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<p align="center"><b>Changes in PLIVAs Management Board and acceptance of Corporate |
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Governance Principles</b></p> |
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<p>Zagreb, December 9, 1999</p> |
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<p>The organisational changes resulting from the PLIVA XXI project and the further |
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internationalisation of the Companys activities entail changes in the roles |
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and responsibilities of the members of the Management Board. The fact that PLIVA |
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is continuously expanding its business operations stresses the need to extend |
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the current membership of the Management Board by appointing a new member.</p> |
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<p>Accordingly, the Supervisory Board of PLIVA d.d. decided at its meeting held |
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on 09 December 1999 to appoint Mr. Zeljko Peric as the new member of the Management |
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Board in charge of Finance, and to appoint Ms. Erika Kaspar, previously in charge |
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of Corporate Planning and Finance, as the Member of the Management Board in |
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charge of Communication and Corporate Affairs.</p> |
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<p>Zeljko Peric was born in 1958. He graduated from the University of Zagreb, |
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Croatia, School of Economics. From 1984 to 1990 he worked at INGRA on investment |
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projects outside of Croatia. He was also Finance Director of a project in Malaysia |
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and after returning to Croatia, he was appointed manager of the department for |
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implementing projects in the Middle East. From 1990 to 1992 he was senior advisor |
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in the International Economic Relations Department with the Ministry of Foreign |
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Affairs. After that he worked at Hidroelektra as Finance Director. He started |
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working in PLIVA in 1993 as Director of the Consulting Department (today called |
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Engineering). Since 1996, he has served as Finance Director of PLIVA d.d. He |
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has attended several seminars at prominent educational institutions, such as |
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Harvard University, Boston, USA, Management Centre Europe, etc. Mr. Peric is |
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a member of the Supervisory Boards of Zagrebacka Banka and the Zagreb Stock |
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Exchange.</p> |
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<p>The Supervisory Board also accepted the proposed Corporate Governance Principles |
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which makes PLIVA the first company in Croatia to regulate corporate management |
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procedures as a whole. This is especially supported by two separate committees: |
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the Audit Committee and the Remuneration Committee. The introduction of Corporate |
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Governance Principles will enable a higher level of managerial accountability |
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and transparency.</p> |
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<p>Commenting on the changes to the Management Board and the acceptance of Corporate |
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Governance Principles, Zeljko Covic, M.Sc., president of PLIVAs Management |
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Board, said: "The Companys new organisational model incorporates all business |
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areas and levels of the Company, including changes to the Management Board. |
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During the last few years, PLIVA has achieved significant results in increasing |
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business operations, expansion into new markets, and the Companys operations |
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have become increasingly internationally oriented. Simultaneously, all areas |
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of domestic and international financial transactions have become key segments |
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of PLIVAs operations. Consequently, PLIVA needs to have a member of the Management |
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Board in charge of Finance who would also be CFO. I firmly believe, based on |
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all the projects he has successfully managed up to now, that Mr. Zeljko Peric |
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is completely qualified for such a very important position.</p> |
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<p>The importance of Communication and Corporate Affairs very clearly stresses |
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the need for a member of the Management Board that will be capable of managing |
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these broad activities in a global environment. Due to her previous achievements |
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and vast experience in investor relations, which is becoming an increasingly |
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important segment of corporate communication and whose significance is continuously |
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growing, I believe that the change in Ms. Kaspars position within the Management |
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Board from Corporate Planning and Finance to Communication and Corporate Affairs |
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will be a significant contribution to the newly defined strategy and new organisational |
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model of the Company.</p> |
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<p>Furthermore, the proposed areas of Corporate Governance Principles cover the |
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most significant concerns of PLIVA's investors and stock exchange regulators |
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as well as improve the co-operation and confidence existing between the Company's |
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Supervisory and Management Boards."</p> |
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<p>As a result of these latest changes, PLIVAs Management Board consists of the |
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following five members: Zeljko Covic, president of the Management Board and |
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CEO; Dubravko Mak, Vice President and COO; Dr. Radan Spaventi, Vice President |
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and CSO; Erika Kaspar, Vice President and Director of Communication and Corporate |
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Affairs; Zeljko Peric, Vice President and CFO. </p> |