PZU president remains as shareholders accept 2002 report

During yesterday's General Shareholders Meeting of insurer PZU, the main shareholders of the company, the State Treasury and a consortium of Bank Millennium and Eureko, decided to devote zł. 129.5 million, which is almost 15% of last year's profits, as a dividend payout. Despite earlier announcements by government officials about losing trust and faith in the company president, Zdzisław Montkiewicz, he was not dismissed, as the supervisory board accepted the financial reports for the whole PZU Group. The management board planned to reinvest the whole 2002 profit of zł. 871.1 million, however, Przemysław Kawalec, the head of the Solidarity union in the company, requested a dividend payout of 30% of the profits, similar to that received last year. In the name of the State Treasury, Agata Rowińska proposed a zł. 1.5 per share dividend, a motion which was accepted by the shareholders, and which will be paid out on June 23. The State Treasury will receive zł. 71.3 million, Eureko - zł. 27.1 million, and Bank Millennium zł. 12.9 million. (Puls Biznesu, pp. 1, 4; Rzeczpospolita, p. B1; Parkiet, p. 2) A.K.