Corporate governance
of the Telefónica O2
Czech Republic Group
In terms of organisation, Telefónica O2 is a part of Telefónica’s European division (Telefónica Europe), which holds all companies that use the O2 commercial brand regardless of ownership relations within Telefónica Group. No significant changes occurred in the ownership structure of the Company; Telefónica S.A., holding a 69.41% stake, remains the majority owner.
Telefónica O2’s ownership rights in its subsidiary companies, save for those incorporated in foreign jurisdictions, are exercised by the Board of Directors of Telefónica O2 acting in the capacity of the sole member. Persons with power of attorney given by the Board of Directors of the parent company exercise the ownership rights in foreign subsidiaries within the limits of the mandate approved by the Company’s Board of Directors. Personnel changes in the subsidiary companies’ statutory and supervisory bodies and in companies where Telefónica O2 holds an ownership interest (in positions occupied by the Company’s representatives) are approved by the Board of Directors of the Company and, in accordance with the Articles of Association, they are also subject to prior approval by the Supervisory Board of the Company, whose decisions are made in consideration of the opinion given by the Nomination and Remuneration Committee.
