Petrol’s shareholders voted during yesterday’s General Shareholders Meeting and decided to appoint a special auditor tasked with verifying the handling of certain transactions made by Petrol in the period from 1 January 2015 to 24 October 2019.

After recent turmoil which surrounded the company caused by the Supervisory Board’s decision to terminate the mandate of several Board Members, Petrol’s shareholders held a General Meeting during which they request additional clarification from the Supervisory Board regarding their decision. During the meeting the Chairman of the Supervisory Board stated that the reason behind their decision was the Board’s proposal related to investments and debt which significantly departed from the adopted strategy. Namely, the proposed volume of investment was twice as high as the initially projected amount of EUR 521m, while the envisaged debt amounted to EUR 900m.

Furthermore, the company’s shareholders also approved the appointment of a special auditor tasked with verifying the handling of certain transactions made by Petrol in the period from 1 January 2015 to 24 October 2019. All following transactions whose value exceeds EUR 1m will be subjected to the special audit:

• transactions related to the acquisition of long-term financial investments,

• transactions related to the disposal of long-term financial investments,

• transactions related to other types of investment other than transactions having to do with investments in the energy renovation of public buildings carried out in cooperation with municipalities and financed using cohesion funds,

• transactions related to sponsorship agreements.