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KGHM's supervisory board sacked despite good 2007 profit

2008-02-15 00:00
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2008-02-15 00:00
Meanwhile, the turmoil at the company continued as its annual shareholders meeting replaced all the members of its supervisory board. KGHM made a net profit of zł.3.78 billion in 2007, significantly above the projected zł.3.67 billion, and that was despite the appreciating złoty.

"The results are decent," commented Pawel Puchalski, analyst at DM BZ WBK, adding, "They are neither disappointing nor particularly spectacular, but shareholders will no doubt be satisfied". The new supervisory board appointed by the AGM includes two former KGHM managers. But Jozef Czyczerski, leader of the Solidarity trade union at KGHM, said it included too few industry insiders and "too many lawyers". (Parkiet, p. 3; Puls Biznesu, p. 11; Rzeczpospolita, p. B6) R.M.


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