik, MSc, as president of the Management Board until the new Management Board president assumes his duties.
The Supervisory Board appointed Tomaž Berločnik, MSc, the current president of the Management Board of Istrabenz d.d., as new president of Petrol's Management Board, whose five-year term shall begin on 1 February 2011. Mr Berločnik is a previous member of Petrol's Supervisory Board and is therefore already familiar with the company. In addition, he is an established businessman with a wealth of experience, which is why the Supervisory Board considered him to be the right choice for Petrol's leadership and be able to manage Slovenia's largest energy company in an active and development-oriented manner.
Tomaž Berločnik (born in 1968) has a master's degree in economics (MBA). His was also president of the Management Board of Donit Tesnit d.o.o., member of Petrol's Supervisory Board, member of the Supervisory Board of Skimar d.o.o., and is the current president of the Management Board of Istrabenz d.d.
Tomaž KuntaričPresident of the Supervisory Board
* * *