Supervisory Board session held

At its today's session, the Supervisory Board of Podravka d.d. elected prof.dr.sc. Ljubo Jurčić as Podravka d.d. Supervisory Board President.

 At its today's session, the Supervisory Board of Podravka d.d. elected prof.dr.sc. Ljubo Jurčić as Podravka d.d. Supervisory Board President.


Potential risks that Podravka d.d. is exposed to are estimated to approximately HRK 300 million. Operating business of the company is stabile and there are no solvency issues, as the company is regularly settling its liabilities.

With the help of the Podravka Supervisory Board, the Management Board will take all the necessary actions to minimize those risks.


Supervisory Board reached a decision on recall of the current Podravka Management Board President Zdravko Šestak and the Board members, Josip Pavlović and Saša Romac. Recalls in question are explained by the objective incapability to perform their duties as Management Board presidents, i.e. members, considering they have been in custody since 21st October 2009. The recalled president and members have been cancelled their managers contracts signed with Podravka d.d.  Contract provisions related to severance payments will be pending until the investigation or possible court procedures are over.


Podravka Supervisory Board also reappointed Branko Vuljak as deputy Board member, and other Management Board members' terms have been confirmed until 31st May 2010.


Podravka d.d. Management Board was instructed by the Supervisory Board to continue with the preparations for the General Assembly, which is planned to be held in late January 2010.