Key SSH Asset Management Documents
Advocating the increase in corporate governance quality.
Key SSH assets management documents
ADOPTED BY PARLIAMENT
The Ordinance on State Assets Management Strategy (Strategy) was adopted by the National Assembly of the Republic of Slovenia in July 2015, stipulating the definition of state assets and their classification into individual types of assets (portfolio, important and strategic assets), and determining the development policies of the Republic of Slovenia in the role of a shareholder of companies together with individual strategic objectives pursued by the Republic of Slovenia in regard to each asset classified as strategic asset.
In accordance with the classification of assets into portfolio, important and strategic assets, and as it results from the Strategy, portfolio assets planned to be sold in an individual year are determined in each Asset Management Annual Plan.
Goals in managing individual capital assets
In accordance with ZSDH-1, as regards managing capital assets, goals differ according to the classification of a company and state assets in strategic, important or portfolio assets. Fundamental goals in asset management are as follows:
- Strategic goals: realising important social interest such as providing the relevant level and accessibility of infrastructure, rendering public services, ensuring security objectives, development objectives and realising other significant social interest;
- Development goals: maintaining key development functions in Slovenia;
- Economic goals: maximizing the value of assets and generating the highest return possible for the owner.
In regard to the above mentioned fundamental goals in asset management, capital assets are classified into three fundamental groups of assets, specifically:
- Strategic assets are assets in regard to which strategic and economic goals are pursued. Under Article 14, Paragraph 1 of ZSDH-1, the minimum stake to be kept in companies classified as strategic is 50% plus one vote.
- Important assets are assets in regard to which development and economic goals are pursued. Under Article 14, Paragraph 2 of ZSDH-1, the minimum stake to be kept in companies classified as important is 25% plus one vote.
- Portfolio assets are assets in regard to which solely economic goals are pursued. SSH may freely dispose of portfolio assets.
ADOPTED BY: MANAGEMENT BOARD WITH CONSENTS BY SSH SUPERVISORY BOARD AND BY GOVERNMENT
On its session held on 21 December 2023, the Government of the Republic of Slovenia granted the consent to the Annual Asset Management Plan 2023 which had been prepared by SSH in accordance with ZSDH-1 and on the basis of the State Assets Management Strategy. The detailed goals to be achieved by SSH in the management of individual assets are defined in this Plan, together with measures and policies for attaining these goals. Additionally, the above mentioned Plan establishes the forecasted cash flows from the management of assets owned by SSH and the Republic of Slovenia. The Annual Asset Management Plan is composed of the General Section and Special Section.
The General Section, which is publicly available, includes general pieces of information, particularly the inclusion of the Annual Asset Management Plan within the Corporate Governance System, the presentation of the entire SSH Asset Management Portfolio which also specifies the forecasted cash flows from the management of assets, particularly dividend income, and presents generally defined asset management actions to be performed by SSH without the need to amend or modify the Annual Asset Management Plan.
The Special Section includes, in addition to the forecasted cash flows arising from asset management, (i) the definition of asset management goals for companies, (ii) key criteria for measuring the performance in attaining the asset management goals, and(iii) policies and specific measures for attaining goals.
ADOPTED BY: MANAGEMENT BOARD WITH CONSENTS BY SSH SUPERVISORY BOARD AND BY GOVERNMENT
The criteria must consider the strategic objectives determined by the strategy and define economic and financial objectives.
*document is available only in Slovene
ADOPTED BY: MANAGEMENT BOARD WITH CONSENT BY SSH SUPERVISORY BOARD
Principles and recommendations of good practice of coporate governance.
ADOPTED BY: MANAGEMENT BOARD WITH CONSENT BY SSH SUPERVISORY BOARD
The Asset Management Policy includes principles, procedures and criteria which are applied by SSH in the performance of its duties. An important section of the document refers to the regulation of the nomination procedures within which candidates for members of Supervisory Boards of companies with State’s capital assets are selected in a regulated and transparent manner, following the competence criterion as the main selection criterion. Another important section of the Management Policy refers to the determination of procedures for the disposition of capital assets of the State.
The goal of the Asset Management Policy is to provide for the transparency, traceability and verifiability of decisions made by SSH.
Additional SSH asset management documents
SSH manages companies in a responsible manner and in compliance with good practice in corporate governance.
For this purpose, in addition to key SSH asset management documents, the following documents have been adopted by SSH:
