At its session on Wednesday, the government adopted a regulation defining the selection criteria for chairs and members of supervisory and management boards in companies of strategic and special interest, to be conducted via public vacancies or with the mediation of recruitment agencies.

According to First Deputy Prime Minister Tomislav Karamarko, the regulation is being adopted because the current regulation dating from October 2015 defines that management in these companies be selected through public vacancy advertisements or with the mediation of recruitment agencies.

The new regulation however defines that they can be selected based on public vacancy advertisements or with the mediation of recruitment agencies, which if required, can also be selected by public tender.

The regulation specifies minimum criteria, responsibility and public vacancy procedures or the selection via recruitment agencies and simplifies and accelerates selection processes, Karamarko said.

The decision for which companies recruitment agencies will be used for the selection process, will be made by the government commission for management in strategic companies.

The government adopted a report on the State Property Management Office's 2015 report which includes 56 individual reports for state owned strategic interest companies presenting financial and other business information in those companies.

According to the report, decisions were adopted for the sale of 28 companies on the regulated market, 88 companies were put up for sale via public tenders, including 14 companies in which the state is a majority owner.

The total revenue from the sale of shares on the regulated market amounted to HRK 73.5 million and from the sale of business shares in 14 (of the 88 advertised) companies in the amount of HRK 14.1 million. The sale of shares or business stakes was advertised in 14 companies with a majority state ownership and sale revenues in three companies amounted to HRK 118.3 million.

The report also shows that the total gross profit by companies of strategic interest in 2015 amounted to HRK 1.95 billion and for strategic companies in majority state ownership in the amount of HRK 421.2 million. Companies where the state owned less than 50% and whose shares are traded on the regular capital market, generated a cumulative loss of HRK 1.22 billion.

The government, among other things, adopted a bill approving a loan agreement with the Council of Europe Development Bank for a flood protection project. The value of the project is estimated at EUR 80 million including Value Added Tax of which 50% would be financed through the loan and the remainder would be provided by the national water management company, Hrvatske Vode.

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