January 25 (SeeNews) - Slovenian energy group Petrol's [LJE:PETG] shareholders have rejected a proposal of the country's sovereign holding, SDH, to dismiss supervisory board member Aleksandar Zupancic, the company said.
A total of 60.3% of Petrol's shareholders voted for the sacking of Zupancic, below the statutory threshold of 75% needed for such a proposal to pass, Petrol said in a bourse filing earlier this week.
SDH has proposed the dismissal of Zupancic, as he was CEO of power distributor Elektro Ljubljana. Under the bylaws of SDH, Zupancic can not be allowed to hold more than one executive management position in companies in which the state holding has a majority stake.
According to Slovenian media reports, although SDH replaced Zupancic as CEO of Elektro Ljubljana earlier this month, the holding still insisted on his dismissal from the supervisory board of Petrol, citing a lack of confidence. Zupancic was appointed CEO of Elektro Ljubljana by the government of former prime minister Janez Jansa.
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