Daewoo-FSO shareholders to change charter, management

The agenda for today's meeting includes changes to the company's charter. "In accordance with an earlier agreement Daewoo Motor Co gives up its voting rights. In practice this means the company will be controlled by the State Treasury, with the exception of the rights of the representatives of the employees," said Ignacy Bochenek, State Treasury Deputy Minister. Following charter changes, decisions will be made concerning the size of the supervisory and management boards. Currently both the boards consist of seven members. "The new supervisory board will have 5-7 members, and the management 3 to 5 members," said Jacek Piechota, Deputy Economy Minister, the head of the restructuring team for Daewoo-FSO. The supervisory board chairman, Zbigniew Boniuszko, who represents the State Treasury, and chief executive, Paweł Marchela, are expected to keep their jobs. (Puls Biznesu, p. 6) A.K.