Treasury to take a smaller role in PZU supervisory board

After the flotation on the Warsaw Stock Exchange (WSE) the supervisory board of Powszechny Zaklad Ubezpieczen (PZU) will change says the Polish Press Agency (PAP). Two members will be assigned by the Treasury Ministry, four by the consortium of Eureko and BIG Bank Gdanski (BIG BG), who hold a 30% stake in PZU, and three will be chosen at the shareholders meeting. At least one member chosen at the meeting must be an employee of PZU. Currently, four members come from the Eureko consortium, four from the Treasury Ministry and one is independent. The new board composition is the idea of the Eureko consortium. If it was introduced now it would, in the opinion of the Department of Strategical Partnerships of the Treasury Ministry, make the introduction on the WSE more difficult. In related news, suspended PZU president Wladyslaw Jamrozy was appointed the president of the state lottery Totalizator Sportowy replacing Slawomir Sykucki. (Prawo i Gospodarka, page 10) M.M.