Company Management


Corporate governance of the Company is implemented by:

  • Board of Directors,
  • Executive Director,
  • Company Secretary,


Board of Directors

Board of Directors has the authority to manage the company that is elected and dismissed by General Assembly of Shareholders and their work is regulated by the Law and the Statute. Board of Directors of the shipyard is a collective body composed of 5 members. Members of the Board of Directors can also be elected among shareholders or persons who are not shareholders, employees in the shipyard or persons who are not employed, domestic and foreign citizens, with professional and organizational skills. The mandate of the Board of Directors expires at the first regular annual meeting of the Assembly of shareholders. Number of mandates for members of the Board of Directors is not limited..

Decisions of the Board of Directors, Executive Manager implement the Company Secretary.

The Board of Directors is specifically authorized and responsible for:

  • proposes amendments to the Statute and the adoption of the new Statute,
  • makes business plan and other plans and programs of the shipyard,
  • submits financial report on operations of the shipyard,
  • adopts periodic reports on operations of the shipyard,
  • proposes the allocation of profit and measures to cover losses,
  • proposes status changes,
  • appoints and dismisses the Executive manager and Secretary and concludes with them a contract that defines their rights, duties and responsibilities,
  • proposes the selection of a certified auditor, conditions for the conclusion and termination of contract with him,
  • convenes an special and regular Assembly of shareholders,
  • prepares proposals of acts and decisions passed by the Assembly of Shareholders,
  • decides on purchase of own shares in accordance with the law,
  • makes investment decisions,
  • decides on establishment of new companies, except in case of restructuring of the shipyard,
  • decides on purchase and sale of real estate which value is less than 20% of book value of the shipyard,
  • decides on the sale of fixed assets which value is less than 20% of book value of the shipyard,
  • decides on purchase of fixed assets which value is greater than 100,000 eur and less than 20% of book value of the shipyard,
  • decides on lease of property which value is greater than 100,000 eur and less than 20% of book value of the shipyard,
  • consider reports on inventory,
  • performs duties within the scope of its mandate,
  • organizes and conducts business operations of the shipyard,
  • decides on appeals and complaints in the second degree,
  • decides on other matters that by the law and this statute are not within the scope of other bodies,
  • performs other duties from its mandate established by the law and this Statute.

The Board of Directors decides, if there is the presence of more than half of members, and decisions are made by a majority vote of those present. In the case, the casting vote has the President of Board of Directors.

President of Board of Directors

The work of Board of Directors is chaired by the President. President of Board of Directors:

  • represents the Shipyard at third parties,
  • is responsible for legality of the shipyard,
  • decides on employment and termination of employment and concludes contracts with employees,
  • decides on allocation of employees to work places,
  • decides on expenditures for advertising and propaganda,
  • decides on approval of financial assistance to employees, companies, organizations and citizens within the frame of planned funds,
  • proposes business plan and other plans and programs of work, as well as measures for their implementation,
  • determines proposals of documents to be decided by the Board of Directors and draft documents to be decided by the Assembly,
  • proposes the nomination and dismissal of the Executive Manager and Secretary,
  • proposes to Board of Directors works that are to be performed by some members of the Board of Directors,
  • executes decisions of the Assembly and Board of Directors,
  • decides on official visits in the country and abroad,
  • individual activities from its scope transfers to the Executive Manager and Secretary.
The composition of the Board of Directors
  • Savo Parača, President of Board of Directors,
  • Maja Baćović, member of the Board,
  • Dragan Mitrovic, member of the Board,
  • Ivana Vojinovic, member of the Board,
  • Mijat Jocovic, member of the Board,

Executive Manager

Executive Manager are the executive body of the Company, to whom the Board of Directors may entrust the management of the company. Executive Manager is to be appointed and dismissed by Board of Directors and his scope and powers are regulated by Law and Statute. The mandate of the Executive Manager lasts 4 years.

Secretary of the Shipyard

Secretary of the Shipyard is the executive organ of the Company elected and dismissed by the Board of Directors, whose scope is determined by Law and Statute. The mandate of the Secretary lasts 4 years.

The Management Team
  • Petar Tusup, Executive Manager,
  • Vladimir Zmukic, Financial Manager,
  • Maksim Zlokovic, Technical Manager,
  • Blazenko Jancic, Secretary of the shipyard,


The independent auditor of the company

The Independent Auditor shall audit the financial statements of the shipyard, at the end of the financial year. Auditors are appointed by Shareholders' Assembly, on term established by Statute which can not be longer than 1 year.

The independent auditor of the company for year 2011. is Deloitte DOO Podgorica.


Representation of the Company

Shipyard is represented by the President of Board of Directors. President of Board of Directors may, within its powers give to another person a written power of attorney to represent the shipyard.

Without the prior written decision of the shareholders, President of Board of Directors can not conclude contracts in next cases:

  • on disposal of shipyard's property (purchase, sale, lease, change, acquisition or disposal in other way), which value is greater than 20% of book value of the shipyard,
  • on purchase and sale of real estate which value is less than 20% of book value of the shipyard,
  • on sale of fixed assets which value is less than 20% of book value of the shipyard,
  • on purchase of fixed assets which value is greater than 100,000 eur and less than 20% of book value of the shipyard,
  • on lease of the property whose value is greater than 100,000 eur, and less than 20% of book value of the shipyard,
  • on loans under which the shipyard will liabilities in excess of 3% of the capital of the Shipyard per one contract or greater than 5% of the capital of the shipyard total under all contracts,
  • about mortgage, pledge, and the fiduciary property right of the shipyards as cover for liabilities.