JSW employees voted in favor of accepting the suspension agreement

In the referendum that ended on Friday, JSW employees voted in favor of accepting the suspension agreement, the company reported on its website. It was indicated that this decision opens the way to signing an agreement and initiating actions to stabilize the company's situation.

16,203 JSW employees took part in the vote. 97.24% voted “yes”. employees, and 2.76% voted “no”.

It was previously announced that a referendum would be held among the JSW staff regarding the draft agreement suspending some employee benefits. The consent of the staff is intended to enable the company to obtain the necessary external financing and avoid hard statutory restructuring.

JSW indicated that the suspension agreement agreed on Friday, February 6, is part of a broad restructuring plan aimed at improving JSW's financial situation and securing the company's future in the face of difficult market conditions.

It was reported that the agreement is a package of agreed solutions developed in negotiations with the social side, the aim of which is to: limit the effects of the crisis, maintain jobs and create conditions for the continued operation of JSW. It was found that the suspension agreement is currently the only alternative solution to hard statutory restructuring (bankruptcy or restructuring).

As Grzegorz Wrona, Deputy Minister of State Assets, announced on Wednesday on Platform X, due to the difficult financial situation of JSW, the company's management board members will request a reduction in their remuneration. He indicated that MAP, as the majority shareholder, will request the convening of the General Meeting in order to adopt a resolution on reducing the remuneration of Supervisory Board members. (PAP Business)

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