On 6th April the Government of Serbia adopted the Decision on the legal form change of Electric Power Industry of Serbia from public enterprise into non-public joint-stock company, where the Republic of Serbia remains the sole owner.
As stated in the decision published in the Official Gazette, the joint-stock company Electric Power Industry of Serbia shall continue to perform the activities of public enterprise in the same manner as before the legal form change.
Total share capital of EPS, which amounts to RSD 365.1 billion, shall be converted to 36,510,509 shares with the nominal value of RSD 10,000 each, thus the Republic of Serbia acquires all 100 percent of shares of the joint-stock company. EPS JSC shall remain the owner of total assets and debtor of liabilities of the public enterprise and also, all court proceedings on behalf of and against EPS will continue. All contracts will remain effective without the need to conclude new annexes.
The Government also adopted the Decision on Amendments to the Articles of Incorporation and new Statute of EPS. Pursuant to the Article of Incorporation, the prevailing activity of the company is the electricity generation and it can perform all other business activities in accordance with the effective regulations and decisions of the company.
Amendments to the Articles of Incorporation specify that the founder shall appoint its authorized representative in the EPS JSC Assembly within 10 days, and that the chairman and the members of the EPS Supervisory Board and acting director appointed in 2022, will hold their positions until the appointment of new ones. The current EPS executive directors will continue to hold their positions of executive directors within the EPS JSC Executive Board.
Management and other matters of importance for the performance of the activities of EPS JSC are regulated by the Statute, which states that the management is organized as a bicameral body. The company's bodies are the Assembly consisting of one authorized representative of the founder, the Supervisory Board with seven members, out of which one being the chairman and one being the representative of the employees, as well as the Executive Board with seven members. The Statue regulates the jurisdiction of these bodies.
The Executive Board is comprised of seven executive directors, one being the general manager. The EPS JSC Supervisory Board shall appoint the executive directors and one of them shall be appointed the general manager for the period up to four years.
