The 9th extraordinary General Meeting of Shareholders of the Montenegrin Electricity Transmission System was held in Podgorica today, chaired by the acting Chief Executive Officer, Ivan Asanović. The shareholders of this electric power company were presented with a proposal for the Resolution on the distribution of the net profit of the Montenegrin Electric Transmission System for 2020. in the amount of €12,459,748, which is in keeping with what Aleksandar Mijušković, Chairman of the CGES Board of Directors, had announced to shareholders at the June Annual General Meeting.
In this regard, the shareholders unanimously adopted the draft decision to distribute the net profit of Crnogorski elektroprenosni sistem AD for 2020 in the manner provided for in the decision, whereby 60 per cent of the profit, i.e. the amount of 7,475,848,80 €, be paid as a gross dividend to the Company's shareholders, while the 40 per cent share of net profit, amounting to 4,983,899.20 €, will be allocated as retained earnings and added to the retained profits from previous years. The gross dividend per paid-up share amounts to €0.051336453, while the net amount, after deduction of corporation tax, will be just over four cents, i.e. €0.046716173 per paid-up share.
During today's General Assembly, the shareholders, in accordance with the Law on Commercial Companies, and pursuant to the established agenda and in accordance with the Company's Statute, unanimously adopted a decision on the dismissal and election of new members of the company's Board of Directors. The re-elected members representing the state capital in the Company are: Aleksandar Mijušković, BSc Eng. Elec., Predrag Mijajlović, BSc Eng. Elec., Dušan Kljajić, BSc in Applied Computing, while Oliver Sošić, LL.B., was elected as a new member. The Joint Stock Company "Electricity Grid of Serbia" will be represented on the CGES Board, as before, by Jelena Matejić, MSc Econ., will represent the joint-stock company 'Elektromreža Srbije' on the CGES Board, as she has done until now, and the Italian energy company Terna – Rete Elettrica Nazionale S.p.A will be represented by the current member, Guido Guida, and Giacomo Donnini, who has replaced Giovanni Cerchiarini.
On the same day, the inaugural meeting of the newly elected Board of Directors was held, at which it was decided that Aleksandar Mijušković will serve as Chairman of the Board of Directors in the upcoming term, while Giacomo Donini is the Deputy Vice-Chairman.