Podgorica, (MINA-BUSINESS) – An Extraordinary Shareholders’ Meeting of the Montenegrin Electricity Transmission System (CGES), held today, marked the beginning of a new phase in the company’s development, characterized by strong investment ambitions, enhanced corporate governance and further strengthening of the confidence of shareholders, partners and financial institutions.

At the extraordinary meeting, shareholders approved decisions of key importance for the company’s future corporate governance framework, including the adoption of a new Statute, Rules of Procedure for the Shareholders’ Assembly, the dismissal of the current Board of Directors and the appointment of members of the Supervisory Board.

“The adopted decisions mark an important step towards a more stable and efficient governance system, which is essential for the implementation of complex infrastructure and energy projects,” CGES said in a press release.

The adoption of the new Statute and Rules of Procedure has strengthened the institutional framework, enabling more efficient decision-making, greater transparency and more consistent application of corporate responsibility principles

The company noted that particular significance lies in the restructuring of its governance model through the replacement of the Board of Directors with a Supervisory Board, thereby transitioning to a two-tier governance system.