Annual report 2005 - Sava dd

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The Supervisory Board held seven regular meetings. At these meetings individual members of the
Supervisory Board exercised their right under Paragraph 1, Article 274(a) of the Law on Economic
Enterprises, which enables all members of the Supervisory Board to examine all the bases for producing
the Annual Report. In accordance with the legal provision the Supervisory Board has the right to revoke
such a right from an individual member, but the Supervisory Board did not adopt any resolution on this
matter in 2005.
The Supervisory Board meetings in 2005 took place on 17 February, 22 April, 17 May, 7 July, 25 August,
and 15 December.
The most important resolutions of the Supervisory Board
The Supervisory Board pursued and adopted resolutions about the most important matters on a regular
basis. A summary of other more important resolutions of individual meetings of the Supervisory Board (in
chronological order) is given in the following wording:
• The Supervisory Board became acquainted with the 2005 Business Plan together with a projection for
2006 and 2007 (4 th meeting).
• The Supervisory Board motioned the proposal by the Board to allocate 50% of the accumulated profit
2004 remaining after the use of the net profit for the purpose under Paragraph 1, Article 228 of the Law
on Economic Enterprises to other revenue reserves;
• The Supervisory Board confirmed and endorsed the audited 2004 Annual Report from the Board of
Management, audited consolidated 2004 Annual Report and a written report by the Supervisory Board
about the annual report from the Board of Management for 2004, the consolidated 2004 Annual Report
and the proposal for using the accumulated profit (5 th meeting).
• The Supervisory Board motioned the proposal by the Board of Management about distribution of
accumulated profit;
• The Supervisory Board proposed to the Shareholders’ Meeting to extend the period for the unused part
of the approved capital by another 5 years;
• The Supervisory Board estimated that appointing a special auditor for examining individual transactions
of the company was not needed (6 th meeting).
• The Supervisory Board prepared written standpoints with regard to the demand for appointing a special
auditor and made the chairman of the Supervisory Board in charge of presenting the standpoints in the
extraordinary meeting (7 th meeting);
• The Supervisory Board became acquainted with the bi-annual report on business operations for the
period January-June 2005 (9 th meeting).
• The Supervisory Board appointed the members of the review and personnel commission (10 th meeting).
In addition to that the Supervisory Board pursued and, if required, adopted required resolutions about
long- and short-term financial investments, treasury shares, share price and the movement of the