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New MÁV company charter extends transport minister's rights

New articles of incorporation of state-owned railway company MÁV, in force from the end of January, give more power to the minister of transport to exercise ownership rights, the transport ministry told MTI on Tuesday.

The new articles require the transport minister to approve the election of top management and supervisory board members, amendments to the company charter, and the business plans and annual reports of MÁV's ten biggest units.

The new articles reduce the number of seats on the board of directors to 5 from 3-7 and the number of seats on the supervisory board to 6 from 9-15. (MTI-Econews)