Hrvatski Telekom (Reuters: HT.ZA; Bloomberg: HTRA CZ), Croatia's leading telecommunications provider, announces that Supervisory Board Member, Mr. Damir Grbavac, President of the Management Board of Raiffeisen Mandatory and Voluntary Pension Funds Management Company d.d., representative of the largest individual institutional investor of the Company on the Supervisory Board of Hrvatski Telekom d.d., has submitted the resignation to his membership in the Supervisory Board, with effect as of closing of the 1st regular General Assembly of the Company to be convoked in 2019.
Pursuant to the amendments to the Mandatory Pension Funds Act, which came into force as of January 1st, 2019, employees of the Mandatory Pension Funds Management Companies are prohibited from serving as supervisory board members in companies they invest in, and, within the legal deadline for alignment of business activities with the new regulatory requirement, in line with provision of Article 260a of the Companies Act, Mr. Grbavac submitted his resignation to the membership in the Supervisory Board of HT d.d.
Mr. Grbavac has been Supervisory Board Member of the Company as of 2012.
Pursuant to the Company’s Articles of Association, the Supervisory Board consists of nine members. Eight members are elected by the General Assembly and one is appointed by the Company’s employees.