CGES Shareholders' Meeting At its 11th regular session held today, adopted a decision on the net profit of CGES for 2019, which amounts to 3.6 million EUR, adds to unallocated, i.e. from retained earnings of previous years. The shareholders also approved the CGES's 2019 Business Report and the financial statements with the independent auditor's report.
For the CGES auditor PricewaterhouseCoopers was selected for 2020.
The shareholders' meeting also accepted information on the acquisition process. own shares and their sale, as well as the Electricity Exchange.
At the General Meeting of Shareholders, the Report on the Implementation of the Project for Connecting the Electrical Energy Systems of Montenegro and Italy was also adopted, which stated that with the completion of this strategic project, the electrical energy system of Montenegro has become more stable, more reliable and more resilient to major disruptions, while at the same time improving the quality of service and supply to consumers in the coastal and northern parts of Montenegro.Furthermore, with increased transit, the utilisation of our network is significantly increased, while through greater exploitation of the highest voltage level network, the percentage of losses in relation to the amount of electricity transmitted is gradually decreasing.
During the continuation of the Assembly, the shareholders discharged the members of the CGES Board of Directors and subsequently elected new members. Alongside Vesna Bracanović, State representatives are: Tamara Ivković, Zoran Miljanić, whose mandates have been renewed and Filip Grujić, a new member of the Board of Directors. Terna has also appointed two representatives – Giovanni Cerchiarini, a member of the Board of Directors to date and Guido Guida, who replaced his colleague Carlo Cre, while Electricity Grid of Serbia and in this term, represent Jelena Matejić.
On the same day in Podgorica, the constitutive session of the CGES Board of Directors was held. Vesna Bracanović, dipl.ek., was re-elected as Chairwoman of the Board of Directors of the CGES, while the deputy president of this body Giovanni Cerchiarini.