Ministries exercising shareholder's rights of the State as the sole shareholder of the Export Guarantee and Insurance Corporation (EGAP) approved amendments in Articles of Association of EGAP on April 24, 2006 enabling change to a so-called German model of the management of the Company where the Board of Directors consists from the executive management and representatives of ministries are members of the Supervisory Board with right to decide on strategic issues of the development, decide on large business projects and, last but not least, to appoint and recall members of the Board of Directors.
This change is in compliance with the amendment of the Act No. 58/1995 Coll., on insuring and financing export with State support.
The Managing Director of EGAP, Mr Pavol Parizek was elected for the Chairman of the five-member Board of Directors, the Deputy Managing Director, Mr Karel Šimsa was elected as the Vice Chairman of the Board of Directors.
Mr Vaclav Petříček, the Deputy Minister of Industry and Trade, was elected for the Chairman of the nine-member Supervisory Board and Mr Karel Goldemund, the Deputy Minister of Finance, was elected as the Vice Chairman of the Supervisory Board.