The Slovenia Times

Insurer Triglav Gets New Supervisory Board



The new supervisors are Aleš Živkovič, who until recently served as state secretary at the Finance Ministry, director of the Primorsko University incubator Rok Strašek, former head of the Securities Market Agency Mihael Perman, director of the Housing Fund Žiga Andoljšek and Blaž Šlemic of DBS bank.

Meanwhile, Jovan Lukovac, director of financial firm Bartimaeus and former acting director of the Securities Market Agency, was re-elected for another term. All six supervisors will take over on 8 April as the terms of the current board expire.

The appointments are in line with the SOD's counter proposal to the original one put forward by the Capital Assets Management Agency (AUKN) before its abolition at the end of last year. Three out of six candidates had been changed.

Rajko Stanković, the representative of minor shareholders, opposed the appointment of new supervisors with the exception of Perman, announcing he would challenge the shareholders' decision in court.

He argued that the shareholders that are part or fully state-owned (SOD, ZPIZ, Hit, Telekom Slovenije, NKBM, Eles and DSU) should have their voting rights suspended.

The SOD, which only manages state assets temporarily until the incorporation of the Slovenia Sovereign Holding, only represented the interest owned by ZPIZ, the manager of the pension purse, at the meeting.

The shareholders' meeting was also briefed on activities related to the recapitalisation of the insurer's subsidiary Triglav INT, which brings together Triglav subsidiaries in the Balkans.

Triglav signed a recapitalisation agreement with the International Finance Corporation (IFC), a part of the World Bank, in April 2012 but the deal under which IFC would acquire 16.68% in Triglav INT for EUR 25m has not been finalised yet.

Triglav Chairman Matjaž Rakovec explained the delay was because IFC needed consent from all regulators to enter all subsidiaries. The projects is now slated for completion in the first half of this year.


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