Annual report 2005 - Sava dd

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• general economic circumstances in which the
company operates;
• the success of the company's business performance;
• meeting the strategic and annual plans;
• awards to members of the Board in subsidiaries; and
• recommendations for awarding endorsed by
professional organisations.
However, we believe that Sava d.d. does observe the
provisions, but the wording of the items is inaccurate as
it indicates that the company should adopt special
regulations in connection with the method of
determining pay levels, remunerations and other
benefits for members of the Board of Management. We
believe that a separate deed that would define the
criteria in advance is not required and we also believe
that in this way the required adaptability in decisionmaking
would be reduced. Therefore we further
maintain that the present arrangement according to
which the issue is regulated with criteria specified in
advance in individual contracts between the company
and individual members of the Board of Management,
while the decision about awarding the Board of
Management are adopted upon endorsing the annual
financial statements.
Item 6.1.5: The company must change the auditing
company or the auditor partner at least once every five
years.
Auditing of the financial statements of Sava d.d. has
been performed by KPMG Slovenija d.o.o., a select firm
of auditors, for more than five years, but in this period
the composition of the team of auditors has changed.
All other obligatory provisions of the Corporate
Governance Code of 14 December 2005, which were
published in full on the website of the Ljubljana Stock
Exchange (www.ljse.si), are fully observed by Sava d.d.
The vision of Sava d.d. in the field of corporate
governance is the conformity of the corporate
governance system with all good practices, which are
determined by the most progressive Slovene and
international practice.
The statement on observing the Corporate Governance
Code refers to the period from the implementation of the
Corporate Governance Code in the amended and
changed version of 14 December 2005 to the day of
publication of this Statement on 31 March 2006. The
Board of Management and the Supervisory Board of
Sava d.d. discussed and adopted the Statement on the
Corporate Governance Code for Slovenia on 21 April
2006. In accordance with the rules we shall regularly
publish a statement on conformity with the Corporate
Governance Code or its future variants in future annual
reports.
31 March 2006 Board of Management
and Supervisory Board of Sava d.d.