ADVERTISEMENT

Magyar Telekom EGM appoints board members

Initiatives

Shareholders of incumbent telco Magyar Telekom Nyrt appointed members to its boards at an extraordinary general meeting on Monday, the company announced.

The meeting, which was continued from another one convened on October 9, appointed three members to the board of directors, four to the supervisory board and five to the board of auditors.
Appointments to the board of directors included Thilo Kusch, Magyar Telekom's CFO; Mihály Galik, the director of Corvinus University's Marketing and Media Institute; and Frank Odzuck, CEO of Zwack Unicum Nyrt. The mandates run until May 31, 2007.
The appointments to the board of directors were necessary in part because of the resignations of Mihály Patai and György Surányi. Appointments to the supervisory board were necessary due to changes to Magyar Telekom's company charter, which now requires a majority of the board's members to be independent.
Shareholders with a combined 63.35% of voting rights were present at the meeting. Magyar Telekom said after the EGM on October 9 that it had still not closed an investigation into contracts signed at its unit in Montenegro and could therefore neither present an audited report from 2005 to shareholders nor pay a dividend, an announcement following an extraordinary shareholders meeting on Monday reveals. The contracts being investigated were worth a combined Ft 1.095 billion, but the investigation had cost the company Ft 3.1 billion, CEO Elek Straub said at the time. He added that he could not say when the investigation would be closed, but promised an announcement would be made as soon as the investigation produces enough information to satisfy the auditor.

ADVERTISEMENT

Digitization, sustainability among characteristics of future... Analysis

Digitization, sustainability among characteristics of future...

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

Transformation Delineation - Microsoft country general manag... Podcasts

Transformation Delineation - Microsoft country general manag...

Most districts not planning mandatory vaccination at kinderg... City

Most districts not planning mandatory vaccination at kinderg...

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.