Corporate governance of the
Telefónica Czech Republic Group
In terms of organisation, Telefónica CR is a part of Telefónica’s European division (Telefónica Europe), which holds all companies that use the O2 commercial brand regardless of ownership relations. No significant changes occurred in the ownership structure of the Company; Telefónica S.A., holding a 69.41% stake, remains the majority shareholder.
Telefónica CR’s ownership rights in its subsidiary companies are exercised by the Board of Directors. Personnel changes in the statutory and supervisory bodies of subsidiary companies and in companies in which Telefónica CR 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 a 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.