Pursuant to Article 36 paragraph 5 of the Companies Act (Official Gazette of the Republic of Montenegro no. 6/2002, Official Gazette of Montenegro no. 17/07, 80/08, 40/10 and 36/11 and 40/11) and Article 45 paragraph 1 item 2 of the By-Laws of Crnogorski elektroprenosni sistem AD, the Board of Directors hereby convenes
XI GENERAL SHAREHOLDERS ASSEMBLY OF
CRNOGORSKI ELEKTROPRENOSNI SISTEM AD
The Shareholders Assembly will be held on 30 June 2020 at 10:00 h in Hotel Hilton Podgorica at Bulevar Svetog Petra Cetinjskog no. 2.
The following Agenda has been determined for XI General Shareholders Assembly:
AGENDA
1. Financial Statements of Crnogorski elektroprenosni sistem AD for the year 2019;
2. Decision on distribution of profit earned by Crnogorski elektroprenosni sistem AD for the year 2019;
3. Operating Statements of Crnogorski elektroprenosni sistem AD for the year 2019;
4. Decision on the selection of an auditor of Crnogorski elektroprenosni sistem AD for the year 2020;
5. Information on the process of acquiring own shares and their sale;
6. Information on the Power Exchange Llc;
7. Information on the implementation of the interconnection project between electric power systems of Montenegro and Italy.
8. Decisions on:
8.1. removal of members of the Board of Directors of Crnogorski elektroprenosni sistem AD;
8.2. appointment of members of the Board of Directors of Crnogorski elektroprenosni sistem AD;
Decision referred to under agenda items 1, 2, 3, 4, 5, 6, 7 and 8.1 shall be adopted by a majority vote of the present or represented shareholders of the quorum consisting of at least ½ (50%) + 1 of the total Company’s voting shares.
Decision under agenda item 8.2 shall be adopted by the so-called cumulative voting principle. Candidates who win the largest number of votes from the quorum consisting of at least ½ (50%) + 1 of the total Company’s voting shares will be elected as members of the Board of Directors.
The material for XI General Shareholders Assembly will be made available to the shareholders at CGES’ premises in Podgorica at the address Bulevar Svetog Petra Cetinjskog no. 18 (office no. 301).
The material for XI General Shareholders Assembly will be available every working day from 1 June 2020 between 9:00 h and 15:00 h.
Shareholders who are not able to attend the Assembly, can vote in advance through ballots, which shall be delivered to the address: Crnogorski elektroprenosni sistem AD - Bulevar Sv. Petra Cetinjskog no. 18 - Podgorica (for the General Meeting of Shareholders) no later than the beginning of the meeting of the Shareholders Assembly. The ballot must be certified in accordance with the law.
Shareholders with registered office/residence outside the territory of Montenegro may electronically participate in the work of the Shareholders Assembly and vote on agenda items before or during the meeting.
Shareholders who intend to participate electronically in the work of the Shareholders Assembly shall notify the Company via their official e-mail address to the following e-mail address: This email address is being protected from spambots. You need JavaScript enabled to view it., no later than 23 June 2020. Attached to the e-mail, it is necessary to submit a copy of the power of attorney and personal documents in order to identify the shareholder/proxy.
The original power of attorney shall be submitted no later than 26 June 2020 to the address: Crnogorski elektroprenosni sistem AD - Bulevar Sv. Petra Cetinjskog no. 18 - Podgorica (for the Shareholders Assembly).
Shareholders will be identified at the Assembly after presenting an identity document, and proxies will be identified after presenting power of attorney and identity document. The power of attorney must be certified in accordance with law.
Notice of convening XI General Shareholders Assembly, forms of power of attorney and ballots, as well as instructions on how to vote electronically will be available at the Company’s website: www.cges.me.
CHAIRWOMAN OF THE BOARD
Vesna Bracanović, BEcon
Instruction on electronic voting.pdf
Power of Attorney.pdf
Ballot.pdf