PZU shareholders meeting likely to end in almighty row

The State Treasury will try to prove the incompetence of the former management of the company. The first point of dispute will be the board's information about the insurer's foreign investments. According to the present PZU management, due to the mistakes of their predecessors an additional zl.200-300 million must be allocated for foreign operations. The State Treasury is also going to challenge Eureko's privileged position which resulted from the illegal provision of PZU consolidated financial data to Eureko between April 2004 and July 2006. The results of an internal audit in selected areas will also provide further fuel for criticism. The shareholders will vote on the annulment of the resolutions about the vote of acceptance for 2005 for the former president Cezary Stypulkowski, deputy president Piotr Kowalczewski and three other board members. As the State Treasury has the majority of votes at the meeting it is certain that the vote will not be in favor of the old directors. The shareholders meeting will also decide to annul the annual premium of zl.45,000 granted earlier to Stypulkowski. "No comment," stated Cezary Stypulkowski. (Puls Biznesu, pp. 1, 4-5) E.B.