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The Press Release from Podravka, announcing the resignation of Darko Marinac as the President and Member of the Supervisory Board and his acknowledgment of the decision to approve a 65 million kuna loan to SMS, without Board approval, did not adequately disclose the painful atmosphere of the two-hour meeting of the Supervisory Board that was addressing his accountability.

As expected, the press release confirmed that Marinac pointed out that he made this decision on his own, without any outside pressure and without the knowledge of the Board members. Marinac is withdrawing from the Supervisory Board so that they may solve this corporate problem caused by his decision. In his address to the Board, Marinac pointed out that at that time he considered the arrangement to be a good business decision and that the loan was adequately insured, which included guarantees such as the possibility of brand takeover. “Presently, everyone refers to this loan as if the money has been gambled away,”; this is allegedly one of his statements that insinuates that the case has been presented as if his decision led to this money benefiting private individuals. Poslovni Dnevnik disclosed that the legal opinion given by one of the most reputable Zagreb-based law offices that was presented to the Supervisory Board, confirmed that Marinac had a legal right according to the company Constitution to sign this commercial contract (core business agreement) without the consent of the Supervisory board. What is disputable is the fact that he did not even ask for the opinion from other Board members. The legal opinion also stated that there is no need for an extraordinary General Assembly of the shareholders as the situation is still under the control of the company management and its supervisory bodies. Poslovni dnevnik also discloses that the Supervisory Board will try to portray this situation differently than a scandal. According to the statements of certain supervisors, one did not get an impression during the Supervisory Board meeting that investors will initiate law suits against the Management and Supervisory Board. “The procedure of brand evaluation and takeover will take time and money and requires more engagement from the Board members and consultants. Olive oil will no longer be imported, but purchased from the domestic producers. The production of spreads and marmalades according to the SMS recipes will probably be transferred to Koprivnica. “Knowing what Podravka did with the Eva brand and the Polish brand Varšyvko, I have no doubt that in few years it will make the SMS products stand for true Croatian quality and its earnings will surpass the value of the 65 million kunas loan,” stated one of thesupervisors.

Constitution

New Supervisory Board President Depends on HSS and HDZ Agreement
According to the Constitution, Podravka can have between 9 to 11 members on its Supervisory Board and the new President will be elected by the existing members. It is too early to say who it will be, since the HDZ and HSS have to first come to an agreement.

Međunarodni dan sestrinstva

„Sestrinstvo je danas pametnije i glasnije, ali i opterećenije nego ikad“

Nova pravila kapitala

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