THE METHOD OF APPOINTING THE BOARD OF DIRECTORS IN COMPANIES OWNED BY THE STATE TREASURY
Subsidiaries of companies established as a result of commercialization of a state-owned enterprise are not subject to the provisions of Article 69a. 3 of the Commercialization and Privatization Act. This means that those companies do not need to have their members of the Board appointed in the qualifying procedure provided for in Article 19a section 2 of the Commercialization and Privatization Act and are not subject to the provisions of the Regulation on the qualifying procedure for the position of a member of the Board in certain commercial companies. Apart from serious juridical arguments the above position is supported by practical considerations.