Minister delays decision on PZU supervisory board head

Treasury Minister Andrzej Chronowski motioned to delay the selection of the head of the supervisory board of Poland's largest insurer Powszechny Zaklad Ubezpieczen (PZU) at yesterday's shareholders meeting. Former Treasury Minister Emil Wasacz designated deputy president of the Gdansk Institute for Market Economics (IBnGR) Bogdan Wyznikiewicz to the post, but Chronowski wants to investigate the candidate first. Growing tension between PZU and its subsidiaries PZU Zycie and pension fund PTE PZU has also lead Chronowski to take the opportunity to examine the group. The Ministry, which is the majority shareholder of PZU, wants proposals for the insurer to take more control over its subsidiaries to be voted through at the next shareholders meeting on Oct. 6. Yesterday the Pension Funds Supervisory Office (UNFE) banned PZU management board members from conducting any discussions with potential foreign investors for PTE PZU after it was discovered board member Rafal Mania was conducting talks with Rothschild AM. (Prawo i Gospodarka, page 1, 11)