Immediately after the general meeting of ZAVAROVALNICA TRIGLAV, d.d. (main Slovenian insurance listed company) was convened, the PanSlovenian Shareholders' and Investors' Association (VZMD) sent the company a counter proposal for distribution of higher dividends – as VZMD announced recently. VZMD’s proposal thus provides for a distribution of €79,573,018.00 €, i.e. a dividend in the gross amount of €3.50 per share, while the management and the supervisory board proposed a dividend in the gross amount of €1.70 per share, meaning that the company would allocate €38,649,751.60 of a total of €89,624,175.26 € of balance sheet profit at the end of 2020. The Association believes that – since the dividends were not paid out last year – it would be appropriate and imperative for the company to allocate the majority of its balance sheet profit for the distribution of dividends to the shareholders. According to VZMD, a higher dividend would strengthen the trust of the existing and potential investors in the company's shares – in Slovenia as well as abroad – and it would consequently have a positive impact on greater liquidity and the growth of the share price on a stock exchange. The companies listed at the Ljubljana Stock Exchange that acted in this direction (e.g. Petrol, d.d. (VIDEO) and Krka, d.d.) have achieved a significant growth on the stock exchange in this period – also due to this fact.

This year again, the VZMD (Pan-Slovenian Investors' & Shareholders' Association) is closely following the situation and influence of the "corona crisis" on the public limited companies, from which Slovenian shareholders will receive quite different rewards for their capital investments or rather their "company loyalty" – despite the joyous fact that most of them performed quite well. Based on the published proposals of the managements and supervisory boards regarding the distribution of dividends, it is becoming clear that many companies do not wish to give their shareholders the appropriate dividends that would reflect the good results from one and two years ago, the positive forecast for the future and the fact that many shareholders have unjustifiably been deprived last year already, as well as the budget of the Republic of Slovenia.

The VZMD is extremely concerned over the report that the Securities Market Agency (ATVP), Insurance Supervision Agency (AZN) and the Bank of Slovenia (BS) again issued »recommendations« and measures for non-distribution of profits in 2021 as well. Due to these measures, many companies have not been paying dividends and sharing profits with its owners despite many of them having reaped record profits. Instead of it, the ever growing bureaucracy is heading for a disaster on the capital market, shareholders and the pension insurance fund as well as the revenues from taxes, which will further deter investors from Slovenia and its increasingly crony or rather bureaucratic - planning anti-economy. The VZMD is again making a plea to all regulators who have been planning drastic general measures in the comfort of their offices to, by any means, show any expert analyses (?!) which would at least partly justify such decisions and measures.

On Friday the news broke that the Constitutional Court of the Republic of Slovenia (CC) had issued a decision posing a series of questions in the procedure for the constitutional review of the Act on Judicial Protection Procedure for Former Holders of Eligible Liabilities of Banks (ZPSVIKOB) initiated by the Bank of Slovenia (BS) thus causing a further departure from the solution which the unjustly canceled/expropriated investors have been expecting for the last 7 years.

After thorough examination, the VZMD has concluded that the European Court of Justice in Luxembourg has not reached any definite decision on the meaning or legal nature of any document crucial to determine whether the wipe-out or expropriation of the minority shareholders and holders of subordinated bonds at the end of 2013 was valid. European Court of Justice supported its decision with the fact that, due to noncooperation of Slovenian authorities, it was not possible to determine which specific documents pertain to the archives of the European Central Bank (ECB), and has therefore made a general decision. The VZMD otherwise welcomes the finding that the ECB archives are untouchable, but is simultaneously surprised that apparently the VZMD is the only entity in the Republic of Slovenia that has managed to obtain a relevant finding from the ECB regarding the legal nature of the "appraisals" of the property and finances of the Slovenian banks at the end of 2013.

On Wednesday, the traditional investors' conference of the German shareholders' association (DSW) and the European Federation of Investors and Financial Services Users (Better Finance) will take place, this year titled "European Capital Markets’ Union & the new Green Deal". Based on the decision by the German Federal State of Hessen last week, the conference - which was supposed to take place in Frankfurt (initially in Wiesbaden), and which is organized by the DSW and Better Finance - was moved to an online-only format due to the aggravated epidemiological situation. More than 250 participants have already registered for the event online, whereby 80% come from as many as 25 different countries. The conference will be BROADCAST LIVE live here: https://broadcast-server.de/dsw-konferenz/ - it starts on 2 December at 9 a.m. CET.

At the beginning of December, Frankfurt will host the traditional investors' conference entitled  "European Capital Markets’ Union & the new Green Deal" this year. One day before the conference, also the annual general meeting and sessions of committees of the European Federation of Investors and Financial Services Users will take place (Better Finance). One of the pivotal investors' meetings in the EU, which is normally attended by hundreds of guests from all over the world, is organized by the German shareholders' association (DSW) and Better Finance every two years. In order to be staged efficiently, the conference will take place in Frankfurt, and not in Wiesbaden this time as the attendees will be able to attend the event both in person for invitees only, as well as virtually.

On Friday, the VZMD sent an appeal and a warning to the Government of the Republic of Slovenia, calling to be extremely cautious and prudent when making the forecast arrangements for remote annual general meetings, since rushing and the premise of assumed efficiency may generate extremely controversial solutions. In fact, the Government is planning to include in the PKP6 the possibility of virtual and electronic general meetings of public limited companies. At the VZMD, they welcome such initiatives, but they at the same time bring attention to the extremely controversial provision that would exclude the possibility to contest resolutions made at virtual and electronic general meetings. The institute of contesting resolutions of the general meetings is, in fact, often the one and only fender of protection of rights of (minority) shareholders. Therefore, the VZMD strongly opposes any such limitations.