In 2016 the remuneration of Members of the Supervisory Board changed.
In the period from 1 January 2016 to 15 December 2015 the remuneration of Members of the Supervisory Board was set on the basis of the Minister of Treasury's statement of 20 June 2000 on establishing the remuneration of members of Supervisory Boards in companies wholly owned by the State Treasury and was set at the level of the average monthly remuneration in the enterprise sector net of payments of bonuses from profits in Q4 of the previous year as published by the President of the Central Statistical Office.
Pursuant to the resolution of the Extraordinary General Meeting of Shareholders of the Company dated 15 December 2016 there was an amendment to the remuneration policy applicable to the existing Members of the Supervisory Board. Pursuant to the provisions of this resolution of EGM the monthly remuneration of members of the Supervisory Board is defined as the product of the average monthly remuneration in the enterprise sector net of profit-related payments in the fourth quarter of the preceding year as published by the President of the Central Statistical Office and the following multiple:
- for the Chairman of the Supervisory Board - 1.7
- for the other members of the Supervisory Board - 1.5
a) The resolution of the Extraordinary General Meeting of Shareholders foresees also that:
b) Members of the Supervisory Board are paid the remuneration mentioned above, notwithstanding the number of meetings convened the remuneration is not payable for the month in which the Member of the Supervisory Board was not present on any duly convened meeting, and the absence was not authorised
