This resolution amends the procedure for managing state unitary enterprises and economic associations in which the state owns more than 50% of the shares. In particular, the changes concern the formation of supervisory boards in banks whose shares have been transferred to state ownership as a result of capitalization or withdrawal of an insolvent bank from the market. The procedure for reporting on the status of the formation of supervisory boards is also changed.
**Structure and main provisions:**
* Previous provisions relating to certain aspects of state-owned enterprises management have been excluded.
* A clause has been added establishing a special term for the commencement of the competitive selection of independent members of the supervisory board in banks that have become state property. This term is one year after the state acquires ownership of the bank’s shares.
* The wording of the clause regarding the submission of information on the status of the formation of supervisory boards has been amended. Now, entities managing state property must submit information to the Ministry of Economy, Environment and Agriculture on a quarterly basis by the 5th of the following month.
**Key provisions for use:**
* Banks that have become state property as a result of capitalization or withdrawal from the market have one year to prepare for the competitive selection of independent members of the supervisory board.
* Entities managing state property must submit information on the status of the formation of supervisory boards to the Ministry of Economy, Environment and Agriculture in a timely manner.
* Since the act concerns banking activities, this is important to consider when analyzing the financial sector.
