TP SA opposes “golden share”

2007-04-05

TP SA opposes the government’s plans to put it on a list of companies crucial to state security, public order or public safety. The list is to be an executive decree relating to the act on the rights of the Treasury (the so-called golden share act).
The act would give the Treasury Minister the right to veto some of the companies’ decisions and to have representation on the boards of these companies. The Treasury holds a stake of only 3.9% in the incumbent.
The operator insists that there is no reason to list it among the companies to be controlled by the Treasury on the basis of the act. The list will be closed by the end of September 2007. TP SA has stated that it is considering the steps which have to be taken to prevent it from being listed.
The act has been criticised by the European Commission (EC), which maintains that foreign investors are discriminated against. The government has responded by saying that the act has been designed in accordance with EU law and that there are, therefore, no grounds for making any changes to the regulations on the golden share.
The list of companies compiled on the basis of the act in question would also include other GPW-listed companies, but the Treasury is the main shareholder of these and already controls them.

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