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Slovenia's Finance Minister Uroš Čufer announced on Wednesday that a new bill designed to replace the law establishing Slovenia Sovereign Holding (SSH) could be adopted by the government before the end of the month. He highlighted a more centralised management system and greater transparency among the main advantages of the new bill.
Čufer pointed out that contrary to the existing act, adopted under the previous government but still not operational, the state's assets will not be automatically transferred to the new custodian of the state's investments.
The SSH - to emerge with the transformation of the existing state-run Restitution Fund (SOD) and through absorption of the Pension Fund Management (KAD) and two smaller state-run companies also managing state assets - will operate as a joint stock company owned by the state. Čufer said the joint stock company status was set in order to avoid legal complications.
Within three months after the act enters into force, the government will have to appoint an SSH supervisory board, which will decide whether to replace the three-member management board that will be carried over from SOD.
The supervisory board will be made up of five members, to be appointed by the government at the proposal of the Finance Ministry, which will be assisted in this task by a commission of experts.
Under the original law, a nine-strong supervisory board was to be appointed by parliament: four were due to be proposed by the government, four by deputy groups and one by the opposition-controlled parliamentary Finance Oversight Commission.
"The criteria will be set both with a view towards individual members, their experience, as well as with a view towards the whole team, so that members will not be of the same profile and be complementary," Čufer explained, adding that he saw "no added value in parliament deciding on this" reports Slovenia TImes.
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