The Slovenia Times

Shareholders to learn more about Petrol management resignation


The custodian of state assets only repeated in a letter to the government that the supervisors and the management had parted ways due to their different views on the implementation of Petrol's strategy.

SSH will thus request by the end of the week a Petrol shareholder meeting, because it believes the Petrol supervisors have not provided it with enough detail about the reasons for the termination of the management's term, according to a posting on SSH's website.

SSH explains it will ask for the shareholder meeting on the basis of the shareholders' right to information if the Petrol management or supervisors do not call it on their own.

The Petrol supervisors responded to the shareholders' wish for more information, announcing on the website of the Ljubljana Stock Exchange they would discuss calling it at their next session on 14 November.

The prime minister's office already welcomed the idea about the shareholder meeting, saying any step enabling the shareholders to obtain more information was welcome.

The resignation of the Tomaž Berločnik-led management of the well-performing energy company Petrol "by mutual agreement" gave rise to speculation about political meddling.

The government thus asked SSH to provide more detail by 4 November, so SSH turned to Petrol's supervisors for additional information.

However, the supervisors provided no further detail beyond reiterating the management and supervisors had different views on the implementation of the strategy.

The former management had given the supervisors a consent to disclose the agreements on the termination of their terms, but withheld the consent to reveal the reasons for it.

The supervisory board thus decided against publishing the agreements without specifying the reasons for the termination, arguing this would not provide the shareholders with comprehensive information.

The agreements on terminating the terms of all three board members except the one representing the employees was made under chief supervisor Nada Drobne Popović, who is now Petrol's interim director general.

The state holds around 31% of Petrol (almost 13% through SSH, around 10% as the Republic of Slovenia and around 8% through the KAD fund) and is as such its biggest single owner. The other biggest single domestic owner is private company Perspektiva (10%), while according to June data, Czech bank ČSOB owns almost 13%.


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