KGHM fails in bid to change Polkomtel management

A motion filed by copper miner KGHM Polska Miedz (KGHM) to replace members of the management board of mobile phone operator Polkomtel has been rejected by the Polkomtel board. On Thursday KGHM, supported by two other minority shareholders, the national grid Polskie Sieci Elektroenergetyczne (PSE) and PKN Orlen, filed a motion for the changes to be considered at the next Polkomtel shareholders meeting, scheduled for March 27. In rejecting the KGHM motion the Polkomtel board pointed out that such requests could only be considered if they were received at least a month in advance. KGHM owns a 19.61% stake in Polkomtel, operator of the Plus GSM network. According to a KGHM representative quoted in Puls Biznesu, the copper concern wants to have its own delegate on the Polkomtel board. Polkomtel is one of the few remaining large Polish companies with a majority of board members who have links with the previous government. (Puls Biznesu, p. 8) M.T.K.