In the coming week, Madrid will host the joint conference of the EU regulatory and supervisory authorities ESAs Consumer Protection Day which aims to strengthen cooperation and ensure cross-sectoral coherence between the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA). This important conference will feature three panels covering cross-selling, the regulation of crypto assets in the EU, and greenwashing.

Since last week, the shareholders of the former Authorized Investment Company M1 have the option to repurchase the shares at a price of at least €2.00 per share, as secured by the VZMD, i.e at €1.10 € or 122% more than the shareholders were offered by the company when they had withdrawn the shares from the stock exchange 2 years ago, and €1.75 more – or rather 700% more – than the share price on the SI ENTER market of the Ljubljana Stock Exchange. The remaining 740 minority shareholders of the company are thus entitled to over €800,000.00 of the purchase value – which is over €440,000.00 more than they would have received if they had not agreed the withdrawal from the stock exchange. The biggest among the minority shareholders is the Slovenian State Capital Corporation “Kapitalska družba, d.d. (KAD)”, which acquired 6.81% of all M1 shares by terminating the registry accounts at the Slovenian Central Securities Clearing Corporation (KDD) of 11,300 certificate shareholders who, in this case alone, had lost at least €535,706.00 or gave them away to the state-owned KAD. The VZMD has been very vocal regarding these enormous damages suffered by the most vulnerable minority shareholders in the past several years and on all levels, as well as provided alternative legislative proposals which, however, were dismissed by the Slovenian decision-makers. In turn, the VZMD established the 'Share SUPPORT' program (VIDEO: https://youtu.be/qnNbmMa4VRQ), seven years ago which helped to at least somewhat mitigate the effects of terminating the registry accounts and of the unbridled appetite of the financial industry, as well as of the operators and trustees of the state holdings (VIDEO: https://youtu.be/PpAzfPxYiEg).

Following the invitation by the Ministry of Finance of the Republic of Slovenia, the VZMD was happy to respond by submitting comments and suggestions to the proposed package of measures for the 'Retail Investment Strategy (RIS)' published by the European Commission at the end of May. The VZMD President, Mr. Kristjan Verbič, submitted a cover letter in which he expressed his confidence that it is in the common interest for all 'that the package of measures encourages the Slovenian households and society in general to unleash its enormous investment potential to further kick-start the economy, strengthen the capital market, and provide financial security as well as stability that will be sustainable in the long run'. Meanwhile, the associates of the VZMD have been dealing with the RIS and the package of measures for a while now, and on different levels (domestic, European, and broader international levels), which is why the Association was able to submit thoroughly consolidated comments that have been aligned with the sister European associations of investors and the parent European Federation of Investors and Financial Services Users (BETTER FINANCE).

On October 13, the Vienna Stock Exchange will play host to the international investor conference 'Upholding Sustainable & Accessible Capital Markets for European Investors', organized by the European Federation of Investors and Financial Services Users (BETTER FINANCE) and the Austrian Investor Association (IVA). The conference will feature numerous distinguished speakers and address current affairs, including the development of the capital market in Central and Eastern Europe, the EU strategy for retail investors, the reporting standards on sustainable development, pensions, as well as collective redress in relation to the environmental and social sustainable governance (ESG).

Last Friday in Santiago de Compostela, Spain, saw the end of the three-day Financial Forum of one of the most important European think tanks - EUROFI - which is focused on financial services and primarily strives to strengthen and integrate European financial markets and their related policies. At the invitation of the organizers, the event was traditionally attended by the VZMD President Mr. Kristjan Verbič, who in addition to the lively forum also attended numerous accompanying events, such as gala banquet, where the guests were addressed by Pablo Hernandez de Cos, the Governor of the Bank of Spain and Chairman of the Basel Committee on Banking Supervision. In parallel with the events, Mr. Verbič participated in many bilateral meetings, among others with Guillaume Prache, the Chairman of the FAIDER, the French federation of investor and life insurance policyholder associations, and Senior Advisor of BETTER FINANCE, the European Federation of Investors and Financial Services Users. On Wednesday, the latter held one of the most resounding keynote speeches - not only about the EU strategy for individual investors, but also about the actual establishment of the capital markets union. A recording of the entire speech: https://youtu.be/NtNa3B9AFEg.

At the recent general meeting of TALUM B, d.d., the management responded extremely worryingly to the reasonable questions and constructive proposals of the VZMD President, Mr. Kristjan Verbič, who therefore immediately addressed the written questions to the President of the Management Board, Marko Drobnič, Management Board members Daniel Lačen and Zlatko Čuš, as well as the President of the Supervisory Board, Jurij Klančnik (the management of TALUM, d.d., as the only investment of the authorized company TALUM B. The Slovene company TALUM is a modern production company and globally one of the most efficient producers of primary aluminum and aluminum alloys. The company is one of the largest exporters in Slovenia and the largest consumer of electrical energy in the country.

As part of the civil society "Share SUPPORT", VZMD represents 4.23% of all shares, i.e. 79 minority shareholders of TALUM B, who want either an appropriate yield or to sell the shares which do not yield dividends. Namely, the authorized company with 524 (or 603) shareholders has not been paying out dividends in quite some time, and the transactions with its share (on the SI ENTER market) are extremely rare, which shows in the price and inability to sell.

Considering the above, Mr. Verbič addressed several relevant questions to the management board at this year's general meeting, as well as offered several constructive proposals, especially regarding the actions the company could take to receive dividends from its main and only investment in the shares of TALUM, d.d., and pay them out to its shareholders. He specifically highlighted the fact that TALUM B - as one of the four shareholders of TALUM (beside the state-owned companies ELES, d.o.o., the systems operator of Slovenia's electric power transmission network, Slovenian Sovereign Holding (SDH), d.d., and Kapitalska družba (KAD), d.d.) - should have taken initiative and presented their own proposals or at least posed questions to the management board, particularly the crucial ones regarding the manner and conditions for the purchase of electrical energy, related contracts and arrangements, etc.

The questions visibly upset the General Manager, Teodor Dečman, who offered excuses that he had only recently been appointed and that he hadn't yet attended a general meeting of TALUM d.d. The Supervisory Board member Matevž Mohorko answered the explicit question that the Supervisory Board has not opened questions either regarding the purchase of electrical energy as a key factor for the possibility of paying out dividends of TALUM B, whose supervisor they are. Additionally, he stated that in the future, he also does not see the point of such questions, which of course poses serious questions about the role and responsibility of the members of the Supervisory Board and the entire management board of TALUM B.

VZMD therefore expect thorough explanations as to why TALUM is facing such tough business conditions, why it has not paid out dividends to its shareholders and what are the reasons for the situation that are preventing the pay out of the dividends. Considering the public announcements about shutting down part of the production due to the high costs of electrical energy, VZMD also requested explanations as to how TALUM is buying electrical energy, at what prices and from whom, whether they are still buying it directly from the producers, whether they are buying it based on long-term or short-term contracts, and to what extent. They also requested an explanation as to how the company responded to the tougher business conditions and whether shutting down the production will cause increased lay-offs.

www.vzmd.si – More on the VZMD – PanSlovenian Stakeholders' Association

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As the world tour of the international business-investor programs of the VZMD was coming to an end, the VZMD.tv team prepared a VIDEO: https://youtu.be/3EZ8Kh9PmgY featuring one of the first protests of the striking US actors and screenwriters in New York, addressed by the VZMD President, Mr. Kristjan Verbič, who also passed on the official support of the Actors Guild of Slovenia. Since then, the protests have escalated and intensified, even leading to the postponement of Emmy Awards, the most prestigious award in the US and international television industry.

Dear friends, colleagues, and business partners!

The VZMD associates and I would like to thank you for the numerous concerned calls and letters, your support and willingness to help in the wake of the natural disaster that has so severely struck the great majority of the Slovenian population and a sizable portion of our homeland, its infrastructure, the economy, the agriculture, and the supply of basic commodities. The unprecedented flooding left in its wake a terrible disaster and enormous damage that will be impossible to repair and remedy swiftly.

Of course, any and all help is welcome, which is why our Association – with its strong international presence and activity – decided to make its own contribution and communicate the information of some of the well-established humanitarian and aid organizations to everyone who have already expressed strong willingness to help and to those who might and want to make a contribution in order to aid with the efforts to normalize the situation in our dearest Slovenia as soon as possible.

With kind regards and best wishes,

Kristjan Verbič, VZMD President

Last week, the PanSlovenian Shareholders' and Stakeholders' Association (VZMD) successfully concluded the world tour of its international business-investor programs: Invest to Slovenia – investo.si and International Investors` Network – investo.international, during which VZMD President Kristjan Verbič travelled around the globe for two months to visit Ho Chi Minh City, Hanoi, Singapore, Brussels, Helsinki, Seoul and New York.

As part of his recent visit to New York, preceded by a visit to Los Angeles, VZMD President Kristjan Verbič addressed (VIDEO:  www.facebook.com/vzmd.si/videos/598723519122361/) the American actors and screenwriters that are members of the professional associations SAG-AFTRA (Screen Actors Guild - American Federation of TV & Radio Artists) and WGA (Writers Guild of America), where he was met with outstanding approval and applause.

Last week, New York hosted the WORLD LAW CONGRESS, which Mr. Kristjan Verbič attended as the only speaker from Slovenia. At the "ANTI-CORRUPTION: LINKS TO ORGANIZED CRIME" panel (VIDEO: https://fb.watch/lZYztbV8-Y/), he spoke about the problem of systemic corruption and the different understanding of it at the global level, and touched on the related conceptual difference between east and west. He proposed that at their crossroads in Slovenia, the "International Anti-Corruption Court" be established, about which there have already been quite a few discussions in the international community. 

This October, the Vienna Stock Exchange will host the meeting of the European Federation of Investors and Financial Services Users (BETTER FINANCE), and alongside it an international investor conference organized in cooperation with the Austrian Investor Association (IVA). In that respect, the VZMD would like to invite all interested business entities, projects, and partners of the international business-investor programs Invest to Slovenia (investo.si) and International Investors' Network (investo.international) to participate, including in the panels under preparation.