The operation of the governing bodies of MVM Paks Nuclear Power Plant Ltd. is regulated by Act IV of 2006 on Business Associations and Articles of Association of a public company limited by shares.
Board of Directors
The company is managed by the Board of Directors. Members of the Board of Directors are elected by the General Assembly. The mandates are issued for an unlimited period of time; members can be re-elected and withdrawn by the General Assembly at any time. The Board of Directors is composed of at least three and maximum seven members; the Chairman is elected by the members of the Board of Directors. The Chief Executive Officer may not be elected the Chairman of the Board of directors.
One of the most important tasks of the Board of Directors involves representation of the company in the courts, vis-à-vis the competent authorities and in relation to third parties. The BoD develops the organisational structure of the company and makes decisions with regard to the company’s Operational and Organisational Regulations.
At least once per year, the BoD prepares a statement on the company’s financial status and business policy to be presented annually to the General Assembly and every three months to the Supervisory Board.
Members of the Board of directors:
János Szilárd Sum
Dr. Dénes Galambos
Dr. Zsolt Gonda
The Supervisory Board comprises at least three and maximum six members, among them one or two members are appointed by the Works Committee. Members of the Supervisory Board are elected for an unlimited period of time, their mandates come into force upon acceptance. SB members may be re-elected and withdrawn at any time without explanation.
The Supervisory Board discusses and approves the statement on the company’s financial situation and business policy prepared by the Board of Directors every three months, and prepares the annual statement of the Supervisory Board based on the financial statement issued by the Board of Directors pursuant to the Act on Accounting and a report prepared by the Auditor.
The Supervisory Board is established by the General Assembly with the purpose of inspecting the company’s management and Board of Directors. The inspection is carried out by the Supervisory Board as a corporate body or by its members with the involvement of experts, if necessary.
The permanent invited participants of the Supervisory Board meetings – with advisory rights – are the Chairman of the Supervisory Board, the Chief Executive Officer of the company and the auditor.
Members of the Supervisory Board:
Dr. Tamás Zoltán Cseh
The General assembly is the supreme body of the company, consisting of shareholders.
Among others, the task of the General Assembly is to elect and withdraw members of the Board of Directors and Supervisory Board, and to determine their fees. The General Assembly meeting must be held on a annual basis, by 31 May at the latest.
Shareholders of MVM Paks Nuclear Power Plant Ltd:
MVM Hungarian Electricity Ltd.
Local authority of Fadd Municipality
Szekszárd Real Estate Agency Ltd.
Local municipal authority of Szekszárd City with County Rights
Local authorities of Kalocsa, Géderlak, Dunaszentgyörgy, Uszód (Represented by Kalocsa)
The company’s auditor is elected by the General Assembly for the period lasting until the GA meeting closing the third business year after the election. Proposals related to the auditor’s organisation and the auditor’s person are made by the Board of Directors and are submitted to the General Assembly upon agreement with the Supervisory Board.
The task of the auditor is to carry out the audit specified in the Act on Accounting and to establish in the course thereof whether the company’s Financial Statement prepared pursuant to the Act on Accounting corresponds to the legal requirements and presents a reliable and actual picture of the company’s financial situation and operational results.