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Wednesday, November 6, 2024

PKP Cargo. Change of statute. Employees cannot appoint a member of the management board

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PKP Cargo employees can no longer appoint a representative to the management board – according to the resolutions of the company's general meeting of shareholders. It was also decided to appoint Grzegorz Lata to the supervisory board of PKP Cargo.

Shareholders decided on Monday to delete the provision in the articles of association under which the supervisory board elected one management board member from among the candidates presented by employees. The General Shareholders' Meeting also decided that employees will be able to appoint one representative to the supervisory board, instead of three as before.

Change of statute at PKP Cargo

Another change voted by shareholders provides that the number of management board members will range from one to six, while before the change it was from one to five.

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The General Shareholders' Meeting also decided that Grzegorz Lato, nominated by Towarzystwo Funduszy Inwestycyjnych PZU, became a new member of the supervisory board of PKP Cargo. At the same time, Izabela Wojtyczka was dismissed from the council. An application in this matter was also submitted by the PZU Investment Fund Company.

Grzegorz Lata's biography posted on the company's website shows that from 2023 he is the president of the management board of Masfalt Sp. z o. o. – one of the leading producers of asphalt mixtures in Poland.

Izabela Wojtyczka was appointed to the supervisory board of PKP Cargo in July 2020.

PKP Cargo Group

The operating revenues of the PKP Cargo Group for the first half of the year amounted to over PLN 2.3 billion, and the net loss amounted to PLN 453.1 million. According to the company, the main reason for the negative results was a decline in revenues from contracts with customers.

In the corresponding period of last year, the Group had operating revenues of over PLN 2.9 billion, operating profit of PLN 221.5 million, and net profit amounted to PLN 109.7 million.

According to the Office of Rail Transport, PKP Cargo's share in the rail market according to the weight of transported goods decreased in the period January – August this year. up to 27.54 percent with 31.56 percent in the same period a year earlier.

PKP Cargo is the largest rail freight carrier in Poland. The PKP Cargo Group offers logistics services combining rail, road and sea transport. Provides independent freight transport in Poland and Czech, Slovakia, German, Austria, Netherlands, Hungarian, Lithuania and Slovenia. The largest single shareholder of PKP Cargo is PKP SA, which has 33.01 percent. shares.

The PKP Cargo Capital Group in restructuring includes PKP Cargo in restructuring as the parent entity and 20 subsidiaries. Additionally, the Group has shares in 2 associated entities and shares in 1 joint venture.

July 25 this year the district court in Warsaw opened restructuring proceedings for PKP Cargo, in which it decided to open restructuring proceedings for the debtor – PKP Cargo. A day earlier, the management board of PKP Cargo decided to carry out group layoffs, covering up to 30 percent. employed, i.e. up to 4,142 employees in various professional groups.

Main photo source: Veebass/Shutterstock



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