The value of the dividend per share is 0.4624 lei compared with 0.4541 lei in 2005. The shareholders also approved distributing the profit and setting the dividend level for the 2006 fiscal year.
The net profit to be distributed, calculated under the Romanian accounting standards stands at 662,268,199 lei, of which 367,926,777 lei will be disbursed as dividends (55.56% of the total), according to the spending and revenue budget.The shareholders approved 294,341,422 RON (44.44% of the total) to be set aside for fund development, the same S&R budget shows.
The GM also approved the appointment of Ernst & Young as the financial auditor of the bank for the financial years ending December 31, 2007 and December 31, 2008. As for the new component of BCR SA's Supervisory Board, the shareholders elected five of the seven members for a three-year term.
Erste Bank, the majority shareholder nominated the five members, according to BCR's Incorporation Document. The Supervisory Body can still operate with 5 members, as long as the necessary quorum is met.
The five members are Andreas Treichl, CEO of Erste Bank, Peter Kisbenedek, CFO of Erste Bank, Herbert Juranek, head of Erste Bank's Organisation and IT Department, Bernhard Spalt, head of Erste Bank's Risk Management Department and Daniel Daianu, professor of economics.
The other two positions in the Supervisory Board could not be filled because the SIFs (financial investment companies) nominated only four people, which does not comply with the provisions provided within the Incorporation Document. The document stipulates that the SIFs must nominate two people for the two positions, with the SIFs acting as one for this purpose.
As soon as the SIFs make a valid nomination (2 candidates from the total of five SIFs), a new General Meeting of Shareholders will be called to elect them as members of the Supervisory Board of BCR SA. Andreas Treichl is the chairman of the Supervisory Board, while Peter Kisbenedek holds the position of vice-chairman. Manfred Wimmer, former member and vice-chairman of the Supervisory Board was appointed the seventh member of the BCR's Executive Committee starting. Therefore it is not possible to elect him for the position of director. He will effectively take office after the National Bank of Romania approves the decision.
The increase in the number of Executive Committee members, from six to seven, was made in order to meet a legal requirement. The Trading Companies Law stipulates there must be an odd number of members for this type of leadership body. Manfred Wimmer, who is both the head of Erste Bank Group's Consolidation and Strategic Development Department, and also holds a position on the BCR Supervisory Board, will supervise the BCR's integration into the Erste Bank Group.