Elektrim board accused of being out of touch with needs of largest investors

Telecoms and power group Elektrim is facing a demand from one of its largest institutional shareholders Franklin Templeton Investment to make considerable changes to its supervisory board because it says it has lost touch with the needs of its biggest investors. However, the supervisory board does not see any reason to resign. Franklin Templeton says Elektrim's information policy does not meet its requirements. In a statement, Templeton said it "does not disapprove of the company's salary program for workers or of shares issue aimed at financing activity that would bring an attractive rate of return. However, while analyzing incomplete information presented by Elektrim's representatives at the annual general shareholders' meeting we were unable to make any decision on the proposed projects." (Parkiet, page 1, 2; Reuters) A.Z