Aleksandar Mijušković elected Chairman of the Supervisory Board of CGES, and Ivan Asanović elected General Director of the company

Supervisory and Management Boards Established as the Company Transitions to a Two-Tier Governance Model

Crnogorski elektroprenosni sistem Strengthens Its Governance Framework and Confirms Financial Stability with the Distribution of an Eighth Dividend in the gross amount of EUR 5.7 Million Ahead of a New Investment Cycle

The Extraordinary Meeting of Shareholders of Crnogorski elektroprenosni sistem AD held on 9 June, marked the beginning of a new stage in the company’s development, defined by ambitious investment plans, enhanced corporate governance, and the continued strengthening of confidence among shareholders, partners, and financial institutions.

At the Extraordinary Meeting, shareholders approved a series of decisions of strategic importance for the company’s future governance framework, including the adoption of a new By-Laws, the Rules of Procedure of Shareholders Meeting, the dismissal of the former Board of Directors, and the appointment of members of the Supervisory Board.

The adopted decisions represent an important step towards a more stable and efficient governance system, which is essential for the successful implementation of complex infrastructure and energy projects. The adoption of the new By-Laws and the Rules of Procedure of the Shareholders Meeting further strengthens the company’s institutional framework, ensuring more efficient decision-making, greater transparency, and a more consistent application of corporate governance principles.

Of particular significance is the restructuring of the company’s governance framework through the dissolution of the former Board of Directors and the appointment of a Supervisory Board, marking company’s transition to a two-tier governance model. This model establishes a clear separation between executive and supervisory roles, further strengthening oversight mechanisms, risk management practices, and the protection of shareholders’ interests.

 To ensure continuity in the company’s governance, the current members of the Board of Directors were elected to serve on the Supervisory Board. The Supervisory Board will comprise Aleksandar Mijušković, Electrical Engineer; Jelena Matejić, Economist (EMS); Maria Rosaria Guarniere, Nicoletta Buonomo (Terna – Rete Elettrica Nazionale S.p.A.), Slavoljub Todorović, Mining Engineer,Vučko Fatić,, Economist; Violeta Vuljaj, Manager.

Their experience across the energy, finance and corporate governance sectors provides the Company with a strong institutional foundation to successfully navigate its next phase of development.

On the same day, the Annual General Meeting of Shareholders was held, during which the Financial Statements and the 2025 Annual Business Report were approved and adopted, confirming another successful business cycle for the Company and reaffirming its financial stability. The General Meeting also approved the appointment of the audit firm Ernst & Young as the Company's independent auditor for 2026, continuing the practice of transparent and responsible corporate governance.

Particular importance was attached to the approval of the Decision on the distribution of a portion of the company’s 2025 profit in the amount of EUR 5.7 million. This decision approved the eighth dividend payment to shareholders since the company’s establishment, underscoring one of the most significant hallmarks of CGES’s long-term financial stability and profitability. The consistent distribution of profits reflects the company’s ability to simultaneously deliver strategically important development projects for Montenegro while generating sustainable value for its shareholders.

Strong business performance and a solid financial position provide a robust foundation for the company’s upcoming investment cycle, valued at more than EUR 200 million. Planned investments will focus on the modernization and further development of the transmission network, enhancing the reliability of the power system, strengthening cross-border interconnections, and creating the conditions necessary for greater integration of renewable energy sources. Through these investments, CGES will continue to play a leading role in Montenegro’s energy transition and infrastructure development.

Following the Extraordinary and Annual General Meetings of Shareholders, chaired by Dragan Laketić, Electrical Engineer, after the election process, the Supervisory Board held its constitutive meeting, during which Aleksandar Mijušković was elected Chairman of the Board. His re-election reflects continuity in the company’s leadership and oversight, as well as confidence in the results achieved during a period marked by strong growth and stable operations.

At its constitutive meeting, the Supervisory Board also appointed the Management Board of CGES, comprising Ivan Asanović, Electrical Engineer; Branka Mićović, Electrical Engineer and current Director of the ICT Sector; and Dragan Perunović,, Electrical Engineer and Director of the Development and Investments Sector. They bring extensive experience in the power sector, acquired through the management of complex technical and development processes critical to the operation and modernization of the electricity transmission system. Their extensive professional expertise will contribute to further strengthening the Company’s management capabilities and achieving its strategic objectives.

Za predsjednika Upravnog odbora i generalnog direktora kompanije izabran je Ivan Asanović, who previously served as CGES’s Executive Director, was appointed Chairman of the Management Board and General Director of the company.

The decisions adopted at the Extraordinary and Annual General Meetings of Shareholders, together with the establishment of the new Supervisory Board and Management Board, further reaffirm CGES’s commitment to financial discipline, responsible corporate governance, and the creation of long-term value for its shareholders. At the same time, they provide a strong foundation for the implementation of strategically important investments for Montenegro’s power system and its deeper integration into the European energy market.

Statement from Aleksandar Mijušković, Chairman of the Supervisory Board of CGES:

“The trust placed in me once again is both a great honour and a significant responsibility to continue advancing the company’s development and modernization. CGES is entering an investment cycle exceeding EUR 200 million, through which we will further enhance the transmission network, strengthen the security of the power system, and create the conditions for greater integration of renewable energy sources. Our objective is not only to respond to the challenges of the energy transition, but to be one of its key drivers in Montenegro and the wider region. I am confident that, through responsible governance and the collective commitment of all company structures, we will continue to deliver results that create value for our shareholders and contribute to the country’s development,” Mijušković concluded.