The GM and chairman of the board positions are henceforth not combined

The authorities announced that starting from February 28, 2005, the duties of chairman of the board and those of general manager of banks and state owned insurance companies will be separated. Deemed as a true revolution in the management of public sector companies, this move implies the transformation of the directors' board into a kind of a watch board overseeing the management policy of the general manager.
To enforce this measure, the Ministry of Finances has launched a call for the candidacy to members of the Directors board. This decision is expected to trigger an imminent and important reshuffle at the top management positions of SAA, CARR, CAAT, CCR state owned insurance and reinsurance companies.