EPS becomes a closed joint-stock company

Source: eKapija Wednesday, 05.04.2023. 09:04
(Photo: Katarina Stevanović)
The Supervisory Board of Elektroprivreda Srbije has adopted a new statute, thereby creating the conditions for the company transformation from a public enterprise into a closed joint-stock company, 100% owned by the Republic of Serbia, the Ministry of Mining and Energy announced.

- The adoption of the Statute represents the implementation of the Government's Decision and is the first step towards the EPS reform. It will professionalize the management, and this professional management will lead to more efficient operations and turn EPS into a regional energy giant - the announcement states.

- After careful consideration of all suggestions, the Statute defines that one member of the Supervisory Board shall be a representative of the employees, thereby additionally protecting the rights of the workers - the ministry says.

In addition to the principal and other activities, the company also performs the activity of electricity trading, and continues to provide public electricity in accordance with the 2016 license issued by the Energy Agency of the Republic of Serbia, as well as the law regulating the energy sector.

- The change in legal form brings regulation into the relationship between the state and management. As per the Statute, the founder, the Government of the Republic of Serbia, appoints the Assembly of the company. Considering that the founder is the only shareholder, the Assembly has one member and it appoints the Supervisory Board to which it transfers most of the responsibilities - the announcement states.

The Supervisory Board has seven members, one of whom is the president, and one is a representative of the employees. The Supervisory Board determines the company's strategy and business goals and is responsible for their realization.

Also, the Supervisory Board appoints seven members of the Executive Board, i.e. executive directors, one of whom is the general manager. Executive directors, among other things, organize and manage the work process, monitor the implementation of plans, give out instructions and guidelines, and are responsible for the implementation of decisions, the quality, scope and results of the work of the organizational part they manage.

Minister Dubravka Djedovic said that the Electric Power Company of Serbia is "the lifeblood of our energy system and the entire economy", and added that "it is in the national interest for this company to be strong and independent and a driver of economic development".

According to her, the change in legal form will bring about more efficient management, there will be no alienation of assets, no layoffs, and EPS will continue to be both a supplier and trader of electricity.
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