The Government adopted the draft Act on Commercialisation of the Polish Post
27.03.200711:15
On 27 March 2007, the Council of Ministers adopted the draft Act on Commercialisation of the State Enterprise of Public Utility “Polish Post”, prepared by the Ministry of Transport.
“Polish Post” will be converted into one-man joint stock state treasure enterprise called “Polish Post JSC”. The commercialisation will be the first stage of property transformation in the company. “Polish Post” is in compliance with the Code of Commerce and it will efficiently prepare to tight competition, after full liberalisation of the postal market in 2009.
Polish Post JSC will take over the rights and obligations of the former state enterprise. It will have an exclusive right to use the name “post” in the name of the company and reserved trade mark. In its public utility activity of postal services, it wil also be given a right to use signs with the emblem of the Republic of Poland, and official seals with the image of the eagle. Polish Post JSC will also be able to continue its banking activity and indirectly – insurance activity.
Under the draft Act, the conversion of the Polish Post into a joint stock company with 100% State Treasure share will be started by the Minister of Transport, but the Minister of the Treasury will represent the State Treasury in the company. The commercialisation of the Polish Post will be in compliance with the provisions of the Chapter II of the Act of 30 August 1996 on Commercialisation and Privatisation, with reference to the specific character of the Polish Post.
The Minister of Transport will start the commercialisation and appoint the first supervisory board of five members. The board will consist of one representative of the Minister of Transport, Minister of the Treasury, Minister of Finance and two officials.
The balance closure of the State Enterprise “Polish Post” will become the balance opening of the new company.
Moreover, the Polish Post will be much more entitled to receive financial support from the external sources to cover investments, ie commercial bank credits and issues of bonds. The provisions were changed to improve its decision-making process. At the moment, some decisions connected with business activity cannot be taken by the management without consultation with a supervisory board, what slows down the activity potential of the Polish Post to quickly react to competition.
The draft Act is also comprised of the provisions related to the issues of the basic company activity objective, and the provisions which will allow the Polish Post to continue its financial services acivity as an intermediary, including banking services, after it has been commercialised.
